by Logan Mansfield

Created on: December 14, 2009   Last Updated: December 17, 2009

eBay can be a very difficult monster to control. The bidding system can be a great way to save money, but in some cases it can be the worst way to rack up your bill. You want to go in being smart about bidding on eBay, otherwise you'll never get what you want, and if you do end up getting it, your payment could be astronomical! Heed these steps when bidding on eBay.

1. Do Your Research

This is the most vital key to effectively bidding on eBay. If you don't take this first step then you're walking into a lion's den. First, find out the retail value of your item that you want. Obviously, you went to eBay to get a deal. No one goes to eBay to pay equal to or more than the retail price of an item, unless it's a PS3 that just was released and is ridiculously hard to find. In most cases, you want to get less than the retail value. Then set the price limit you are willing to pay for the item (sometimes this could vary depending on the condition of the item).

The next step is browsing and searching for your item. In my opinion, eBay search has always been a hassle and is rather fickle. There are several keywords and terms you can use that might pull up sales for items that weren't on the list before. I would recommend doing several different searches starting out broad and then slowly moving toward a greater specificity. While you are browsing remember to utilize the "Watch" feature on your account. If you didn't already know, you can save these sales so that you can monitor their bidding progress. This is vital, but we'll discuss it later.

A few things to keep in mind: How plentiful is the item  you are looking for, what are the basic prices that are being asked, and the shipping cost. If you want an item that is plentiful then when you get to your bidding stage you'll easily be able to back off and try again with someone else. Of course, it could be quite the opposite if your item is rare. Also, understanding prices that the item is going for is important to know so that you can figure out what you might end up spending in the end. It varies, naturally with bidding, but there is an average price even with bidding. Once you've done all your research you're set to go to the next step.

2. Seller Credibility

Find a couple of sales that you are attracted to the most (if a couple of sales are even an option). It's fairly obvious that you need to check the seller's credibility. The reason for this is that there are many ways that the seller can screw you over. Sometimes,

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