Grab A Bargain At The Penny Auction

The UK is officially in the grips of a double dip recession

. For many, this has no effect, but for others life is a struggle: petrol prices and food prices are at an all-time high, electricity and water are at a premium and increasing in cost at alarming rates, postal prices have increase by more than 25%...in short, it is a bad time for our wallets. Fortunately, we do not need to lose out on some of life's little luxuries. If you love technology and long to get your hands on the latest iPhone, laptop, tablet computer or MP4 player, then you can, by playing at the penny auctions.

Firstly, though, it is important to clarify that there are no guarantees of winning the auctions. They do offer the chance to get these products, but you should never assume that you will be the lucky one.

The new format online auction sites are slightly different to the traditional auctions. Here, people bid on items, but must pay to bid. In return, players are in with a decent chance of obtaining premium items for knock down prices. We must also stipulate here that all items are brand new and have manufacturer's warrantee. The prices for which the final items are won are very low, and if you win, you can expect to pay between 0.3% and 3% of the total cost of the item.

The pennies allow people on very limited wages to purchase premium products that would otherwise be outside of their budgets. Clearly, though, it is important to bear in mind that each bid will cost you money and this is money that will not be returned should you be unsuccessful. In other words, you must pay to bid. Fortunately, this is relatively cheap, with each bid costing between 30p and 50p depending on the bid package you purchase (the larger the package, the cheaper the bid). It is therefore essential, that anybody placing a bid does so in strategic manner, to avoid losing too much money, should you be unsuccessful in the bidding war.

It is essential, therefore, that players set themselves a budget before they commence their bidding, and to be sure that they do not exceed this limit, or if they do so, they exceed it by only a few pounds. These sites do get some bad press, because people lose money and never walk away with goods. However, this is usually due to an erratic playing pattern and a lack of thought, planning and insight. If you play, be sure to understand the process thoroughly, including how to play and which strategies are better. If you follow these simple rules, you will have fun and not walk away disappointed.

To give yourself the best chance of winning, choose your site carefully. You should avoid sites that are too popular or too busy, as the more players there are, the less are your chances of winning.

by: John Samual

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