It’s a problem most people face every day – how do you save money? The time-honored advice given by financial counselors is to cut back spending on non-essential items. The seemingly simple answer can be more difficult than it initially seems. Especially when the latest and greatest tablet just came out and you want it. You want to save money and buy a new tablet. While paying retail prices will clearly not accomplish both goals, penny auctions will.
What is A Penny Auction?
A penny auction is an online auction that allows consumers to buy newly released and usually expensive items at a fraction of the cost. This unique type of auction varies from many other auctions online. There are no private sellers, no reserve amounts and everything is new. Each bid placed on a penny auction costs a non-refundable penny. If the item is won, the winner will pay the full ending price as well. Each penny bid also extends the length of the auction by a few seconds, allowing others to bid.
For example, imagine that a penny auction site listed that tablet you’re after. You sign up and submit a bid. You place an auction bid three hundred times and win the tablet. Each bid cost you a penny and you must also pay the total auction price. Your total will be $3.00 for bidding and in addition to the ending price. Congratulations! You were just able to save money and acquire the sought-after tablet. If you want this imaginary event to become a reality, head over to BidWow and start saving money on high end electronics and appliances.
Penny Auction Bidding Strategies
Penny auctions require a sound strategy in order to get outrageous deals on newly released items. There is a lot of competition out there due to the growing popularity of penny auctions. Below are three bidding strategies that will create resounding success:
- Aggressive Bidding –To be an aggressive bidder, bid every time you are out-bid. This will demoralize other bidders and ensure that you are constantly on top. While an expensive strategy, it has proven to be the most effective strategy for the serious penny auction enthusiast.
- Endurance Bidding – Just like running a marathon, becoming an endurance bidder requires training. This skilled bidder knows exactly how to drain the resources of others by bidding sparingly right before the auction reaches zero. The endurance bidder outlasts their opponents by saving their resources for the very end.
- Gold-Rush Bidding – Not every auction on a penny auction website receives a high amount of traffic. This means there are plenty of auctions that can be won with minimal bids. A gold-rush bidder will sift through every penny auction looking for an opportunity to win any sort of prize with only a few bids.
Spend a Penny, Save a Dollar
Participating in penny auctions requires an up-front investment from bidders. While this deters many people from participating, this penny investment can help save unfathomable amounts of money once the auction is won. By employing ideal bidding strategies, you can save money simply by purchasing your electronics and appliances from penny auctions.