Early Wii U demand leads to price gouging, selling for up to $750 on eBay

Basic economics teaches us that if the demand of a product is high and the supply is low, the value of that product will likely increase. As we draw nearer to the November 18th release of the Nintendo Wii U, and retailers begin to sell out of their initial stock, resellers are beginning to take advantage of consumers desperate for the new console.

It's being reported that resellers on eBay — those who went out and pre-ordered the Wii U early so that they'd be able to sell it at a later date for higher value — are charging upwards of $500 for the console, with one seller earning as much as $749 for his launch-day Deluxe Wii U system.

Ars Technica has pointed out that, dating back to September 20, resold pre-orders for the 32GB Deluxe system (which comes with a copy of NintendoLand and some accessories) is selling for an average of $517, 48% higher than its $350 retail price. The 8GB Basic system is just 16% above the $300 retail price, with an average resell value of $348.

The highest reported re-sale was from seller "23blueryno" who managed to snag a cool $749 for his 32GB Black Deluxe Wii U console. Shipping was free, so that's nice. While that may seem steep, that's not even close to what one eBayer tried to pull — $1,550 for a 8GB White Basic Wii U which the seller described as "super rare for Christmas". Thankfully, nobody was dumb enough to bid on it.

Some may find this type of price gouging despicable, but hey, to each their own. If people are willing to spend the money, then who am I to criticize these sellers for making a buck or two…hundred…

Still, if you haven't bought a Wii U yet, I'd suggest waiting a few weeks rather than overpaying on eBay. I guarantee retailers will have new shipments soon enough.