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.
Sunday 10 October 2010
Pay-to-bid auction sites...are they worth it?
Thousands of people a day in the UK are registering with penny auction sites in the hope of making a huge saving on top brand products. However, unlike traditional auction sites such as eBay penny auction site use a pay-to-bid model where you will have to purchase your bids in advance in order to be able to bid in one of their online auctions.
The best penny auction sites in the UK have a wide range of products available each day from electronics, kitchenware, jewellery, cars and much more. However the question is once you have purchased the bids placed them on the auctions and pay the final closing price is it worth it? Well with some site yes it is.
Sites such as the UK’s leading penny auction site MadBid.com has over 100 different products a day up for auction and charge only £0.50 per bid. In fact on average users save up to 80% on RRP, this fact was even backed up by The Sunday Times.
The best way to ensure you make a saving is to focus on the product you want to win. Firstly do a bit of research, look in the closed auction section of the site and see how much the product you want has sold for previously, this will help you get an idea of how much it could potentially go for. Then purchase your bids, only buy as many bids as you are prepared to use and set yourself a limit and stick to it.
How do they work? Penny auctions are a form of auction which are designed to be fun and entertaining. Basically an auction will start at £0.00 and will only increase in penny increments every time someone places a bid, each auction will have a timer which can range anywhere from 2 minutes to 30 seconds. When the first bid is place the timer will count down and when another user places a bid the timer will re-set to its original time and start counting down again. This process will continue until no-one else places a bid within the time and the auction will then close. The highest (last bidder) will win the right to purchase the product for the final closing price of an auction.
The best penny auction sites in the UK have a wide range of products available each day from electronics, kitchenware, jewellery, cars and much more. However the question is once you have purchased the bids placed them on the auctions and pay the final closing price is it worth it? Well with some site yes it is.
Sites such as the UK’s leading penny auction site MadBid.com has over 100 different products a day up for auction and charge only £0.50 per bid. In fact on average users save up to 80% on RRP, this fact was even backed up by The Sunday Times.
The best way to ensure you make a saving is to focus on the product you want to win. Firstly do a bit of research, look in the closed auction section of the site and see how much the product you want has sold for previously, this will help you get an idea of how much it could potentially go for. Then purchase your bids, only buy as many bids as you are prepared to use and set yourself a limit and stick to it.
How do they work? Penny auctions are a form of auction which are designed to be fun and entertaining. Basically an auction will start at £0.00 and will only increase in penny increments every time someone places a bid, each auction will have a timer which can range anywhere from 2 minutes to 30 seconds. When the first bid is place the timer will count down and when another user places a bid the timer will re-set to its original time and start counting down again. This process will continue until no-one else places a bid within the time and the auction will then close. The highest (last bidder) will win the right to purchase the product for the final closing price of an auction.
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