Penny auction is a good point of supply of inconceivable deals for your popular Apple iPhone. It is unthinkable because you probably will never find elsewhere the same thing for just a fraction of its market price. That is the value of penny auction. With penny auction, each bid placed only varys the price by a penny. Nonetheless, bidders have to pay for every bid they place, and the cost of each bid is a lot more than just one penny. The cost of each bid change broadly depending on the penny auction sites. The average is in the ball park of 50 cents or so. Undoubtedly at the end of every auction, there is only one victor so a lot of bidders will actually lose money (cost of the bids they place). That is why it is possible for one to get, for example, an Apple MacBook computer for just tens of dollars. For the very same reason, if you do not know what you are doing, you can finish up losing a lot of money. The potentiality of winning a super great deal comes with a great risk, as expected. It is noteworthy that not only you have to know how penny auction works before you dive in, you also have to watchfully select the best penny auction sites to participate in.
Before you enroll with penny auction sites, you have to decide what products you would like to get. Evidently you are not getting into penny auctions just for the excitement and enjoyment. With that in mind, not all penny auction sites offer the products you need. Some sites offer almost completely gift cards such as Amazon, Best Buy, or Target gift cards. Others might offer large TV’s or camcorders, etc. So for example, if you are thinking about Apple MacBook, you might want to look for sites that offer them periodically.
Generally speaking, the risk with penny auction is worthier for more expensive items that maybe have a retail price of at least $500.00 and you are taking a shot at paying maybe just $30 for one. In my opinion, a $30-retail item is not worth the risk. Then again, the final bids of lower-priced items are often in the pennies. However, to lower your cost per bid, you usually have to buy a comparatively large “bidpack.”
After finding out which penny auction sites offer your wished-for items, you will also need to know the distinct rules of the sites, which might be essential to you. For example, some sites ship items worldwide while others only ship within the US. Obviously some sites’ costs per bid are higher than the others. However, cost per bid should not be a considerable concern because when the cost is low, competing bidders might have a tendency to be less leery and end up driving the final bids higher. (The number of your losing bids can be more of a concern than the final bids.) Another case of site-specific rules is the Buy-Now option which allow you to get credit from your losing bids if you pay a pre-set (presumably the retail) price for the item. The pre-set can actually be high depending on the sites.
A good resource for researching penny auction sites is Penny Auction Sites which describes in specifics how penny auction works, compares penny auction sites and their specific rules, and reports periodically bidding history of popular items such as Apple MacBook, iPad, and iPhone 4, etc. From the bidding history you can have a ball park idea on how much you can end up paying for your favorite items and how much time those penny auctions can last. It might also give you some clue on when you can start participating, saving you energy. Some of the auctions can be exhausting because of the long durations.
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