New Chevy Camaro (Bumblebee) won for $5

[dchoc]

I can't believe it, the guy got lucky at penny auctions...



CNN Video

 

[GekiDan]

Seriously? Why no one else bid on it?

 

[musashi03]

Penny Auctions I believe works differently than eBay auctions. $1 in Penny Auctions does not equate to $1 real world money, it's more like $1 per Penny I think. So people technically spend more than $1 in real world money to make the value of $1 in Penny Auctions. Every bid of one Penny adds a few seconds to the timer. And once it hits the deadline (which usually takes hours since most people go berserk and bid higher, causing the timer to extend), the last person who bid won. So it's technically a game of luck or if you're willing to spend thousands to have a lot of Penny Auction Pennies.

 

[SamuraiEchidna]

Penny Auctions I believe works differently than eBay auctions. $1 in Penny Auctions does not equate to $1 real world money, it's more like $1 per Penny I think. So people technically spend more than $1 in real world money to make the value of $1 in Penny Auctions. Every bid of one Penny adds a few seconds to the timer. And once it hits the deadline (which usually takes hours since most people go berserk and bid higher, causing the timer to extend), the last person who bid won. So it's technically a game of luck or if you're willing to spend thousands to have a lot of Penny Auction Pennies.

In other words, not only do you pay for the item you bought, but you also have to pay a price for each bid you make. You have to buy bids before you can make them. That's why I don't do Penny Auctions. Total rip off. I might consider it if I was better off and had tons of money to waste, but I'd rather take my chances with ebay.

 

[dchoc]

Such an evil post... :laugh:

See, even if the guy spent $5000USD, he still comes out on top getting at $35K-$40K car. We were talking about this and this might be something that the site is pushing out so that they can get more people to try the penny auctions.

 

[Judge Faiz]

Well at least they explain how the actions work in the news report. Sounds like the guy just got SUPER lucky and didn't spend an arm and a leg to get a new car.

 

[Ikusa]

Wow. Good for him.

 

[musashi03]

Well at least they explain how the actions work in the news report. Sounds like the guy just got SUPER lucky and didn't spend an arm and a leg to get a new car.

And when you combine the amount of all the people who joined in on the auctions, Penny Auctions pretty much got more than what they spent on the car and those other items for bid.

 

[CaptainB_Money]

I've been to many penny sites like they. Let me tell you. they can be a living hell. I think I spent 100 bucks trying to win a Nintendo DSi when it first came out. Lost. gave up.

 

[Blazing Tiger]

Wow this sounds confusing. Or im just a tard. Probably the latter.