Have you recently considered taking part in a penny auction? If you are, you can take some comfort in the fact that you definitely aren't alone. Penny auctions have slowly been increasing in popularity over the past year or so, and many people swear by them as an effective way to get great deals on products that usually sell for a good bit of money.
The one thing that you have to realize about a penny auction is that it doesn't work the same way as many of the online auction sites that you might be used to. Take eBay or many of the other auction sites that you are probably familiar with currently. With them, you simply bid on the product of your choice, and if you win, you win, right?
While others have the ability to bid against you, it pretty much comes down to who wants it more. With these kinds of auctions, you are in many cases able to set a maximum bid, which is the maximum amount of money that you willing to pay for an item, and then walk away from it. When the auction is over, you come back, and you are informed of whether you were lucky enough to win, or if someone else wanted it just a little bit more, and outbid you.
A penny auction though requires a little bit of strategy, which for many people is part of the appeal. Well, that and the fact that in many cases, you can get some really exceptional deals. The bidding is done in increments, and in many cases you don't have the option of setting a maximum bid, so having a bidding strategy in place is a great idea.
Each time that you place a bid, you have to pay a penny. The penny itself is non-refundable which isn't a big deal, right? After all, it's only a penny. However, if you have a weak strategy, and are involved in an active auction, you very well could end up spending a couple of extra dollars on bids alone, which could definitely add up over time. On the flip side though, because of the way the auctions work, and the fact that many people that participate don't have any strategy, you can often get the item that you are bidding on for far less than you could get it in either a retail store, or any of the traditional auction sites that you might stumble upon online.
If you've never been involved in a penny auction before, I highly recommend that you find one, and get involved, if nothing else, for the experience. In the end, I think you will be pleasantly surprised, and could very well walk away with a great item at a fraction of the cost you would normally pay.
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