One of the most prevalent penny auctions is that for the iPad. These things are advertised on nearly every penny auction website throughout the universe and are the most commonly used advertising pieces for these same sites. What is the reason for all of this you are undoubtedly wondering? Well the reality is that the iPad is one of the most sought after pieces of technology on the market today. It offers something that makes regular joe schmos business professionals, its a gaming gateway for the kids, and it makes you look like a champ in the airport if I don’t say so myself. The downside to the product is obvious however and that is its price tag. At about $600 retail you had better have some money saved up or be invested with the booming version of Bernie Madoff if you have any chance at affording one.
Well thats not entirely true because the advent of cheap ipad auctions allows even the most low level of consumers to stand a chance at getting such a product. The auctions that I am talking about are obviously those of the penny variety which I am sure that most of you are very familiar with by now but if you’re not lets explain quickly. In essence with a penny auction site you purchase bids for cash, then their are items that start off at $0.01 for bidding. With each bid that you place the price of the item increases by a penny, the timer increases by 15 seconds and you are never to see that bid again. When their is a winner he/she pays the price to the website and the item is theirs, pretty simple right?
The reality is that their is some risk involved when you are talking about these types of sites if for no other reason that you have to pay for the bid. Although the same thing that I have said to most everyone in regards to that issue is that in my opinion risking $20 for a $600 item (or more) seems like a pretty good tradeoff don’t ya think? And not to mention the fact that this truly is a new form of entertainment and once you participate in your first penny auction you will know exactly what it is that I mean.
Don’t let this post tunnel vision you, their are hundreds of great products that these websites auction off everyday ranging from iPads to Camaros to Houses to Gift Cards and everything else that you could possibly imagine in between.
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