Penny Auction Strategies

If you want to get a really good deal on some electronics or other products sold online, you need to invest some research into penny sites. These are auction sites that allow you to buy a set of bids and place them on a product. You may think that the idea of buying bids is stupid when you could go elsewhere and bid for free, but the catch here is that the auction prices only go up one penny at a time. You can get most products for 95% or more off their expected retail value, and all you have to know are the right strategies for bidding. Here are a few tips that can help you get the best deal possible.

First, do not place a bid until close to the very end of an auction. While there may be a lot of action going an hour or two before the bid ends, you want to avoid doing much of anything until the last ten minute. The earlier you get involved, the more likely you are to place a lot of bids on an item that you do not need to. Each bid costs you money, so try to wait around if possible.

Some of the best penny auction sites on the internet will allow you to place automated bets when you want to as a way to simplify the process. This will limit the amount of bets you place on a product and may ensure that you win the bidding in the end. Look into this option before you spend a lot of time bidding on a product you lose in the end. Let the computer do all of the work for you.

Make sure that you have a budget in mind for each product you try to buy. Know what you are willing to pay for the product based on shipping, payment fees, base price and the like. Then consider how many bids it will take to reach your limit on the product. Make sure you do not go over that amount of bids if it will break your budget. You may get carried away and pay more for a product than what it is worth.

You might also want to do some research in past auctions the site has had for an item to see what it has gone for in previous auctions. If the number is much higher than you expected, you may want to bid on something else because you could get involved in a bad bidding war you do not want to be in. Overall, you have to remember to stay on budget no matter what you do. It is way too easy for you to get carried away in a penny auction site. You have to exert some self control. Look into the best penny auction sites you can find and research the products there thoroughly. You will be able to make a much wiser bid for the item in the end.

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