Online Auctions: The Ultimate Shopping Hack-or Not?

 Even The Queen learns something new these days!

...and the lesson for me this week is the wonderful world of Online Auctions (and as a relevant side-bar...Charity Silent Auctions...).

I live in a city that has a plethora of Auction companies-mostly online-in which shoppers can truly find some *amazing* deals if  they know how to play the game.  Like...90%+ off retail kind of amazing deals.  But, as the saying goes, if it's too good to be true...(you know the rest).

So, in the course of researching this topic over the past few weeks-and playing around with several online and charity auction websites, I've come to quickly see what the 'gotchas' are, and wanted to share some of my learnings to save everyone from making the same mistakes I have.  

1. Without stating the obvious, make sure the Auction site is a reputable company.  I know that sounds basic, but it's worth stating, as I have seen reviews from some sites that are truly abysmal and would make me run away in a minute.
2. From my research over the past few weeks (business shopping aside), if you're buying for yourself/your household, there two different approaches to take:
1. Dip in and out (over a few hours/days) with an approach of 'what fun things can I buy that I'd normally never pay full price for''-like....a foot massager or random pink wig (just because :))...and set a limit of what you're willing to pay versus retail.  For me, I set a limit of no MORE than 20% of what the retail cost would be.  Example:  If the foot massager retails for $100, I would never pay more than $20.  I know 20% of retail sounds like a very low limit-and it is, but as these items are wants, not needs-and loooooow on the list of wants, I'm not going to spend more than I would, could, or should.  OK.  In fairness, there could be a subset list of wants (that you've truly wanted for a while) that you'd consider a splurge item that you'd be willing to pay more than 20% of retail, but be careful.  Those $20, $30, $50...items in your basket (even if you're saving $$$) will still add up!   
2. Make a list of *needs* (by item-like, 'shampoo' or specific brands like 'Aveda') and look at spending no more than an hour regularly (weekly/bi-weekly) to see if you can find some real bargains.  Again, be CAREFUL.  I saw some really nice body washes a few days ago ultimately won by bids that were higher than what a good clearance sale at Target could cost.  So, make sure you don't get caught up in the 'chase' just because it's an item you'd regularly use, as there can be better deals to be had/games to be played elsewhere.
3. Pay attention to what you're buying.  Again, I know this sounds obvious, but if the site offers multiple photos of the item, look at ALL of them.  If items are still in original boxes/packages, that's a good sign versus an item that may not be in the original package.  Notice if an item is 'used' or not-and decide if you're OK with it.  I'm very OK with a used screwdriver or planter...but won't go anywhere near any personal care item (I don't care what the deal is) if it's used!  Also, if it's not a brand name that you know-which is highly likely-copy and paste the name of the product into Google and see what results you can get.  There's a good chance the item is something that could be purchased at another retailer, and you can see what the reviews of the item are before you put in a bid.  
4. If you do decide to dip in and buy things, be very sure of all of the 'fine print' around changing your mind, fat-fingering a purchase you don't want, and (most importantly)-returns.  Buying items at a great deal only really works if you ultimately USE the items.
5. Double check where you will go to pick up the item. With gas at $5 a gallon, a 20-mile journey each direction can cost more than the item would cost at Retail!  So, don't forget to factor in your time and personal cost of collecting the item from the auction site.
6. And lastly, limit your time spent doing this-I literally kissed goodbye to three evenings last week because I became obsessed with a few items.  In hindsight, if I would have lost the bids, it would have been fine, so I'm trying to do a better job of setting time limits for myself now.

That's it.  If you use these tips, you should be able to easily find some great items-at great prices-without regretting your decision-especially in the heat of the moment.

Happy auctioning! ...and if you do end up buying something from an Online Auction and learn something in the process, please leave me a comment below!