Which Penny Auction Sites offer Buy It Now
There are two leading penny auction sites that we list at PennyAuctionSites.com that have a robust buy it now option that gives you the value of your bids spent back towards the purchase of the items you are looking to purchase.
Penny Auctions with Buy It Now aka “BIN”
- BidRivals – 100% Buy One Now & the latest high end electronics make BidRivals an awesome bidding site
- Quibids.com – 100% of Quibids auctions have a buy it now. Use this quibids.com promo code and get 10 additional free bids at the largest penny bidding site on the internet, Quibids.
- Score It! – Only the “OT” auctions have buy it now. Be sure to check each auction!
The above penny auction sites offer buy now ability on their auctions, at least most of the time. Check each auction, especially on SkoreIt where they have different auctions. They also are listed as the best penny auctions with buy it now because they give you the most value back for your bids and they have competitive prices for their ‘buy it now’ thresholds. You can learn more about each room in our BidRivals.com review and Qbids review.
My rule of thumb is that “Buy It Now” sites are great if you are shopping for specific items that are willing to pay retail if you have to. However, if you are looking to score great deals on whatever awesome items come up for grabs at the penny auction and do not mind risking losing some money trying to win an xbox for a few bucks or a flat screen tv for $50 bucks then you should look at penny auction sites without BIN. Why? Because it adds risk and more risk, more reward. And that allows for more psychological and strategic game play.
How Buy It Now Works In Penny Bidding Sites
Buy it now is simple enough assuming you understand the basics of how penny auctions work. You buy bids, you spend those bids bidding on an auction trying to be the last bidder when the clock hits ‘sold’. Each of those bids you spend costs money, win or lose. If you LOSE and are bidding with a “BIN” option then you can apply the value of the bids spent trying to win an item towards purchasing the item outright.
We will explain in detail how the buy it now works and a few hidden costs to consider before buying bids and going to town bidding on an item you really want.
The buy it now penny auctions are generally only offered by the larger penny auction sites like Quibids or BidRivals because they can afford to operate this way due to the economies of scale that allows them to buy their auctioned items at great enough discounts to still maintain a healthy profit margin even if a large amount of bidders exercise the buy it now option on an auction.
BIN – What To Watch Out For – The “Gotchas” to Avoid
Speaking of the penny auction sites buy it now prices, this is the most important gotcha to look at when considering whether or not trying to win the item on a penny auction site like Quibids.com or BidRivals.com is going to make the most financial sense to you. Make sure that the buy it now price that is offered by the penny auction site is not astronomically higher than what you can find the item for if you do some discount shopping online. I like to compare the price of the item on ebay and amazon and compare that to the price of the item at the Penny Auction site. It is always (almost) higher at the penny auction site and this is expected. What you need to look at is how big of a difference in price is there. To get an example of what I am talking about, lets look at the Invicta Watches that the PA sites all seem to love. They have MSRP’s of hundreds of dollars. However, look at ebay or amazon and you will find these watches for way cheaper. Going to BIN on a watch at retail price is a bad, bad play.
If there is a small deviation in price, relatively speaking from what you can buy the item for on Amazon or Ebay from a reputable seller then that is a positive sign that you should try to win this item in at one of the above penny auctions. If there is a larger price difference, with the penny auction site buy it now price way higher than what you can find online then you should be less inclined to buy bids and try to win the item.
Check the shipping costs. It is good to know your exact maximum cost assuming you buy bids and end up not winning the auction but spending enough to ‘BIN’ the item.
Check the other items up for auction because you are going to have spare bids in your account most of the time after binning, or winning an auction. Hopefully there is something out there that you want to try and win with your remaining bids. You have to buy bids in ‘bid packs’ and depending on the item you are going to try to win, it makes the most sense to buy the smallest bid pack that completely covers your BIN price. What we do not recommend is buying the smaller bid packs and if you get low, buying more small bid packs. Sure you might save a little cash in the short term but it is likely that you are not going to get the transaction completed quick enough to have bids to battle with and end up loosing an auction you could have won. Also, buying bids in bulk often times averages your bid cost down.
Asses your chances and plan your strategy. The goal is to win an incredible deal and have plenty of bids left over to either get a refund on or spend winning other awesome stuff (I like the latter).
BIN = Lower Risk of Losing Money – The Lowest Risk Penny Auctions
With out a doubt, penny auction sites that offer a buy it now feature are the lowest risk penny auction sites online. You can minimize your risk greatly by only bidding on buy it now auctions and exercising the buy it now feature if you do not win the auction. This is also a consideration that people are looking for when they are searching for the most safe penny auctions online. These sites are not only reputable, but they are safe in the sense that you can minimize your chances of losing money.
There are some up front costs like the shipping and sometimes inflated “BIN” prices that you need to work with but assuming you find an auction you like with products and prices you like then you can more or less risk free bid and try to win the item for pennies on the dollar.
And it can be done.
Take a look at the incredible items up for auction on Quibids.com and be sure and check out Bid Rivals for video game systems! You can take a look at other top lists for penny auctions to find what you are looking for.