Penny Auction websites have really taken off in the last couple of years, with more and more people seeking a bargain. Although there is potential to get great savings and fantastic bargains from penny auction sites, there are certain downfalls and some people are unsure whether penny auction sites are worth it.
With penny bidding there is no guarantee of winning and unlike online auction sites such as eBay there is a cost involved in placing a bid. Most sites provide packages where the consumer can purchase a quantity of bids for a set price.
Many bids could be placed and yet there is no guarantee that a win will be had. Penny auction websites currently do not have any form of regulation which is a current concern as more and more people begin to use them.
As it is somewhat like a lottery, people feel there should be some form of regulations enforced to protect those using the penny auction sites. In addition to this some sites are not entirely legitimate and some people feel that the auctions at times are set up, which will heavily reduce chances of winning. However, there have been some big wins, for example winning a Mini One car for 6.83.
It is important to remember that there is no guaranteed win and to set a personal spend limit. It is also worth while checking out the different sites and making sure they are reputable, in which case as long as bidding sensibly there would be no reason not to try one out.