Penny Auctions Amazing Prices And Excitement Too

Penny Auctions Givs More Than just Amazing Prices Penny Auctions Add An Air Of Excitement Too

There is a new way to shop that is taking the internet by storm. One that is giving buyers values that, at first hearing, are hard to believe. Like a 900$ Apple Laptop for 50$ or a brand new X-box for $19. Not only are the prices amazing but the products are all brand new and come with full factory warranties. Sounds almost unbelievable but its true.

This great new way to shop is called Penny Auctions and there are dozens of websites on the internet that offer all the latest goods and services through these fun and exciting auctions.

Penny Auctions are a new high tech version of the old fashioned, live auction

After you find a penny auctions website to your liking and you sign up, you pre-purchase a package of bids. Bid packages come in various sizes like 50 bids, 100 bids, 250 bids and 500 bids and generally cost about 60 cents a bid.

The penny auctions are all timed and can run anywhere from 15 minutes to an hour. Once you find an auction for a product or service you would like to bid on, you join the auction by using one of the bids in your bid pack and raising the price by one penny. This is how the penny auctions game get its name and it can lead to some frenzied and exciting bidding action due to how the auction works at the close of bidding.

During the last 15 seconds of the auction, every bid resets the auction timer back to 15 seconds. This can lead to a very sedate 14 minutes 45 seconds of slow bidding followed by dozens and dozens of bids in the final 15 seconds, resetting the timer over and over. The auction ends when all but one bidder gives up or when someone tries to cut it too close and misses a last second bid.

There are several factors that can decide the eventual winner of the penny auctions. Of course, the person willing to bid the most is likely to win but a slow, unreliable internet connection can sabotage the most determined bidder. Penny auctions experts will tell you a stable, fast internet connection is essential if you intend to play the penny auction game.

In addition to a fast internet connection, experts suggest that bidders should keep detailed records of their auctions including bid logs from the penny auctions websites. Smart bidders study these records to become familiar with the bidding habits of other regular users of the auctions. By knowing the habits of your competition, you can gain an upper hand in penny auctions. You can determine who is a savvy, thoughtful bidder and who is one of the dread, win at all costs, bidders. These impulse bidders will bid much more than they should rather than lose an auction and getting into a bidding war with them is to be avoided.

One must remember that in addition to the winning price, you are also paying for every bid you use. This means that if you were to use 100 bids to win an item with a retail price of 70$ for a winning bid of 12$, you would end up paying more than the item was worth. Since the 100 bids you used cost 60$ and your winning bid was 12$, you really paid 72$ for the item. This means you actually paid 2$ more than the retail price. Successful penny auction users are always aware of the total cost of their bids plus the price of the item and take this into account when deciding if they should make another bid.

As you can see, there is more to penny auctions than just clicking the bid button over and over. With a bit of study and patience, knowledgeable penny auctions players are taking home incredible values every day. Literally hundreds of products and services are selling for a fraction of their retail value on penny auctions websites every hour. Why don't you join the penny auctions action too. Maybe you will take home a new widescreen TV worth 1100$ for 99$ like Fred from Tulsa just did using penny auctions as well!