Penny Auction: Instructions on How to Get the Best Bargain

Penny Auction: Instructions on How to Get the Best Bargain

Penny Auction sites provide an excellent opportunity to buy diamond rings, gold coins, gift cards, electronic items and other merchandise at as much as 99% off of listed retail prices. Bidding on these auction sites is managed by a fair process. Like traditional auctions, you are not allowed to jump into the fray at the very last moment and outbid others. The bidding on penny sales is a controlled and a well regulated procedure. Each bidder has to follow the rules of the game. The rules vary from one site to another hence it's better to understand the rules of the site before you start bidding.

In order to bid on merchandise at a Penny Auction site, one needs to register first. Registration process is very short and doesn't cost anything. Once the registration is confirmed, the person is allowed to take part in the bidding process. The items for auction are minimally priced probably at zero but the price increases by a certain amount with each bid. In addition, the bidders pay a fixed amount to the site owner each time they place a bid. The price of the auction goods and cost of bidding varies from one site to another. Some sites start bidding from zero, however, others start at $1.

Bid credits are purchased in advance from the site. People are allowed to buy any number of packets. For instance the purchase can be from 10 to 100 bids from the Penny Auction site, they have selected. It gives people the freedom to bid without the fear of running out of the bidding credits when they are close to winning an item. Bid credit is the amount of money a person has to pay to the site owner for to allow them to bid. Each time a person bids, a fixed amount is deducted from their credit account. This price can also vary from one site to another and an individual could end up paying between 60 cents to $1 dollar per bid.

In the end the winner purchases their chosen item at a price that is typically much less than the listed wholesale price of that particular product. To be successful in penny auctions, the bidders should take certain factors into consideration. First, start bidding on inexpensive items so that you gain some experience. Second, before bidding on the products you desire examine the bidding patterns of seasoned bidders on those particular products. Remember less competition means better chances and more competition indicates a longer wait and decreased chances for victory. Finally add the money you paid in bidding to the price of the product you won. This way you can determine how much money you saved.

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