Penny Auction Bidding the Right Way

Smart BiddingAs with anything, there are right and wrong ways to bid on penny auctions. Here are a few bullet points to keep in mind the next time you try your luck:

  • Wait to Bid: There is absolutely no benefit to bidding on auctions that don’t start for any more than 60 seconds. Many beginners place early bid in the hopes that no one else will bid on the auction. This happens almost never so don’t waste your bids. Sometimes the best auctions to get-in on are the ones that have been running for a long time as these are more likely to be coming to an end.
  • Pay Attention to the Competition: The more time you spend on any given penny auction website, the better you can get to know the competition. Note how often you see different bidders and also note their bidding styles. You’ll see that some are absolutely impossible (or expensive) to bid against. Avoid these bidders like the plague.
  • Pay Attention to the Product History: Most penny auction websites allow you to see historical auctions. If you’re going to bid on a particular product, first take a look at previous auctions to see what the ‘typical’ closing price is. Of course, penny auction closing prices deviate from ‘typical’ all the time but following the norm is always the most conservation approach.
  • Pick Products that Make Sense: We prefer bidding on items that are as good as cash, particularly gift cards. Here’s why- Penny auctions put the retail price of all auction items. While it feels like you’re getting this incredible deal, many auction items are available much cheaper on Amazon.com. That’s why we mostly bid on gift cards as you can get the full cash value and take advantage of sales wherever the gift card is written to.
  • Start Small and Win Big: Here’s a little secret- Everyone and their mother bids on iPads, Macs etc. Much fewer bidders go after the small and gift cards and what not. You have a much better shot at winning smaller items.

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