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Big savings is what we are all looking for. When consumers shop on the high street, the majority head for the bargain bin. When they shop online, they often venture into the "sale" section of a website. The need to save money is growing day by day. Hard economic times have forced people to be a lot savvier about what they are spending and when they are spending it. This is not necessarily a bad thing, as the fact is, a lot of people have been incredibly wasteful over the past years in a number of ways. Getting involved with penny auctions is an increasingly common way for shoppers to try and save money. Penny auctions are those auction sites that increase by just a few pence every time someone makes a bid. The idea is to get the highest bid in the auction, in order to win. Of course, like many other auction websites, it is easy to get outbid, which can be incredibly frustrating, and on penny auction sites incredibly expensive. Most people are surprised when they see just exactly how cheap the items on these sites actually sell for. The reality is that these penny auctions offer people chances to save hundreds or thousands of pounds. Items that are worth several hundred ponds regularly sell for just a few pounds. Most people are amazed at this, and generally wonder how the auction site stays open if they are losing so much money. The reason most people are sceptical about penny auction sites, is because they do not understand the way that they work. Penny auctions charge the bidder "per bid". Every bid they make will cost them money. A total bid cost on a new TV might typically be a couple of pounds, where as on an iPod it might be half that. This is why the auctions go for such low amounts. The bidders need to calculate the value of the item, but also ensure that they spend as little as possible on their bids. That said, the clever bidder can end up paying just a few pounds on bids, which represents a massive saving. There are some bidders that win much more than others. The reality is that they have experience and they really know how to work these sites to their advantage. Here is the great thing; people can learn to be more successful at bidding. The most successful bidders that operate on penny auctions sites will consistently study the auctions to see the bidding patterns of others. This will enable them to ensure that they get the most out of their bids. They may notice busy periods, where there are always bids being placed, which they can avoid for instance. Most penny auctions are not a scam and those that are sceptical could be missing out, however it is true that you could end up spending a lot of money on bids and not actually win anything. For this reason it's important to find a site which has some kind of 'buy it' feature, this means that as you place bids your own purchase price drops, so there is no risk of wasting money. To make the most out of these auctions, people really need to start their research now. The more they know about these sites, the better chance they have of being able to win auctions at extremely low prices. Unique bid auction sites are a variation on the penny auction format, here it's not the final bidder who wins the auction but the bidder who has placed the lowest unique bid.
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