Supply and demand

I think some folks get carried away while bidding on ebay. Then again there is the fact that some of these things really are scarce and someone might really want/need one for a specific reason. Then ebay may be the only game in town to find one.

Many "young" folk cannot imagine a world without PCs and eBay. I was 54 when I was introduced to both, around 1995. Before that, you searched the "for sale" section in model train magazines, TCA publications, and your local train shop...or, you were lucky enough to attend York. 

Have you looked at the cost of alternative O 3-rail turntables or the time needed to build one?

Then, there is a scarce supply of those as "they don't make'em anymore" factor to consider, as you astutely noted in the title.

There are also stories about that some sellers have "schills" (buddies) that bid up an item against legimate bidders.

And supply and demand works generally.   Last winter, someone kept listing an old GEM (importer) brass PRR F3 mogul with a start at 950.     this was loco only, no tender, and the loco was obviously damaged in the photos.    It would show up on ebay for a few weeks then disappear for a few weeks.    Then show up again.   It happened 3-4 times.     These locos are just not popular, they are an old prototype for a little modeled era.    Gem's builder was not considered a good builder.     The loco was damaged and there was no tender.     they are available at shows for about 350 quite often in good shape.    Hence there was no demand and this "supply" offer simply faded away.

Wow - I just took one of these Atlas Turntables in with some track and have no use for it. Anyone interested before I send it to 'The Bay'?

There are also stories about that some sellers have "schills" (buddies) that bid up an item against legimate bidders.

Sadly, shill bidding can be found at live, in-person auctions too.
Just don't bid any more than you want to pay.

They made more than one of most things.

Does anyone remember the amazing bidding war that brought over $4000 for a pair of Lionel Santa Fe E6s a couple of years ago? A second set went for about $2500 the next week and a pair of Southerns sold for almost $2000 the following week. Someone had a racket going there for sure...

It really is supply and demand as the topic says and, at least for the buyer who isn't a collector, in part it depends on how much utility you will get from the product you are buying. I think back to the price and availability of the Powerhouse 180 last year and if you wanted/needed one you could pay over $100. Now that they are back in the shops new for $80 with some used having gone for under $50. But if you finished building your layout last year, or expanded to run multiple trains with lighted cars, whatever, you'd have gladly paid the $100+ so you could enjoy your layout.  It still is a financial decision but it's one more heavily weighted toward time (enjoy it today) instead of dollars.

I run whatever I buy, all modern, not a collector. 90% of what I have purchased whether new or used has been below the original MSRP. Some of the used items have been well below the original MSRP or common street price. So when an item on my oddball "I gotta have one of those" list comes up, I'm not opposed to bidding a premium to get it now and use it now. That's the rational me - price trade off for utility.

Then there is the irrational me that overbids because you added a buck on top of my bid that I thought for sure would be the winning bid. But because you bid a buck more ("ah, what the heck, I might win it - what's a buck more?"), my competitive juices fire up and I say, "I'll teach this guy a lesson ...increase max bid by $5.19...yeah, there!" That in turn brings you face to face with one of life's most difficult questions once again, "Should I just bid a buck more?" And you do, dammit. Now back to me, and I close it out with some ridiculous max bid, feel euphoria when it says I'm the winner, and then sink into remorse when the Pay Now button shows up. That leads to hiding the purchase from my spouse, the need to go to confession, and a call to my psychiatrist to discuss the dosage of my Welbutrin. 

All of this because you added a buck to my friggin' bid. Thanks alot, I hope you feel better.

The funny thing is that it is all relative. $380 may be outrageous to one person and a bargain to someone else who has been looking for it. You have no idea what valuation criteria your opponents are using to set their bid ceiling. Human nature makes us think that we are bidding against like minded people, but you have no idea if you are bidding against Bill Gates or some 14 year old kid with divorced parents that buys them whatever they want to buy their affection. There is one young man I can think of on YouTube that has collected a large collection that way.

Bid what you are comfortable with and let the chips fall where they may. Don't listen to eBay telling you that you only lost by $2.28. That may be true, but you have no idea how high the other bidders were willing to go. It's a neat gimmick though.

Not trying to brag here but I purchased one off ebay about a month ago for $232.50 shipped. Just saying keep your eyes open and the right one at the right price will be listed eventually.