Quote:
Originally Posted by garcmol
Look at the math. The average bid on these penny sites cost .60 cents per. That $17.00 actually is 1,700 bids at .60 x 1700 bids which equals $1020.00. $1020.00 minus the $125.00 retail is $895.00 profit for the site.
Getting in is pretty easy. But you have to be aware of the math! Lets say you make 40 bids on a item you finally win for $10.00. Most folks think "Yay, I saved X %!" Then take those 40 bids x .60. Those 40 bids equal $24.00 + $10.00 (for the item) = $34.00!! And the site made 1000 bids x .60 = $600.00.
I would love to own one of these sites, but I'll pass on buying from them.
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This is correct. Except one part. I didn't buy the thing for $17. I bought it for like $1.25 ish and then shipping was about $15.50. I think I made 6 bids total so (0.60 x 6 = 3.60 (moneys spent on bids) + 1.25 (final cost) = 4.85 + 15.50 (shipping) = ~$20 spent in total.
I'm pretty happy with myself.