You may not compare auction sites, such as Quibids and Beezid, to gambling sites, but that’s exactly what they are; they might as well have windowless rooms in Las Vegas. On a site that doesn’t charge per bid, such as eBay, losing an auction doesn’t mean losing money, but on penny auction sites, those that charge per bid, like Quibids and Beezid, losing the auction might cost a pretty penny.
Penny auction sites are becoming more and more popular, due to advertisements showing a brand new car going for only $798.59. Though this is a great deal, a prudent bidder should wonder how the site could still make money. Well, its really just simple math. If a bid that increases the cost of the item by one cent, costs seventy cents, and this car sold for $798.59, that means they made $55,901 on bids alone, then they get paid for the actual car. Also, to keep the bids coming, the sites are also designed to reset the countdown clock by fifteen seconds every time another bid is placed, so last minute bidding won’t work either. This is true for all of the auctions on these penny bid websites.
True, some people find ways to make plenty of cash through these loopholes, spending maybe $1,500 for a car worth well over $50,000. The downside is this won’t work for everyone. If nothing else is going on in your life, and you can sit and stare at multiple screens at a time making sure you win a bid and don’t waste your money by losing yet another auction, then this is absolutely perfect for you. If you have a life and other stuff to do, then you may win an occasional auction with something like Beezid’s Sniper, which automatically places last minute bids for you at the end of an auction. However, be realistic, this isn’t going to work very often due to the fact that there are 2 million other people doing the exact same thing.
Penny auction sites are built for profit and to make money for the site owner. These sites hope people will log on occasionally to check up on what’s going on, place another bid, pay the cost for that bid, and, usually, lose. Regular auction sites allow people to get on occasionally to check up on what’s going on, place another bid down, free of charge, and, often, get almost new products for a decent price. These auction sites are pretty much built for the average bidder. I suggest sites such as eBay for anyone who’s looking to save some money without constant management of their auctions. Plus, eBay offers buyers protection so, should you be dealing with a shady dealer, eBay will offer any help they can to get the problem solved.
Summing it all up, save your money, stick with the simple auction sites and if you’re feeling really venturous, lucky, or whatever, maybe give Beezid a shot but don’t always expect to make or even save money.