Unique bid auctions are websites where the bidders can pay for bids in an effort to win items at a fraction of their retail value. There has been a lot of hype surrounding these auction websites over the last few years and more and more people are finding that they offer a much better opportunity to pick up a bargain that normal auction sites. On the other hand, there are many people that are still completely sceptical about the idea. They simply don't understand why people would participate in such an event, when they are not 100% sure that they are going to win items.
What's The Real Reason?
Some websites that offer unique bid auctions have a trick up their sleeve. If the bidder is not able to win the item using their paid bids, then they can buy the item at RRP. Great, but they have still paid for their bids, right? Wrong!
When this happens, a lot of websites will actually refund the individual their cash for their bids. So essentially, people that are considering buying items at full RRP or close to full RRP should definitely be getting involved with these auctions. If they are not, then they are throwing money down the drain. They could have the chance of winning an item for a fraction of the RRP. Even if they don't there is no harm done, they can just pay the full RRP and get a refund for their bids.
Why Else Do People Use Them?
Unique bid auctions are incredibly fun. Having the chance of getting items at such a low price can be extremely thrilling. For the majority of people, this means that they are able to get hold of items that otherwise, they simply would not be able to afford. They can risk a small amount of cash in an effort to win items that could be worth thousands. Some people even see this as a new hobby. They allocate a small fund each week that is to be used for unique bid auctions. As this is a hobby, there is not harm done if they are not able to get the item they need. If they manage to win an item, then that is just going to be a huge bonus for them!
How Much Do Bids Cost?
The bid cost for items is normally based on the RRP value of the product. For instance, the bid cost might be 0.2% of the initial value. For this reason, it is always worth choosing which items to bid on wisely. If bidders pick the wrong item then they might not have enough bids to really stand a chance of winning. At the same time, bidders shouldn't have 100s of bids for each item as this will mean the saving, if they actually win the item, is going to have decreased. Getting the fine balance between the two is what allows people to be incredibly successful when it comes to these auctions; saving as much money as possible over the long term.
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To test out how exactly unique bid auction sites work, head over to BidGrid where you can sign up for free and bid on the free practice auctions https://www.bidgrid.co.uk/en/how_it_works.html
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