Winning at Penny Auctions

In order to win a penny auctions you have to have lots of patience and be extremely persistent. But before you press your luck on these little buggers, you should take three little tips into consideration, if you plan to win that is. 

1. Bid the Least you Can

One of your major goals should be to spend as least as possible. Remember that on most penny auctions, each bid costs money, so try to bid as less as possible so that you don't waste too much money. Let others fight over it until they run out of bids, then take over and fight to win the item. 

2. Try to Intimidate

Being forceful and intimidating with your bids can go a long way. A non-verbal way of saying back-off can be the key to winning the item for yourself. Set across the point that you don't plan on backing down anytime soon and that they are just wasting their time and money by bidding. The trickiest part in this strategy is that if your intimidation doesn't work, you're spending a lot of money on those bids you used to try and scare your opponents away.

3. Know When to Stop

The final tip, and probably the hardest one to practice. The failure of this strategy is what makes these penny auction sites so successful. Constantly people overspend for items and watch thousands of their dollars go down the sink. A smart thing to do in order to avoid this problem is to set a budget ahead of time as to how many bids you're willing to use for a certain item. If you bid too much you'll end up spending more than what the item is worth, regardless if you won it or not. Take into account that although each bid is only 60 cents or so, it adds up really quick! Especially when you bid hundreds of times for one item. Think about it, each hundred bids you use is equal to $60. With penny auctions it's very easy to spend more than the value of the item you're bidding for, and that still doesn't guarantee you'll win the item.