Penny auctions are a fun, exhilarating and unique way to shop online and make savings. Penny auctions are pay-to-bid auction sites where users compete against each other to win the right to buy a top brand product for an amazing discount, usually pennies. Sites such as MadBid.com claim that the average saving is 80% and other sites like Flutteroo claim the same.
Whilst they are a great way to have fun, if you are the winner then great but if not you are likely to have lost some money with the bids you’ve placed. That’s why it’s better to use one of the better sites that offer a ‘Buy Now’ option on their auctions.
For example, MadBid.com offer a ‘Buy it Now’ option on the majority of their auctions and those that do not win the auction have the option to buy the product during the auction or for up to 24 hours after the auction has closed. The great thing about this option is that MadBid.com have ‘exclusive’ buy it now prices which are often less than the recommended retail price and the cost of the bids you have placed on that auction are discounted from the final price. So effectively you’re a winner too because you’ve still got your product and the cost of your bids back as they have been discounted from the final price.
Whilst sites like MadBid.com offer these great options, be wary of some other sites that have over inflated ‘Buy it now’ prices, so you end up paying more than what you would elsewhere and some sites only offer a percentage of the cost of bids placed as a discount, so you are not getting the full cost of your bids back and this could end up costing you even more.
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