Your post made me laugh and shake my head in equal measure David.
I too am a frequenter of the Bay, and many a time have I questioned folks' reasoning. It's like they automatically think if it's on eBay, then it must be a bargain. I understand getting into a bidding war over discontinued classics, or an antique or a tool that doesn't come up for sale very often, but for something you can still buy - I just don't get it. I'd rather pay an extra £15 or £20 for a new tool.
There was a previous post about sites selling second hand or antique tools - they too can be as bad if you don't do your homework. Now I know the owners of the site have to spend their time tracking down second hand or antique tools, they maintain their site, they photograph them, they package them etc etc, and have to cover costs and make some cash. But you regularily see second hand Lie Nielsen tools for example, selling for more than they go for brand new.
I would've thought listing a second hand tool for more than you would pay for it new, would be a terrible business model, but folk seem to buy it. Or it wouldn't be listed for that price..............would it??
For example:
A new LN 5 1/2 for £289.09
http://www.axminster.co.uk/lie-nielsen-no-5-1-2-jack-plane-421056
Or a second hand LN 5 1/2 for £310
http://www.oldtools.co.uk/home/1202-lie-nielsen-jack-plane-no-5-.html
A new LN No 62 for £188.87
http://www.axminster.co.uk/lie-nielsen-no-62-low-angle-jack-plane-421008
Or a second hand LN No 62 for £190
http://www.oldtools.co.uk/home/1201-lie-nielsen-no62-low-angle-jack-plane.html
I would let the guy off with charging P&P as I wouldn't expect him to compete with Axi's free P&P over £50 sales, but there's making money and then just ripping stupid people off. Oh yeh, I've just answered my own question!.
Jonny