1 Cent Auction

1 Cent Auctions are quickly becoming the latest way to save big money online.

In order to be a consistent winner on 1 cent auctions, you need to set realistic expectations. A first time bidder shouldn’t expect to win a Nintendo Wii while participating in his or her first auction. It is totally possible and it probably has taken place several times, but don’t bet on it happening to you. Instead, devote a little time and focus to getting your feet wet by bidding on small sized and unpopular items. Practice on less pricey merchandise, like restaurant and department store gift cards, to learn the ins-and-outs of penny auctions. Expensive items have much more competition with skilled veterans of penny auctions.  

A lot of smaller items like gift cards and jewelry can go for as little as 1 cent, but most big ticket items like flat screen tvs and iPads go for much more.

Here is how penny auctions work...

To start you have to buy a pack of bids.  Each bid you purchase costs between 10-60 cents.  When you find an item you like you can then start placing bids. If you're the last bidder when the clock runs out, you win the item.

Sounds simple, but there's a catch.

Each bid that's placed adds time back on the clock, so even if your the #1 bidder with 1 second left, someone can place a bid and reset the auction to 10 seconds.    

1 cent auctions are a great way to save money if you know the strategies to win them consistently.