Caroline Mayer, a consumer reporter for NextAvenue.org just did a wonderful piece today on penny auctions for Forbes.com. If you haven’t seen it yet, you must read it.
She makes some very real points and I would like to thank her so much for mentioning me and Penny Auction Watch. After 5 years in this industry, it’s an honor to see someone educating consumers about them and mentioning the work I’ve done here. Thank you, Caroline. I really appreciate it.
From the article, “As penny-auction guru Amanda Lee wrote on her site, PennyAuctionWatch.com: “You are almost likely to lose money if you try penny auctions, there’s no doubt about that.” (Lee learned from personal experience and launched her site to monitor the industry and expose abuses.)”
Yes, Caroline’s right. That’s right. You are almost likely to lose money if you try penny auctions. This is not to say that you will never win. I have been able to win tons of items over the years, but did I come out ahead or break even? That’s something even I can’t say for sure right now… I just know that it’s fun when you win, and terribly frustrating when you don’t.
And I do know that there is the possibility you will get carried away and get into a lot of debt if you’re not careful. Don’t take penny auctions too seriously.
Years ago I won a 27″ iMac on BigDeal for around $300 (retailed for $1700+) the site is now out of business. I also won designer handbags, real Louis Vuitton and Gucci bags – some of which I still use from time to time, for significantly less than retail. Gift cards, small kitchen appliances, other electronics, HDTVs, etc, but did I always win? No. And are there as many sites now as there once were? Definitely not.
But Caroline is exactly right and she could not have picked a more fitting and accurate quote from me than she did.
So, with that said… While it’s slowed down over the past few months, I will still maintain this website and still continue to be the resource for penny auction bidders. Highlighting the good, the bad, and the ugly – but also being a voice of reason.
Sure, for some it’s great fun to bid and win, but just remember – you may not always win. Whatever money you spend trying to win – already write it off as a loss and be happy and surprised if you do.
Join the Penny Auction Watch forum, Always free – and tell us about your penny auction experiences.
-Thank you Caroline, Forbes, and thank you for reading and e-mailing.
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