Penny auction sites

Penny auction sites are gaining popularity, mainly because of the amazing price cuts they offer buyers. It’s not uncommon to see the latest gadgets, for example, flat screen TVs and Macbooks going for as low as two hundred dollars. Some of the popular sites featuring this latest type of auction have even sold off brand-new vehicles to lucky buyers for under $2,000!  Among the recently winners at Madbids, a UK site, is a recent winner who drove away with a brand new Mini after paying only 9% of the retail price. Beezids, a US site, has similar success stories, with one happy buyer scoring a 37” HD television for only $34.37.  With such low prices, it’s easy to dismiss these sites as unethical scammers out to relieve the gullible masses of their hard-earned dollars. In reality though, this latest type of auction is a great way to score fantastic deals on brand new items, as long as you know what you are doing.

The main difference between penny auction sites and regular online auctions, such as e-bay, is that potential buyers can bid on e-bay for free. On the other hand, people who want to bid on the latest gadgets and equipment on penny auction sites need to sign up and pay for bid packages, of various denominations.  By charging customers for each bid, the site gets to sell products at a fraction of their market value and still make a profit. Each bid is generally worth one cent, so for each time you bid, the auction price goes up by a penny. Unlike other kinds of auctions, where you only pay if you win the auction, placing a bid on sites like Swoopo, BidHere or Beezid will cost you money, so you stand to lose the amount you have bid. On the other hand, winning a penny auction means that you will get some of the latest brand-name gadgets, fashion items, store vouchers and all sorts of other great items at a steal.

So what kinds of items can you buy at a penny auction? While many auction sites tend to feature electronic items, you can find anything under the sun listed on these fantastic sites. Hot favorites among penny bidders are the latest high-tech toys such as the Nikon cameras, Playstations and HD LCD televisions, sold at one-tenth of their list price.  Members also get into hot bids over cash vouchers at some of the most popular chain stores, including Target and JC Penney. Recently, a lucky bidder purchased a $75 Target Gift Card for only $1.24.

With prices like these, it’s clear that penny auctions are here to stay. There are hundreds of such sites opening up to tap into this online shopping revolution, so you’re bound to find a site that caters to your interests and needs, and more importantly, your budget. To get the most out of a penny auction, be sure to do thorough research on the site. With a little homework and strategizing, you could soon be raving about your latest win to family and friends.

Swoopo and Eunibids are among the most popular and reliable penny auction sites. Visit our penny auction winners’ site to find out exactly how to win big at your first bid with Swoopo and Eunibids strategies and reviews.