How New Penny Auctions Work

by admin on March 8, 2011

If you are looking at a new way to shop online, you may check out the auction sites available to you. Penny auctions in particular are great places to save a lot of money if you know how to buy from them. You can get products as much as 95% off the retail price just by shopping correctly, which is why so many people love these sites around the holidays. Here is a look at how this whole process works.


For a new penny auction, you have to buy a certain amount of bids that you can place on an item. These bids are usually priced around $.50 a piece, so you have to be careful about how you use them. The auctions online that occur on the site will be limited in what they can get to. They can only increase in price pone penny at a time: $10.00, $10.01, $10.02, etc. you pay for each bid you make in this process, but you at least can tell the base price of the item is not going to go very high.

If you win a bid on an item, you will have to pay for the item, the shipping and any fees that come from your payment method of choice. The bids will have been pre-purchased, so those will come out of your account. This is a lot like tokens for car washes, or something along those lines.

At the end of the day, if you minimize the amount of bets you put in place, you can get a great deal on an item with little work involved. Take a look at what online auctions may be able to do for you.

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