Why are people willing to pay much more than list price for the just-released Xbox 360?
by 
Egao No Genki
ANSWERS: 6
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Products that have a higher demand than there is supply produce higher prices. Cars, toys, etc. all can demand what is called a "premium" over the list price if there are not enough of them for everyone to get. Say there are only 10 xbox 360's at a given store. There are hundreds of people that want those 10 units. The store can increase the price as much as they think will still bring in customers. Most new, popular cars also tend to demand a "premium" price in their early days in certain markets. The simple answer to your question is because people will pay it.
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That's a tough question as it depends on the person doing the buying as to why. I would suppose that it is the same reason why people will wait in line for hours to be the 'first to own one'. This is not the all encompassing answer of course because the person could be buying it as a gift for their child and that someone may think they need to get their child one for Christmas this year. To NOT get them what they want right away would somehow make them be an unfit parent in their own eyes. I think showing a child delayed gratification and patience would be the best in this situation. If someone wants something bad enough for themselves or for someone else it usually doesn't matter what the price is. Have you ever gone on e-bay? You'll find people will spend more online just to win the auction when in many cases the item could have been purchased locally for less. As I've said there are many motivating factors for what you've asked but these are a few.
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They like to be first in the bragging department. Consumerism at work. People have the money to pay more and not only that but often the purchase is paid by credit card, which means even more money is paid in interest. A willing market of supply and demand.
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Simply put: supply and demand. If there are only a certain number available and numerous people want one, they're going to go to the highest bidder. Example: A fisherman has 3 fish when he gets to the market. 5 people immidiately want to buy his fish. Obviously he's going to sell those 3 fish to the highest 3 bidders of the 5, but those last 2 are going to try to spend all the money they have to buy those fish... so the price rises. I'd do a supply/demand chart/graph for ya but they don't have 'em on here ;)
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Yes supply and demand but also lack of patience. I myself am waiting to buy one. Everytime a new system is put out there is garunteed to be glitches in it. Its much smarter to wait until the 2nd or 3rd batch is out. But I guess if I was rich and didnt have to worry about finances I'd probably be paying mucho cash for one.
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Call it that crazy Christmas madness! People forget that shopping and gifts isn't what Christmas is really about.
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