What happens on eBay if I bid a crazy high price on an item that still has a long time left and is at like 99c?
Yes, you’re right. If you put in a very high maximum bid, competing bidders can push the price up to the level of your bid. eBay will keep bidding for you all the way up to your max price, so you’ll remain the high bidder, but you’ll be committed to pay more and more. However, this might not happen. If the price is really high, competing bidders might just give up once they realize you’re continuing as the high bidder. If the bids reach your “crazy high” price, you’ll end up winning – unless someone else is even crazier and commits to a higher max bid. If so, you’d have to bid again to win. But at that point, a lower bid won’t do anything. In other words, make sure your max bid is actually something you’re willing to pay. If you really want the item, a better technique is to monitor the bids until right before the deadline, then increase your bid sharply (while staying within your ability to pay).
