Sold! How to Win at Web Auctions

Guidelines for Bidding

All the auction sites we visited let you window-shop without registering--a good way to compare sites before you start bidding. To track down an item you're looking for, you can browse by category, search by keyword, or check out the featured auctions hyped on the home page. In our experience, browsing by category was the most efficient way to go; the only item we found with a keyword was a copy of The Stand on EBay.

Web auctions typically last somewhere between an hour and a week, though some can last longer. The norm is four to five days for person-to-person auctions, two to three days for merchant sites. You can enter the fray at any point--in fact, bidding often proceeds rather sporadically until an auction's final minutes. But before you place a bid, take the following steps:

Inspect the Item

Give the item listing a thorough going-over--including the fine print. What comes with the item and what doesn't? If the item is second-hand, is its condition clearly stated? Bear in mind that descriptions at person-to-person sites vary wildly--they're prepared by the individual sellers. If the description doesn't answer all your questions, phone or e-mail the seller before bidding.

Check the sales policies for the item. How much will shipping cost? Can you get your money back if the item isn't what you expected, or can you get it fixed under warranty? Don't be shocked to find your options are very limited: If merchant sites deign to take nondefective items back, they typically charge onerous restocking fees (First Auction charges 20 percent). Warranties on refurbished items often run for just 90 days, versus a year or more for new products. At person-to-person auctions, refund policies are entirely up to the seller, though pricey items often come with a money-back guarantee.

Price the Product

You can't make an intelligent bid unless you know an item's fair market value. (Don't count on other bidders to display any common sense--folks often bid more than they'd pay for the same items at nonauction sites.) The quickest way to check a product's worth: Consult a price-comparison Web site like Excite's Product Finder, which monitors prices at various Web merchants, auctions, and online classifieds. Also helpful is Bidder's Edge, which tracks past selling prices at a number of auction sites.