Penny Auctions for Better Bargains

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Ok so we heard all the stories of the guy who just bought a brand new flat screen TV the size of the wall of your living room for about the same amount of money you just paid for morning coffee. In the end, all this is really a good advertising campaign. I mean who would not want to be able to buy all the latest electronic products to market up to 90% discount? Hell, I know I would.

The problem with these sites is that there are regular online auctions offer. Yes, every time the bid price only goes by one minute, and yes, theoretically it could be the lucky one who leaves having paid peanuts for your new gadget, but the problem only really hits home when we realize that each one these offers pen actually cost you much more. Some sites will charge about 90c per bid, as a result, any bid which is where the company is clearing nearly a dollar. The item purchased was how? $ 10? Good for you, great for the company only made about $ 1000 doing absolutely capture the remaining 20 children to supply the product lost about $ 49 each on average for a product worth about $ 100. Does this make sense to you? Now I realize that everyone has the right to make money by legitimate means in this world, but the problem comes when you notice that many of these sites that advertise high rates are really just scams.

Online auction bidding is precarious at best of times but when you add the fact that nobody understands what is actually paid and the potential of there being no actual product being sold start to have real problems. Online bidding has been around for some time now getting quite effectively policed and yet you still have problems every now and again. Penny Auctions are not really policed at all, so we can begin to imagine the problems that are floating around out there.

Some sites will let you join because you pay an outrageous amount of money that will be a member. At this point the whole interface seems to work well and what seems fair, but very often not the case. That said, there are legitimate Online bid auction and penny auction sites out there. Unfortunately it is more the exception than the rule though. If you decide you’d like to take part in online competitions take some time to read up on any site plan for the union, you could save yourself 1000’s of dollars by not signing up in the first place, and yes, it may not get your new TV that way, but at least you can walk away with your pride intact. And let’s be honest, is that really needed a new TV? Yes OK I know I want one too …

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