Keeping Up With The Jones During The Recession

Oh dear, well the UK has entered into a double dip recession

, and the worst since the period following WWII. For technology lovers, this is bad news. Fortunately, there is a way to get hold of premium technology products, without robbing the bank or sacrificing our standard of living. Instead, technology lovers can head to the penny auctions and test their skills of strategic gaming.

What sort of items can you find at the pennies?

Unlike the more traditional auction formats, the items up for auction at the pennies are premium products, all brand new and complete with manufacturers warrantee. The following is a small, but unexhausted list of the types of item up for bidding:

3D HD TVs (- try saying that after a night out on the tiles!)

Laptops

Tablet PCs

Desktop PCs

MP4 players

Portable DVD players

Mobile Phones (Samsung, Apple, HTC, etc.)

Washing Machines

Gift cards

As you can now appreciate, these are all premium products.

Why play at the pennies?

Most people play the pennies because they know that they can find some incredible bargains. On average, each item is won when it reaches between 90% and 99/8% off its recommended retail price. To put this in context, a tablet PC, which currently costs 399.99, will be won for between 39.99 and 0.08. That price, by anybody's standards is an incredible, and immense, saving.

How to play the pennies?

If you are familiar with the traditional auctions, then you will find this format of auction fairly straightforward, although there are a few differences. Firstly, people pay to bid. This means that you must pay a certain amount just to be in with the chance of winning the item with a traditionalauction, you stipulate an amount you are willing to pay, and if you do not win, you do not pay. The cost of bidding varies depending on the size of the bid package that you purchase, but generally, it costs between 0.30 and 0.50 to place a bid. You win if you are the last person to bid before the timer runs out. The price you pay for the item is very low, because the auction price only increases by 1p per bid placed by any player. It sounds easy, but there is a twist: each bid placed adds between 10 and 15 seconds to the counted. To win you must place a bid just as the auction is finishing and hope that nobody else bids for the next 10 to 15 seconds.

Things to watch out for at the pennies

The biggest problem that people face is entering into a bidding war with a hard-core player. You need to set yourself a budget per item, and never exceed this budget or you may find you lose a significant amount of money. If somebody is placing a lot of bids, then get out of the game.

by: John Samual

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