penny auction madness.

18 03 2011

Ok, I feel like I’m normally somewhere near the front of the technology adoption/technology education bell curve – but obviously I dropped the ball somewhere.

It seems like everyone already knows about penny auctions and I just had my first experience last night. (of course it just so happens that my wife was out of town) Coincidence? Yeah, sure.

I looked at a couple different sites.

Then I just decided to jump in.
In case you’re like me and totally out of the loop here’s the scoop.

You buy bids. Depending on the site you choose each bid costs around$.65.
There are TONS of items up for auction. Look around and find something you like, then click bid.
Each item starts at a cost of 0. Each time someone bids, the cost rises by $.01. But it also costs you a bid ($.65)
Eventually there is only one bidder left.
If it’s you, then you obviously shoulder the cost of what the bid reached, as well as the sunk cost of the bids you placed.

I’m kind of hooked.

I was SUPER skeptical of the system – but my experience has been good so far.
I have won 4 auctions.

I picked up 2 x $15 gift cards and 2 x $25 gift cards. $80 of Amazon gift cards.
I have used up 50 bids so far and the cards totaled $13.05.
That means that I have spent $45 to get $80.
Not bad. (comparable to a Groupon deal) – my big mistake was wasting a bunch of bids on an auction I didn’t get. I’ll try and not make that mistake again.

I still have some bids left, so it will be interesting to see how things go from here.
I’m debating on whether I should pursue a higher ticket item or continue to try and hustle for the smaller gift cards.

As I sit here and think about it, it seems like the penny auctions are borderline gambling… haha.
“There is also great concern about some of the pernicious, addictive behaviors like gambling…” (M. Russell Ballard, October 2010)

You might have noticed, but today I have decided that I’m going to start using general authority quotes as well as scriptures. There words are modern day scripture, so I figure I should probably be using them as well as scripture where applicable.

? Have you tried penny auctions before, did you have a good/bad experience?




2 responses

21 03 2011
Karen Peterson

I’m very skeptical of these types of auctions. Not just for the potential addictive nature, but because if there’s a potential for me to lose money, I probably will.

It is nice to read about someone who didn’t get ripped off, though. I’ve heard too many horror stories.

21 03 2011

Karen, I just have to let you know that less than a day after I posted that, I lost the rest of my bids. I still came out on top (barely) – but I’m now done with the penny auction thing! hahaha

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