- Don't bid on an auction that has several hours left. You will get outbid. Instead, bid when the item has 5 minutes or less. Usually I wait until the auction has less than a minute left.
- Don't bid on an auction just because no one else is. Odds are there are 50 other people watching that auction too.
- Bid only on auction that offer a "buy it now" option. If you don't win the auction, you don't necessarily loose your money because you can apply your bid dollars to buy the item.
- Per #3 above, only bid on items that you actually want to buy. If you are just bidding on the auction because you think it's a good price you are only short changing yourself. Bid on items that you are willing to buy using a "buy it now" option.
- Don't confuse penny auction sites with eBay. You are paying for each of your bids, spend them wisely.
- The best time to bid is early in the morning when people are getting ready for work. There are still a number of bidders on penny auction sites at 2:00 and 3:00am. Penny auction sites attract night owls, play in the morning instead.
- Don't spend more than the product is worth. This is simple but must be said, don't spend $40 in bids on a $35 item.
- Earn free bids. Most penny auction sites offer free bids if you refer your friends or write a blog post about their site.
- Don't gamble. Don't bid on items just to win. Some consumers bid on items just for the rush of winning after a loss. Avoid this.
- The more bids you buy, the more you save. Most sites offer bids at a cheaper rate if you buy in bulk.
Monday, January 17, 2011
Posted by Bid Penny at 8:39 PM