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If you're wondering how these sites work, this is a guide to the rules of penny auctions. You need to understand them if you want to enjoy the experience of the auction without getting your fingers burned by misunderstanding the bidding process.
Firstly it is important to state that every single site has it's own specific rules relating to the cost of bids, the duration of an auction etc., but in general the rules that most sites subscribe to are as follows. If you're going to join in, just make sure you read the house rules on the penny auction site you pick as well...
If you feel that the thought of being able to 'win' a bid for a car for just a penny seems too good to be true you're right. And this is the first rule to understand! Whilst each bid you make is for one penny only, the cost of placing that bid can vary from a few pence to a few pounds or dollars.
Penny auction sites make their money not on the price a 'winner' pays for an item advertised, they make the vast majority of their cash from the fact that every bid placed costs the individual placing it a far larger sum of money than just the single penny added to the final price of the item.
The next important rule to understand is that every time someone bids a certain amount of time is added on to the auction's duration, or the auction time countdown starts all over again from the beginning. Often auctions have very short countdown times to make the fight and scrabble to win even more exciting!
Many sites offer participants the chance to buy bids in bulk to win a discount - and look carefully because some of the penny auctions are actually run by charities and the money they make goes at least in part to a good cause.
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