The Good, The Bad and The Ugly of Penny Auctions

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The Good

  • The ability to get stuff cheap – computers, gift cards, games, iPods, housewares, etc.
  • Thrilling – “entertainment shopping” can be fun
  • Buy it Now – Even better = minimal loss to consumer

The Bad – (Downsides of Legit Penny Auctions)

  • Lose money -Watch what you spend, pay your bills first! Power/net outages could lead to loss too
  • Obtain stuff you may not need
  • Time consuming
  • Frustration/stress/anger towards opponents
  • Addictive
  • Intimidation – “revenge attacks” by other bidders

The Ugly – (Possible Scam/Dishonest Sites)

  • Loss of money
  • Really walk away with nothing
  • Fake bidders
  • Shill testimonials
  • Time wasted
  • Anger/frustration
  • “Con artists” with your personal information – sometimes even third parties, beware if asked to provide sensitive information such as ID scans (yes, a site has asked for this!)
  • Recurring and not clearly disclosed fees
  • Threats and blackmail by site operators

Make sure you read over everything, do your research and watch what you spend, penny auctions can be rewarding, but there are precautions!

Discuss this and more in our penny auction forum!

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2 comments… add one

  • richard connelly January 27, 2011, 9:34 pm

    wavee you win and get o won paid got o over 90 days

    Reply
  • richard connelly January 27, 2011, 9:37 pm

    wavee you win and get o won paid got o over 90 days i won 12 items since november recived 0

    Reply

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