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Penny auctions are fantastic things to be getting involved with. Under the format of the penny auctions, each bidder will buy a bid pack. By purchasing this bid pack, they will have the ability to place a certain number of bids on a range of ongoing auctions. There are ways to make the most out of these bid packs to ensure that savings are maximised. Although the savings are generally huge in comparison to the sale price and the original RRP, there are lots of different things to consider. If you will be doing this in the long term to save money, then there are important variables to take into account. Bid Cost When you are calculating savings on penny auction sites, you need to be looking at the bid cost as a focal point. For example, a small camcorder might have a bid cost that is half the price of a TV. A TV might be a similar bid price to a laptop. After you have seen a dozen or so auctions come and go, you will quickly come to grips with the bid cost that are attached to different products. Here is the thing you really need to understand, the bid cost needs to be added to the winning bid in order to create the total price. Without the bid cost, you might have saved 95%. With the cost of the bids included, then the savings might be reduced to 75%. Either way, this needs to be taken into account to get an accurate account of what is really being saved. Losing Auctions Each bidder that is getting involved with penny auctions should see this more as a project. Each individual auction is part of a much bigger project. As a project, all costs need to be factored in. So, when you lose an auction, don't forget to factor in the cost of those losing bids into the overall cost of the other winning auctions. For instance, you might find that you spend 10 bids to win an auction, but have lost auctions accounting for a further 40 bids. This means that you have lost 50 bids in total to win this product. Generally, bids will be much less than 0.5% of the RRP value, so you will have still saved a huge amount of money by using penny auctions. RRP Versus Purchase Price Although the RRP might be a certain amount, generally most products can be found for much less. For example, if you go to an electrical website that has a retail store, you will find that the majority of their products are already marked down by 10% or more. Factor in this into your calculations. The RRP is irrelevant if the products can be found cheaper elsewhere. Conclusion There are plenty of opportunities to save lots of cash with penny auctions. That being said, it is important not to get ahead of yourself. Always factor in every single cost associated with the purchase of the item, including bid cost, losing auctions and the price you could actually purchase the item for from a retail store elsewhere. BidGrid is a leading penny auction site in the uk where shoppers pay per bid and the bidder with the lowest unique bid wins. Take a look at there how it works page and video tutorial here.
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