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With so many people facing tough financial times, it can be extremely difficult for many people to acquire the expensive products and electronics that they desire. As a result, there are millions of people everyday that are in a continuous search for ways in which they can save money on these products. One of the solutions that many of these bargain hunters consider is the use of online penny auctions. While some people consider these auctions to be the best money saving opportunity available anywhere, others are still quite skeptical about the way these auctions work. This is why I wanted to take the time to look closely at both the advantages and disadvantages of using online penny auctions. It is my hope that by examining both the good and bad aspects of this opportunity, you will be better prepared to decide if these auctions are right for you. The Advantages of Using Online Penny Auctions 1. The individuals who use these auctions have the ability to save as much as 95% off the retail price of high quality products and electronics. This can provide people with the opportunity to own products that they would not otherwise be able to afford. Additionally, this type of savings will often make it possible for people to bid on several different products when they would only have enough cash available to purchase a single product when using other forums. 2. These auctions allow you to shop for the products you desire right from the convenience of your own home. This is especially beneficial for individuals who are unable to shop during regular business hours due to their busy schedules. With this type of auction you can literally shop at any time of the day or night. In fact, some frequent auction shoppers have found that it is easier for them to acquire the products they desire when shopping during odd business hours. 3. Penny auctions do not require a large investment in order to get started. While many of the other money savings opportunities which are available will require you to purchase a membership or make other investments upfront in order to take advantage of their programs, online penny auctions will only require you to purchase bids in order to get started. There is no requirement for the number of bids which you must purchase, so theoretically you could get started with this process for under one dollar. The Disadvantages of Using Online Penny Auctions 1. Online penny auctions will require you to pay for your bids. This means that you will potentially spend money on products which you will not ultimately buy. This is because the money you have spent on your bids will not be refunded if you do not win the auction. This is one of the ways in which these auctions are able to offset the savings that the winner of the auction enjoys. 2. Online penny auctions do not allow you to examine the merchandise in person before placing a bid. This can be a considerable disadvantage if you are bidding on a product with which you are not intimately familiar. Since many of these sites have limited return policies, this could become a problem if you receive a product that is not what you expected. 3. Online penny auctions can require a large time investment in order to be successful in the auction. Just like other online auctions, the key to success with online penny auctions is a well-timed bet. Unfortunately, in order to place this bet at precisely the right time in order to win the auction, you may be required to spend several hours monitoring the progress of the auction ahead of time.
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