How much should I charge?
It is always difficult to know how to price a used item for sale because generally as the owner of the goods we have an inflated idea of what we believe the item to be worth.
Or our ideas of what we would like to get for the item a little grandiose!
By the same token we also want to get the best possible price!
Recently I had this same dilemma, I have an item that I know to be worth a substantial amount of money but the question I have is "As a second hand item, what will someone pay for it?"
I decided to search that category for similar items to get an idea of price only to discover that similar items ranged from $500.00 to $10,000. Not all that helpful and probably attributed to the points made above.
Then I had an awakening, why not WATCH these items and see how they go before I list my item.
The advantages of doing this:
- You can see how many bids were recieved on items at particular prices
- You can watch the counters and see how much interest there is in this type of item
- You see what the highest bids were - not necessarily the winning bid
- Did the item end with no bids - starting bid may be too high
- Was the item relisted at a cheaper price
- Did the items priced lower fair better at auction
What an item sells for is a better indication of what it is worth than what the for sale price is!
Also the question of sale format became a apparent. Did the items with a BUY IT NOW option sell better.
All these questions are answered as you WATCH the 'similar items' go through their process.
The other benefit of doing this is that 'similar items' are delivered to your MY EBAY page and you can choose to watch them too if you like.
At the end of this process you will have a fairly good idea at the price your item is likely to sell and in what format it will successfully sell in. You are an informed seller and can be confident your price is right.
I have found this process extremely helpful and I hope that you do too.