You’ve probably started to hear about new sites that allow you to buy brand new items like iPhone 5′s, and LED TV’s and other expensive items for pennies on the dollar. These sites incorporate a new way of auctioning that’s taking the world by storm and leaving old auctioning sites like eBay in turmoil. In case you’re still wondering, I’m talking about Penny Auctions.
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I was curious about how these auctions worked, so I signed up for a BBB Accredited Penny Auction site with a good reputation called ZBiddy . Apparently, Penny auctions work by having people purchase “bid packages”. Usually you get anywhere from 100-500 bids in a bid package, and you use up these bids by bidding on an item you want. Everytime someone places a bid on an item, the price of the item goes up by one penny.
Taking a look through the items on ZBiddy, I was surprised by how many of them were really expensive products (Sony TV’s, New iPhone’s, etc…) that were going for really cheap. What you do is place a Bid on the item you want and this increases the bid timer by 10 seconds. To win an item you have to be the last bidder when the timer hits 0.
So my strategy to win a penny auction for a new Apple Ipad 3 was to wait until the timer hit 20 seconds left, and then start placing my bids on it. I waited patiently while the timer counted down, and once it hit that 20 second mark, I started placing my bids. I placed about 15 bids before the timer finally hit zero and I won! I was beyond excited, because the price of the item was only $11. That means, after spending 15 bids and having to purchase the new iPhone 5, I only had to spend a total of Under $25!
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I knew then, that I was about to get addicted to Penny Auctions. This is the real deal, and blows eBay and other auction sites out of the water. I’m finally able to buy all the Christmas Gifts I want for a super low price!