Microsoft's new system a hot item online, but exactly who's willing to pay $3,000 for an Xbox 360?
Ever since the insanity of the 2000 PlayStation 2 launch and reports of online auctions for the desired system reaching into the thousands of dollars, new system launches have become a big event for entrepreneurial capitalists as much as gamers.
The Xbox 360 launch is no exception, with widespread reports of inevitable launch-day shortages leading up to the big day. While a fair number of clearly bogus or unrealistic listings are already up on eBay (one auction started at $100,000 with a Buy it Now price of $150,000 and asked $20 for shipping and handling), more legit auctions still reached pretty lofty heights.
A look at the soon-ending auctions this morning showed premium Xbox 360s generally closing at $600-$700, with core systems going for about $500. There were some aberrations; one auction for an Xbox 360 premium system on its own reached $1,750, while a core system auction reached as high as $790.
Clearly the demand for 360s is huge, so much so that even Microsoft's competition isn't immune to the hype surrounding the system launch. On Monday, one Sony executive who wished to remain anonymous paid $3,000 for a premium Xbox 360 system on eBay. The auction was for one of the first 10 Xbox 360 North American systems, originally given away at E3 as part of a contest sponsored by Mountain Dew. The exec's $3,000 Buy it Now bid netted him the system, a certificate of authenticity, a copy of Kameo: Elements of Power, a limited-edition E3 Xbox 360 faceplate, and perhaps many months of having to live down comments from his teasing coworkers.
However, as great as the demand is, the supply of systems on eBay is almost as staggering. There are thousands of listings for the unit on the auction site, many of which are going without bids due to high reserves or starting prices. But don't rush to mortgage the house just yet. As these machines fail to sell, as launch-day insanity becomes a fading memory, and as future shipments of the system reach retail, the prices are all but certain to come down.
Brendan Sinclair has been a games journalist since 1999. His tastes are eclectic, though he has a definite affinity for games with arcade roots. He's Canadian, but has also been at home in Atlanta, Austin, Chicago, and San Francisco.
i got one for christmas and i just went in said what i wanted then bribed the clerk with a hundred dollars then he went to the back and got me one clearly u just gotta pay them a little extra and you can got anything. I have also talked to my friend ,because he works there, about the ps3 and wii and he said if i pay a little more i can get anything i want ,even a day early if i pay 25% more
Re: Microsoft conspiracy Nah. They want to feast the market, not starve it. Sure, marketing and consumer demand is black magic, but I don't think the marketing gurus at Microsoft were worried that the release of one of the most anticipated technological advances in video gaming history was going to flop a month before Christmas. Here's their game plan to make money: Step one is getting everyone to buy a 360, step two is making money off of everything those people buy as a result. They don't make money off the console, they make money off of everything else. They're in this game for the long run, and shortages just means they'll get their later rather than sooner. Re: $1000 360's, shortages, moral dilemmas Do you think day traders sit down every day and say to themselves, "Gee wiz, I wanna sell this stock because it's worth more now that the company created a spectacular technology no one saw coming. I should really protect people from their own stupidity as they try to buy into the hype." If you can't wait a few months and you just "need" to have a 360 for these prices, you deserve a reality check anyway. Consider the $800 you paid for that 360 I posted on eBay to an arbitrary fine I imposed on you for your detachment from reality. I'm flipped a few and I'm reaping the rewards. I didn't even keep one for myself because I refuse to own first generation of new hardware. The 360 isn't that great anyway. I'd rather have the $400. My prediction is somewhere close to 30 days from the release date(right before Xmas actually) you're going to see a whole lot of peole returning brand new 360's to your friendly neighborhood retailer. Furthermore, from what I gather, these scalper prices have been so widely covered in the news, it has crippled consumer demand to a point of backlash for your every day consumers.
With all the listings on Ebay, it seriously makes you wonder if Microsoft is intentionally holding back the supply to fuel demand for a 360. I wouldn't be surprised if the rumors are true. Nintnendo did the same thing almost 20 years ago with NES games.
i have been watching the e-bay auctions, someone has paid 520.00 pounds for a reserve slip only and they obviously have to pay out for the console itself. the seller did state clearly on the sale that the price was for the pre-order voucher only. how far is this going to go?
Well depends on how everything goes i guess. To the comment about how we can't hold hold people auctioning off *which is somewhat true yes, since it IS an auction site* but the idea that you put up something and are actually getting 150%+ return which would be nice mind you, but its still a moral delimma. Though after watching a guy on ebaumsworld robbing a jewelery store, this is definitely the lesser of the two evils. Still don't understand how someone can go into a store, grab something and actually think its theirs....some people are messed up.
