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The way penny auctions work is that you are only able to bid a single penny at any time during the auction. However, at QuiBids.com, you must purchase each 1 cent bid for 60 cents. So an iPad that retails for $499 but was won for the grand total of 2,254 one cent bids (or $22.54) which actually cost 60 cents each means that the iPad just sold for $1352.40.
Though the person who wins the item usually has paid less than retail for what they have received, citing $22.54 as the winning bid is extremely misleading.
The retail price is higher then the prices at walmart, etc. You got to be nuts to pay over $1300.00 for a item thats worth a max of $500.00. Im curious about the shipping costs but i cant find it anywhere on the site.
The retail price is higher then the prices at walmart, etc. You got to be nuts to pay over $1300.00 for a item thats worth a max of $500.00. Im curious about the shipping costs but i cant find it anywhere on the site.
I think you're misunderstanding how it works.
In that example, the winner doesnt pay $1300.00. Every person who bids on an item pays for each of his/her bids. If you bid 100 times on an iPad and someone else gets in a last-minute bid that's higher than yours, you dont win the item -- but you still had to pay for each of your bids. And, since each bid costs 60 cents, you paid $60.00 and didnt get anything. (And, yes, that's how my friend paid $50.00 and didnt get anything in return.)
In that example, the winner doesnt pay $1300.00. Every person who bids on an item pays for each of his/her bids. If you bid 100 times on an iPad and someone else gets in a last-minute bid that's higher than yours, you dont win the item -- but you still had to pay for each of your bids. And, since each bid costs 60 cents, you paid $60.00 and didnt get anything. (And, yes, that's how my friend paid $50.00 and didnt get anything in return.)
Thats like gambling. You may or may not win. Ill pass.
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