eBay for the frugal

EBay is an online auction service which has earned a mixed reputation among the frugal minded. For some, it can be a great way to save some money when buying something. For others, it represents a minefield of scams. Some may have found themselves bidding far too much for a wanted item. Whatever the case may be, I've discovered how to make eBay work for me.

Reduce clutter, get what I really want

Here's my issue: I currently have stuff that I never use, but I also don't want to get rid of because I believe it holds inherent value. I tend to hang on to things because I think that I might be able to use it someday, or perhaps someone I know will have a need for it. Another issue is that there are things I'd like to get. A new HD camcorder is currently on my "Want" list, with my son's upcoming graduations and the fact that my old SD tape-based camcorder isn't as dependable as it once was. Can I reduce clutter and get what I want? You bet.

The "Completed Listings" option under advanced search

With eBay, I can turn the stuff I don't want into stuff I do want. At the same time, I can determine what really has value and what doesn't. It works like this: I take something I feel has value but which I will probably not use anymore, and search for it on eBay. I started by creating a PayPal account and an eBay account. I then checked to see if there were similar items for auction, and then did an advanced search for finished listings to see if any had sold recently. That gives me an idea of what it's worth. I then take four to six pictures of the item and combine them into one, and put it up for auction starting at around the lowest price I've seen similar items sell for. I always make sure this opening auction price will absorb the cost of packaging, so I don't need to artificially inflate shipping costs, because I believe that turns people off. I enter the dimensions and weight of the package so buyers can see the cost of shipping to their destination. When the auction is over, I print the shipping labels (automatically generated for me), box it up, tape on the label, and drop it off at the nearest postal outlet.

One of the items I listed and sold

If something doesn't sell, I re-list it and continue to sell it among other things. Eventually, I accumulate a collection of stuff that isn't selling, and accumulate money in my Paypal account for the stuff that is selling. When I'm done, I'll have enough money to either offset the cost of a new camcorder significantly, or to outright buy a new camcorder. I've also learned which stuff isn't worth selling. If I still think it's of use to someone, I'll donate it to Goodwill. Obviously, I'll throw out anything I think is complete garbage.

There is a certain amount of time involved in this process, but it is especially rewarding when something sells for more than I thought it would have. I haven't been spending too much time on it, but so far I've accumulated over $130 in my Paypal account over the past couple of weeks. Of course, I am discriminating at what I sell; selecting only those things I'm certain holds value to collectors. I have no doubt that, by the time my son graduates, I will have reduced a lot of stuff down to the HD camcorder I really want.