We all no what to do on the launch day of consoles now, hehehehehe.... muhahahahahaha, tehehehe, muhahaha, ahahaha, hhahahaha, muhahahaha ahhhhaaaahaaaaaaaaaaaaaaaaa
Im a game freak, but this is another level..Im not going there mama, uh uh..patience reward you better then if you are one of the first who got the console.. Dumb@ss is all i would say as well..
and people are wondering why there is such a shortage, WELL DUH its the resellers that are buying it all up and reselling on EBAY
I work in a large media retailer and have found out we have a good number of 360s that will go out on the shop floor... I have first dibs well among first dibs... im considering buying 2 and flogging one on ebay... should prove to bring in a nice tidy sum intime for christmas...
Too Bad for the people who bought X360s with foulty hardware and speant +$1000 for it on ebay
Brendan, Brendan, Brendan. How right you are. They will come down, BUT NOT BEFORE THEY GO BACK UP. Around December 16th, they'll be up to four figures. I have two...I paid "ebay" prices for both of them. Am I proud of this? NO...but I did manage to resell the one I didn't need for more than I paid. I'm willing to pay an extra $250 to not stand in the cold and sleep on the ground and void in the bushes. That's just me.
I think the point that many of you are failing to note is that ebay is an auction site. Thus, these "evil scalpers" don't get to set the price, they just put it up there and sell at whatever price people are willing to spend. You cannot hold them responsible if there are people out there willing to spend 2 or 3 times the MSRP for the product. They are providing 360s to people who clearly very much want them.
These prices are truely absurd and you are a fool if you get a $1,000 360 off of ebay. Just wait, this isn't going to be like the collosal shortage of the ps2 last time. Micrisoft will be shipping some new consoles shortly.
This is the same situation the ds was in last year. Microsoft will simply ship more to meet demand. Then there shall be plenty for all.
Let's not forget abou the infamous PS2 scam where someone bought an empty box and receipt on ebay and paid $400. the scammer ended up getting a PS2 for free. Becareful if youre going to ebay the system.
I second that motion AncientDozer, but i wouldn't be ripping someone off for like 5k or so. I don't mind waiting. To the Capitalism comment about this being at its' finest seems a bit stupid....well so do the people who will blow that much on an XBOX 360. There are points where Capitalism and a line-in-the-dirt to swindling. Look at the third-world for godsakes, paying children .50 cents a day working 12 hours making clothes etc. to make as much money as possible, it's a double edged-blade though. Eventually that money goes into our infrastructure *hopefully* at some point through taxes, trade tarrifts *if any* but the morality of it is also a little daunting. Sometimes the morale road is too expensive, who wants to pay premium prices for a pair of jeans for the sake of morale treatment, someone is going to suffer. Oh and yeah AncientDozer, i'm not exactly a lawyer as well as not knowing the laws of the United States etc. but isn't scalping illegal, it can be prevented if it can be enforced, but who will? Well I guess in the end; the difference between driving a BMW and having a 6+ figure salary, and fair treatment of others is a bit twisted.
I won't lie to you people. I'd probably sell a new consule for ridiculous amounts if I could. However. At the same time, I question whether or not it's the right thing to do. I don't know about the rest of you, but for some reason I find these shady dealings appauling. There are people that legitimately want the system and shouldn't be stepped on so some other guy can overprice it and rip off another. Unfortunately, I don't know if there's any way to prevent it from happening.
I have afriend who i worked with said his cousin brought a xbox 360 4 850 dollars and find out not only his 360 blow up his 50 inch plasma tv blow up as well he lost over 5 grand...shame
I would rather donate teh money for w0rld hunger and s)-(y7 like that insted of getting a 360 4 a b17
I've been looking at some of these insane prices on ebay...there are a few begining at 250,000......i wouldnt pay 1,000 let alone 250k.It really is sad that they believe that ppl will buy for that high....they claim they are donating 90% of the cash to various organizations...which is pure insanity...and i doubt that half o them really are the most outrageous one i saw was going for 1,000,069.99....
it's all simple the faster microsoft putr out more shipments the more money they can make and lower these prices will be on ebay.There should be a shipment going out to all stores every week .Microsoft been hyping there system for the last couple of months and when everybody buy into what there saying they can't back it up.
Okay, let me get this straight: Most of the Xbox 360's get sold out at launch. Then some people become greedy and sell them for 700 dollars more than the launch. WHO WOULD IN THEIR RIGHT MIND BUY THE SYSTEM FOR 1000 DOLLARS WHEN THEY CAN GET IT FOR 400?
