I came across this reguarding auction sites where you can bid for pennies (not sure of name of site(s)
Click Here
Has anyone bid on one?
What are your views on them?
Click Here
Has anyone bid on one?
What are your views on them?
Pennie auction sites-your views
- Thread starter Morganuk
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CH0C0H0LIC
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I'm a member of one yeah.
Basically what happens is this, you buy 'bids' from the site. They come either individually or in 'packs' like 5, 10, 25, 50, 100, 200, 300, 400, 500. Obviously the bigger the 'pack' the cheaper each individual 'bid' will cost. Price therefore range from 1.50 to 75p per bid. You HAVE to buy bids - you are not allowed to bid otherwise, it's like buying an entry ticket iykwim.
Then you choose the auction you want to bid in. The listing will tell you what the item is, how long the auction time is, and shows a countdown clock.
This is the important bit....
The auction timer may say 3 mins, but the auction does not end then. It will countdown from 3min to 0secs but when someone bids the clock RESETS to 3mins and starts counting down again. It continues like this until the timer has run down without a new bid being placed. Each time someone bids the sale price rises by 1p. The last bidder when the time runs out is the winner.
Also, every time you bid you use up one bid token thingy this is whether you win the item or not. This means if you bid on an item 10 times it has cost you anything between 7.50 to 15.00 (depending on what bid pack you bought). This is the bit that seems too similar to gambling for my liking because I can see how easy it would be for people to get a bit too into it thinking they gonna get a bargain. And even if you win one item and get a bargain, think of how much you are losing on the auctions you don't win?
Basically, the bid site makes their money on each item because even if they sell a 699.00 laptop for 15.93 that means that 1593 bids have been placed... which is anything from 1194.75 to 2389.50 plus the 15.93 sale price!
Stick to Ebay methinks!
Sarah xxx
EDITED TO ADD... Haven't and won't name sites as don't want to encourage ya all to lose your money lol xxx
Basically what happens is this, you buy 'bids' from the site. They come either individually or in 'packs' like 5, 10, 25, 50, 100, 200, 300, 400, 500. Obviously the bigger the 'pack' the cheaper each individual 'bid' will cost. Price therefore range from 1.50 to 75p per bid. You HAVE to buy bids - you are not allowed to bid otherwise, it's like buying an entry ticket iykwim.
Then you choose the auction you want to bid in. The listing will tell you what the item is, how long the auction time is, and shows a countdown clock.
This is the important bit....
The auction timer may say 3 mins, but the auction does not end then. It will countdown from 3min to 0secs but when someone bids the clock RESETS to 3mins and starts counting down again. It continues like this until the timer has run down without a new bid being placed. Each time someone bids the sale price rises by 1p. The last bidder when the time runs out is the winner.
Also, every time you bid you use up one bid token thingy this is whether you win the item or not. This means if you bid on an item 10 times it has cost you anything between 7.50 to 15.00 (depending on what bid pack you bought). This is the bit that seems too similar to gambling for my liking because I can see how easy it would be for people to get a bit too into it thinking they gonna get a bargain. And even if you win one item and get a bargain, think of how much you are losing on the auctions you don't win?
Basically, the bid site makes their money on each item because even if they sell a 699.00 laptop for 15.93 that means that 1593 bids have been placed... which is anything from 1194.75 to 2389.50 plus the 15.93 sale price!
Stick to Ebay methinks!
Sarah xxx
EDITED TO ADD... Haven't and won't name sites as don't want to encourage ya all to lose your money lol xxx
xxsammyxx
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Hi, i was quite interested in seeing what these penny auctions are like, i do feel like i can act like an adult and control myself with regards to bidding on items. There are many penny auctions to choose from if you google "penny auctions" and links from them. Definately different. 
