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Lesson Learned October 25, 2006

Posted by eburgess in The Challenge.
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You can get some really good deals on woot! In fact, sometimes you can get such a great deal that you can turn around and sell the item on eBay for a profit. However, sometimes there’s a flaw in this premise – if you think you can resell the item on eBay for a profit, so do a lot of other people!

A few weeks ago I bought a wireless-g router on woot! for 39.99. After some checking, I noticed that the same routers were selling consistently on eBay for $50+. So, I decided to buy a 2nd one using my contest proceeds in hopes to turn a quick profit and add to my pot. After I got the routers about a week later I jumped on eBay, did a quick check and found that there were a LOT more of the routers for sale than the last time I checked – and now they were selling for around $45 or less! Oops!

At that point, I decided to give it a week or so and see if the supply would die down. After about 3 weeks, when things hadn’t lightened up, I decided it was time to just put it up for sale and take what I could get. Well, I actually ended up making a tidy little profit – and I do mean a LITTLE profit – of $2.89 (after deducting shipping, fees, etc.).

I’m not saying that you can’t buy something on woot! and make a nice profit. However, you just need to keep in mind that chances are there will be a LOT of other people thinking the same thing.

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