Heck, If I knew I could make one to two hundred percent on an investment within a couple of weeks, I'd be all over it if I could. However, I do have something resembling a life, so no standing in line for me. For those that do buy 5 with the intent of selling 4: God bless you. that's capitalism at its finest, finding a high demand, low supply commodity and seeing what the market will bear in price for them. It's these people that get basic economics while not listening to the cries of "no fair!" from the people shelling out for the systems they have so little billy can have a merry Xmas. These people, thses "price gougers", are the reason that you can find a 360 AT ALL for the time being. If you don't like the price, don't pay it. And wait.
It a simple. Demand of Supply. As long as there are impatient, and demanding people will to pay...This is what we have. Paying 150 to 3000 for any console is stupid. People just wait...you get yours in time.
The term "future shipments" is so comforting. At least I will have one...someday. My b$tchass friend got one...with...GUN. Yeah, I told him it sucked. I ordered Perfect Dark though...so all will be well soon enough.
First off, price gouging is only illegal in less enlightened sectors of the world, and even then, only insofar as it affects the flow of essential goods, such as food, water, cuban cigars and Hustler magazine. It's almost revolting to the physical constitution that one should support a thing like price gouging, as it gives more control of economic activity to the state. Besides, if someone's dumb enough to pay up to dodectuple prices for something rather than wait for prices to fall, let them. You don't need a nanny telling you what to do with your nickels. I expect (with no expertise whatsoever, just passive observation) a similar launch problem with the PS3, they could sell the sucker in the quadruple digits and it won't change anything, they won't be able to throw them on the shelves fast enough.
awesome, cant wait till the ps3 launch. I wont get one, but ill get some to sell....
That has got to be one of the most ignorant comments I have ever heard. Putting your 360 on Ebay and starting the bidding at .99 is in no way shape or form illegal. If some idiot is willing to pay $1000 for a system then that's their problem. Don't be upset because you didn't get one. On the up side however you obviously are intelligent enough not to blow a ridiculous amount on a system.
I got two at EB games (had another one pre-ordered under a friends name) and right after I got it I went to best buy where there were about 100 people waiting, I parked my car and said I would give it to the highest bidder right there. Went for $650 to the guy in the back of the line who probably knew he wasnt getting one anyways, since he paid so much I gave him an extra controller and my copy of PDZ with it, then just turned around and picked up another. Easy way to make $200.
Ive seen people pay hundreds of dollars for the BOX. The BOX. rotflmao at these idiots.
Forget you guys, I sold my core for $650... look at it this way, either little spoiled Jimmy gets one for Christmas, or I spend my time to gain a quick buck to help me make my way through college. Yes, there are some idiots who are willing to spend tons of money for spoiled Jimmy to recieve it in time for Christmas, but I win either way. It's either a little boy's happiness, or my ability to stay in school, now you tell me I'm doing someone wrong...
i think thats a smart idea for someone to sell some one their xbox 360 knowing that they are stupid enough to buy it for large amounts of money even when you can just as easily wait about a month to get it if u didnt reserve it
There should be a law against scalping...oh wait...there is. Well they should be enforced better. I hate to think of all the kids who will miss out on a 360 this Christmas just because some jerk wanted to make an easy buck.
*Note to self: Reserve 5 PS3's the days it's announced. Resell said PS3's on launch day for massive profit.
Scorpion81 I sold my Xbox for 2000 2 days ago and I'm going to save the money for the ps3 and a High Definition T.V. Wow thank God for Ebay
Man, I saw a winning bid of $7500 for a premium system and copies of Perfect Dark Zero and NFS: Most Wanted on Tuesday. All I could do is shake my head in disgust. There are truly idiots living among us.
People will do anything for a quick buck. The brother of one of my coworkers quickly became obsessed with selling 360s online, claiming he "knows someone who works at the factory" and will be able to acquire them at below store price--so he can then sell them above store price on EBay. A lot of people are also liars.
I will keep mine on Ebay for a while, and then I will get some games, and crack it open to check out the next-gen Madden... sweet !!!
Yeah it is crazy what is going on with these Xbox's, because I love the game, but if someone will pay me the money I will sell mine... Anyway I still play the new Socom, which is great, so let the dollars roll in, and get another Xbox when they are re-shipped... Socom for life homies.
Like a bunch of drug addicts looking for a fix..tisk,tisk. If they can only wait when all the retail stores carry it.
The nintendo rev and the ps3 are going to be much better. Why waist that much money on a xbox 360?
Online auctions see Sony's next-gen consoles fetching between $2,000 and $15,000 on launch day.
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