By now you must have heard about the phenomenon called penny auctions-people winning fantastic brand new items for just pennies on the dollar. I’m sure you are asking yourself, “Is it true?” Yes, it is!
How do penny auctions work?
First, you have to find A Penny Auction Website, (We Have a list of penny auction websites we have found to be legitimate on our website at http://iwonthischeap.webs.com.
You will have to sign up with the site of your choosing.
Then, in order for you to participate in bidding on items, you simply purchase a bid package.
The cost of bids differs by the website you choose.
The cost of bids is usually between $0.10 – $1.00-keep in mind that the larger the bid package
you purchase, The cheaper the bids are and the better your chances of winning items.
These websites also have limits on how many auctions
one person can win-Which gives everyone a chance to win items.
Many Penny Auction Websites will give you free bids when you register with their site.
And, it is not uncommon to see people have won great items with just using these free bids.
What kind of items can I win on penny auction sites?
One thing we have noticed lately is that almost every auction site has Gift Cards-
Visa cards, American Express cards, Target cards, Sears cards, ITunes cards, Starbucks cards, Wal-Mart cards, and Gas cards-
just to name a few. They really come
in handy around the Holidays.
We have seen Gift Cards with a monetary value of $5 to as high as $500.
There are also different features on penny auction sites you can use to assist you with winning.
The most popular feature is something called Autobidders (each site might have a different name
for this feature).
It is pretty simple. You program in the lowest price that you want to start bidding and also
the highest price you are willing to pay. Some sites will just simply give you the option on how many bids you want to use. This is a great feature when you do not want to sit in front of your computer and manually bid on an item.
There are also Free Bid auctions. You do not use any of your bids; It is free! If you are the last bidder, all you have to do is pay the final price of the auction and any additional shipping charges.
We have spent the last couple of years following many penny auction sites and have determined that there are many sites that are legitimate. They practice excellent customer service and quick shipping of the items you have won.
We have found that penny auction sites can be a lot of fun and very rewarding.