Have you heard of a penny auction site? You probably have, but never actually tried one. These auction sites used to be confusing and often misleading for most people. Well, times are changing and certain penny auctions are gaining a more positive reputation.
Over the years, various penny auction sites have been completely shut down. Illegal business practices have given auction sites a bad reputation, but there are still a few credible sites operating today.
Two of these more reliable penny auction sites include Beezid.com and Quibids.com. Quibids has risen to the top, as of recently, due their trustworthy approach to the bidding realm. Because Quibids seems to be the most legitimate penny auction site around, we will focus our attention on that particular website.
Penny auctions may seem confusing, and maybe even a waste of time, but with the right strategy you can win an iPhone, iPad, Mac, or other Apple device at a deeply discounted price.
There are many penny auction sites at your disposal, but remember, there are a few important factors to consider when joining a penny auction site.
Transparency
What is the auction site’s online reputation? What have your friends said about the site? Are there negative reports of the website? Does the Better Business Bureau back them? These are all things you’ll want to research before you start bidding on that new 4K iMac or iPhone 6 Plus.
Free Shipping
Some auction sites, while not quick to advertise it, will charge shipping costs for the product that you’ve won. It hardly seems fair, considering the huge sums of money bidding sites collect. With all of the money they have earned on an auction, it only seems fair that they pay for the shipping, right?
Competition
The truth is – more people bidding on an item, equals a higher final price for the item. Finding an auction site with less competition means more savings for you. This can be a double-edged sword, however. There could be a prominent underlying reason for the lack of users who belong to the site, and it might not be in your best interest to find out why.
Based on all of these factors, Quibids.com is traditionally the best auction site with the most reputable past that we can find. While penny auction sites can be scammy, Quibids seems to have come out on top in regards of reliability.
If you’re interested in joining a penny auction site in effort to score a great deal on the MacBook, iMac, iPad, or iPhone of your dreams you’ve come to the right place. Click onto the next page to discover tips we have gathered, that could help you succeed at auction.
Know Your Timer
The basis of a penny auction is the timer. Here is a detailed explanation regarding the timer and how it works. Quibids states, “The timer counts down consecutively until it gets below 20 seconds. From that point on, the timer will reset to 0:20 seconds every time a bid is placed, thereby giving other users the chance to bid again.
If the auction persists after a certain number of bids (it’s not uniform from auction to auction), the timer will begin resetting at 0:15 seconds after each bid. Finally, if we feel the auction has gone on too long, the timer will reset to 0:10 seconds each time a bid’s placed. When the time expires, the auction ends and the last person to bid, wins the right to purchase the item for the final price.
Sometimes we’ll host what we call Speed Auctions, where the timer will reset to a maximum of 0:10 seconds. To determine whether or not an auction is a Speed Auction, check for the little red timer icon accompanying it.”
Be Realistic
No one is going to turn down a MacBook Pro for less than $100 bucks. Higher priced and more valuable items are going to rake in more bidders. More bidders = More competition. More competition = Higher prices. Don’t be discouraged however; there are plenty of success stories of bidders developing their own strategies for winning big-ticket items at a fraction of their retail price.
Keep Focused
Unsuccessful bidders have their eyes on too many items at once. Don’t do this. Stay focused on one item at a time. Do your research. Find out the real value of an item and set up a budget. Don’t exceed your budget and know when it’s time to drop out of the auction because you’re paying too much.
Know Your Options
Let’s say you lost an auction. Other less reputable sites will take your bids (your money) once the auction has ended. One of the great things that we’ve found is Quibids’ Buy It Now option, which will allow you to buy the item you were initially bidding on. Quibids will take the retail price of the item, and subtract the money you spent in the auction, leaving you with a smaller remaining balance to pay off. Again, check the Buy It Now price before you start bidding! Is this item much more expensive on Quibids than you can find it on Amazon? Are they about equal? Calculate your losses; find the best route to purchase that particular item.
Online penny auctions aren’t for everyone. Some people would rather walk into a store and find the item they want, pay for it, and leave. But that doesn’t sound like much fun, does it?
There is a promotion going on right now that we found through a Quibids tutorial video. Simply type in the promo code QBWELCOME when setting up your Quibids account!
Give Quibids a try, as it’s your safest bet for online auctions. You might score an awesome deal on the brand new MacBook, iPad, or iPhone you’ve been dreaming of.