Buy your eBay items now, warns Martin Lewis’ MSE – or you’ll face huge price increases
MARTIN Lewis has warned anyone with an eBay account to sell their items now or face a mega price hike.
A post on Money Saving Expert’s Twitter account announced the news to ensure no one gets caught.
The message read: “More fee increases – this time it’s eBay. Starting Monday April 8, selling fees will go up, so sell what you can faster to beat it.
“After the price increase, if you ship a €20 item with €5 shipping costs, you will pay €3.60 in costs instead of €3.50 now.”
Martin Lewis Money saving experts explained that eBay’s fees will increase from 12.8% of the sold price plus shipping to 13.22%. (You still pay an additional 30 cents per transaction.)
According to eBay, the increase is due to “increasing operational costs”.
Read more about saving money
The money saving experts also explained how eBay fees work. Scroll down to read this.
It comes as Martin Lewis warned first-time buyers that they have just weeks left to claim £1,000 free cash.
The money-saving expert spoke on the Martin Lewis Money Show about the benefits of a Lifetime ISA (LISA).
A LISA is a powerful savings instrument for starters who want to get on the property ladder.
The savings account can save you up to £4,000 per tax year and the state adds 25% per year.
This means you can get up to €1,000 in free cash per year, but if you haven’t already, you need to act quickly.
If you are considering transferring your money to a LISA, you must do so before the end of the tax year, which is April 5.
How eBay fees work according to the Money Saving Experts
- When your item sells, you pay a fee and eBay then charges a final value fee of 12.8% (13.22% as of April 8), including shipping, plus 30 cents per order.
- You will be paid directly into your bank account. This usually takes four working days. This means that in most cases you will ship items and pay the shipping costs before the money is in your account.
- eBay automatically deducts the fees from your sales. The rest will be paid into your bank account. This usually means no “surprise bill” at the end of the month, which some sellers prefer.
- You will still be charged for cash-in-hand items. Ebay still charges fees even if you accept cash, by debiting the fees to the “preferred account” you have listed on records.