I've worked it both ways. Bidding directly at the last minute and using the bidding proxy system. Of course there is nothing keeping someone from driving the price up, but since they don't know my ceiling they run the risk of loosing my purchace if they go over my ceiling.
It's pretty much a two way street. Sure, I hope the price stays where it is, but even if I hit my ceiling price, I will have saved about $100 or close to 20% over the best discounted price I have found so far. Also there are at least 100 of this same model camera on E-bay right now, so I have the luxury of knowing that if I miss this one there are plenty more to try for.
My old man ran a used car lot for years, and he alway got the best of any deal. I just wish I was half the horse trader that he was, but I still got some of his blood in me.
Cheers
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Artillery adds dignity to what would otherwise be a vulgar brawl.