Why can't I reduce my max bid?

[frgreg_38]

I honestly don't understand the logic behind why this is not allowed.

I'm not experienced with bidding on ebay so I will accept the fact that I didn't properly read and understand what would happen when I entered my "maximum bid" for an auction. But here is the situation:

The auction still has 3 days left and I am currently the highest bidder for the auction at roughly. I put in a max bid (which is currently higher than the current highest) yesterday because that's what I was willing to pay for the item. Since that time I was able to find the item cheaper from another location.

Now I have the current highest bid, and I understand that bidding is binding so if I won at the current price I would pay it. But why can't I change/remove my max bid at this point? I don't want to continue automatically bidding if I am outbid, I just want to stop.

Why isn't this allowed?

I've read about the bid retracting and the "accidentally entered wrong amount" grey area but I'm not interested in answers talking about that; I'm curious what is the reason behind the policy?

[dryophelia]

@frgreg_38 

What’s the reason? There doesn’t have to be a reason. eBay made the rule to be fair for everyone and put warnings on the bidding pop up screen to make sure all bidders know how bidding works. 

What’s to say when a bid is lowered, that it wouldn’t be lowered to just under the bidder second in place, then he lowers his the same and the third bidder lowers theirs to zero and you go in and lower yours a bit more… where does it end?

By bidding you are agreeing to pay that amount. If you need more time to shop around, hold off on bidding. 

[simba6]

That is what your watch list is for. Place the item there and take time to reread the listing. Place your bid close to the end of the auction. That allows you to not place it if you later change your mind about the item.

I often place a low "holding" bid and then come back later with the actual bid.

[frgreg_38]

I don't understand what isn't fair about it.

I'm not asking to lower my current bid, if I won right now I'd pay the current bid.

But I have a maximum bid amount that is higher. I want to say, actually I'm not willing to go any higher than my current bid. It seems silly that I can't do that.

[frgreg_38]

Yeah that's a good strategy I wasn't aware of, like I said newbie here.

I'm just struggling to see the negative consequence that would happen if reducing my max bid to the current highest bid was allowed.

[buyselljack2016]

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@frgreg_38 wrote:

I don't understand what isn't fair about it.

I'm not asking to lower my current bid, if I won right now I'd pay the current bid.

But I have a maximum bid amount that is higher. I want to say, actually I'm not willing to go any higher than my current bid. It seems silly that I can't do that.

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Then if it goes higher just do not pay, and take your lumps for violating eBay policy.

You might try contacting the seller to request to cancel your bids now telling them that you will not pay.

[frgreg_38]

I'm not trying to get out of my current situation, I misunderstood the meaning of maximum bid so that's on me. Now I understand and I will follow the policy as stated.

What I'm trying to ask is what is so wrong about wanting to change my maximum bid? Who gets hurt if this were allowed? The seller will only ever get my maximum bid price if another buyer bids just below my max. If there is no other activity on this auction, the seller will get my current bid price, not my max. Why then, can't I change my my maximum bid to the current bid price so that if I do get outbid ebay does not automatically submit another bid for me?

[popblox]

If there's more than 12 hours left on the auction, you can retract your current bid. If the seller doesn't block you, you can bid again using your intended max bid. However, I would highly recommend you read up on eBay bidding/buying policies and procedures before doing so.

https://www.ebay.com/help/buying/bidding/retracting-bid?id=4013

[ainpie-10]

Because you entered into a binding agreement! People can’t just change their bids! You can retract within a 24 hour time frame, but this is totally on you! If you bid on something and then bought another one cheaper you are still on the hook if you win! That’s how auctions work. It’s not silly! 

[bonjourami]

eBay: You can't lower your maximum bid. You may be able to retract your bid. However, a bid is a binding contract and members are only permitted to retract bids in very specific circumstances.

[frgreg_38]

From my perspective, I have not actually bid my maximum amount yet. The current bid price is below my maximum and if I won right now, I would not pay my maximum, I'd pay the current bid price.

If I'm outbid, ebay will automatically submit another bid for me as long as it is still below my maximum. Presumably (though I don't know for sure) the seller doesn't even know what my maximum bid amount is.

So yes, it seems silly that I can't tell ebay to stop submitting automatic bids for me in this auction.

[buyselljack2016]

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@frgreg_38 wrote:

From my perspective, I have not actually bid my maximum amount yet. The current bid price is below my maximum and if I won right now, I would not pay my maximum, I'd pay the current bid price.

If I'm outbid, ebay will automatically submit another bid for me as long as it is still below my maximum. Presumably (though I don't know for sure) the seller doesn't even know what my maximum bid amount is.

So yes, it seems silly that I can't tell ebay to stop submitting automatic bids for me in this auction.

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and that is where the problem is.  You HAVE bid  YOUR MAX. It just isn't all being used yet. You are just not accepting the eBay policy on bidding.

[woodland_gnome · Accepted solution]

eBay does NOT "submit another bid for [you]".    That is a bad analogy used to describe the second-price nature of the bidding format.  You submitted a bid in a particular amount.  THAT is your bid.  You agreed that you would honor that bid absent a very few circumstances.  

eBay saying that someone with a hidden maximum could reduce it without one of the valid reasons would encourage bad bidders to place nuclear high bids to uncover the current leader's maximum with permission to then reduce it down.   While s/he can currently nibble up to the leader's hidden maximum that leaves evidence that s/he was probing the leader's maximum on the bid history, and makes it less likely s/he will then come back and insist on a right to retract because the leader's bid was higher than s/he expected.

[mtgraves7984]

Why can't I reduce my max bid?

@frgreg_38 

The short answer is that the process (on this Auction site) is to drive the bid up, not down. Easy-peasy.

[frgreg_38]

Thank you for taking the time to actually try to answer my question.

So it seems then the reason for the policy is because they are trying to prevent a bidder from finding out what another bidder's maximum bid amount is.

I still don't really see much harm there if ebay were to actually enforce the 'bid is a contract' deal because a bad actor would still then be on the hook for the bid price that took out the other bidder's max bid.