Penny Auction Fever – Grab It ALL

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Would you say no to a brand new, in the original box, fully warranted 52 inch TV for $99 or a new Playstation for $35? Well these are real prices for items that were bought on penny auction websites. The latest and greatest way to shop and get outstanding values is penny auctions where prices on timed auctions go up one penny at a time until a winner is declared.

What makes a penny auction so exciting?

Every time someone bids during the final 15 seconds of a penny auction, the timer is reset back to 15 seconds. I am watching several penny auctions right now on one popular penny auction website where after 15 minutes of slow and steady bidding, hundreds of bids are being entered in the last 15 seconds. This creates great excitement until someone either scares off the rest of the competition and somehow manages to time a final bid just right.

In one auction, a Canon EOS 7D 18MP Digital SLR w/ Lens, worth 1888.88$ at retail, is now in the last 15 seconds and stands at 58.33$. The timer has been reset over 300 times since the penny auction hit the 15 second mark and bidding is still continuing. In another penny auction, a Dell Studio 15z Notebook, worth 776.71$, now stands at 14.05$. It was at 10.05$ when the penny auction first hit 15 seconds and the bidding is still going fast and furious.

So how do penny auctions work and how does one actually win a penny auction? After one joins a penny auction website, you buy what is called a bid pack. Bid packs come in various sizes from 50 to 500 bids and cost about 60 cents a bid. Every time you bid one penny on an item, you use up one of the bids in your bid pack. This is how the penny auction website makes its money. Bidders should always remember that every penny they bid is actually costing them about 61 cents. If you use 100 bids to win a 20$ auction, you have actually spent about 80$ for your winning bid.

The real key to penny auctions is to enter the final bid during the 15 second ending cycle. This can be affected by a number of factors. One very important factor is that to be a successful penny auction bidder, you must have a stable, fast internet connection. If your internet is slow and sluggish, you may mis-time a final bid and lose the auction.

The other factor in winning penny auctions is to have a bidding strategy and to know your competition. If you are serious about winning penny auctions, you must keep records of your bids and study the bidding habits of other penny auction bidders. After a while, you will get to know the names of your competition and learn their bidding styles. You will be able to distinguish who you can bluff and who is a win at all costs fanatic that you should avoid bidding against. To assist you in studying your competition, the reputable penny auction sites will make your bid logs available for you to download and study.

By the way that Canon EOS 7D 18MP Digital SLR w/ Lens, worth over 1800$, is now at 65.05$ and still going strong. Another auction just ended and some lucky person got a Apple iPod Touch 32 GB, worth 299$ for a winning bid of 17.33$. Not a bad price for an item worth almost 300$. If you would like to have a chance to get top of the line products at incredible prices, you should give penny auctions a try today. Maybe you will take home a Dyson DC33 Multi Floor Upright Vacuum, worth 396.99$ for 3.29$ like one bidder just did. Isn't a penny auction just an amazing bargain?