Listing as an "Auction" with a "Buy-it-Now" option

[deba3602013]

What's the point?

If one is willing to pay the 'Buy it Now' price, what would be the point of putting in a bid?

Is it possible that bids could go higher than the buy-it-now price?

[vintagevilarosa]

Some people like myself dont want to wait and take a chance that the item wont go higher on auction because there is always a possibility...I prefer to have the item now then there is no chance of someone popping in at the last minute and putting in a higher bid!

[superchallenge]

Convenience to the buyer, mainly.

Nearly every auction I run, I get somebody messaging me to ask what my buy-it-now price is for the item.

And yes, the auction can go higher than the BIN price, because the BIN option disappears as soon as somebody first makes a bid.

[jckl1957]

There would be no point in bidding if you were happy to pay the buy it now price.

A BIN price gives an interested buyer the chance to secure a newly listed item.

If you bid, you can be outbid and I have seen it happen where I have listed auction items with a BIN which ultimately sell for more than the BIN price.

As soon as a bid is made, the BIN price is no longer visible to other members, only the seller.

[roger_roger_over_and_nowt]

"Is it possible that bids could go higher than the buy-it-now price?"

Oh yes,i see it happen often.

When i see an item with a start price and a buy it now i put it in my watching and add a note of the bin price.

If it's a bargain i hit the bin button but if it's something i know about but don't really need/want i leave it go.

Someone bids,knocks out the bin and item oftens sells for 10% to 100% more than the bin.

[**peaseblossom**]

Unless the seller also uses a reserve the Buy It Now element will disappear if someone places a bid first.    So someone might bid in the hope of doing that and ending up winning the item at a lower price.   But the bids could go higher than the BIN.

[papso22]

Bids might end up higher or lower than the BIN.

[deba3602013]

Well, I never knew that the BIN price disappeared once a bid was made. 

It makes sense now.  

So, if seller priced too low and a keen buyer comes along and knows it's worth more, they would go for the BIN.

However, when first bid is placed, the item might not make the BIN price and seller could end up selling it for way less than they wanted.    It's a gamble.

Interesting.  Thanks everyone for your swift replies.

Thank you to all who have responded.

[deba3602013]

So a "reserve" option can also be used with a BIN option?  Not clear on this.  Wouldn't the BIN essentially be the reserve price?

If you could give an example of this please - Listing an item for auction, with a BIN and a Reserve price.  It doesn't seem like BIN and Reserve can be used at the same time.

Of course, I could be having a real slow day.

[jckl1957]

As soon as somebody bids, the BIN disappears.

A reserve would protect the seller (but there is a fee).

So, I have a bracelet I would like £70 for.

I could list as an auction item start price 40

BIN  75

Bin is defunct if I get a £40 bid so I set a reserve of £70 to make sure I don't sell for £40.

Personally, I would NOT use a reserve.  I would start the auction at £70.

[sml192]

If a BIN is used in conjunction with a Reserve then the BIN option remains available, after a bid is received, until such time as the bidding reaches the reserve price. 

[jma2815]

I don’t bid on auctions any more as they bring out the worst in me - so if I really like an item and the BIN price is high but not too shocking I’ll just buy it. Some people will place a bid just to knock out the BIN price and hope they’ll get it cheap but I don’t go that route because then I’m in an auction situation, which I hate, and there is a good chance (as others have said) that I’d have to bid higher than the price asked in order to secure it. That or I’d not win the item after watching and bidding on it for a week. 

I mostly buy used clothes and I’d prefer it if people just named their price.

I can see that auctions work well for rare items and collectibles. A few years ago there was a rare vintage sewing machine on a 99p auction with a BIN price of £275.

After a couple of days somebody put in a bid. Then others quickly joined the bidding and it sold for £475. I remember this because I was the one who won it. I love it to bits and it fills out my collection beautifully but it still galls me that I could have paid £200 less and had it a week sooner. 

[eastern-lights]

I always add a BIN price to auctions as I found it stops the irritating "What'll you take for it mishter?" messages.