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what happen if I can't win a bid in penny auction site ?

Discussion in 'General Business' started by pinakel, Jun 11, 2013.

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  1. #1
    I want to know what happen if I can't win a bid in penny auction site ?

    like I bid 5 times for a product and it cost $5 ( $1 per bid price)

    so what happen with my $5. Is it return my money or it takes for forever ?

    thanks.
     
    pinakel, Jun 11, 2013 IP
  2. ActiveFrost

    ActiveFrost Notable Member

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    #2
    You won't get that money back.
     
    ActiveFrost, Jun 11, 2013 IP
  3. iowadawg

    iowadawg Prominent Member

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    #3
    You don't win at a penny auction?
    You paid money for nothing really.
    No, you do not get your money back.
     
    iowadawg, Jun 11, 2013 IP
  4. Gianni Palazzo

    Gianni Palazzo Member

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    #4
    My advice to you is:

    If you are not getting your money back don't do it. What is the point of throwing your hard earned money by the window in that manner. You better off spending that money on something else.
     
    Gianni Palazzo, Jun 11, 2013 IP
    matt_62 likes this.
  5. matt_62

    matt_62 Prominent Member

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    #5
    i honestly dont know why people go to those penny auctions. I consider these to be a scam. You get nothing for your money
     
    matt_62, Jun 11, 2013 IP
  6. coreygeer

    coreygeer Notable Member

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    #6

    They're not a scam, they're basically for snipers.

    People like to wait until the last minute then it's a ton of people trying to snipe it all at once. If you win, they're AMAZINGLY good deals.

    You can win cars worth $30,000 for $1,000 or $2,000 and the sites profit so amazingly large on this. Their overhead profit margins have to be stupid insane.

    I really wish I would've thought of the idea first. They're not for me though, I don't like to rely on luck to win an item (which is Ironic because I'm addicted to the local lottery game here).
     
    coreygeer, Jun 12, 2013 IP
  7. matt_62

    matt_62 Prominent Member

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    #7
    Perhaps scam isnt the correct word... perhaps evil is more fitting?

    Yes every auction has a winner where someone will win an insane deal, but to win a $30,000 car for $1000, would mean that hundreds of idiots (like the OP) have paid the other $29,000. And yes, the site would have low overheads, and insane profits. But I hope you will understand that I wont move from my position of thinking very poorly regarding these types of sites.
     
    matt_62, Jun 12, 2013 IP
    malky66, Spoiltdiva, pupul and 1 other person like this.
  8. pupul

    pupul Prominent Member

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    #8

    I don't think idiots (like the OP) have paid the other $29,000 only, they would have paid much more than that. The site is doing these thing for huge profit from these idiots (like the OP). I think for $30000 car, there may be more than $60000 paid by idiots (like the OP) to that site.
     
    pupul, Jun 13, 2013 IP
    matt_62, Spoiltdiva and malky66 like this.