Would like to caution
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Old 04-14-2012, 02:53 PM   #1
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Default Would like to caution

I would like to caution those that might jump into the new gun and accessories "penny auction" that has just come on line on a new website. I found out by an "ALERT EMAIL" sent to me by a well known discount gun sales site. Based on the email I went to check it out, signed up and looked it over. That is when I discovered it was a "penny auction" set up. Just like "bidfan" was. Most know how that went. (down the drain and many lost money) In my OWN opinion, I feel these are rip off auction sites. They make you feel you can win something for pennies on the dollar. But, IF YOU BUY IN, THE ONLY WAY TO GET YOUR MONEY BACK IS TO PUT MORE MONEY IN TO KEEP BIDDING TO WIN!!! OR BUY SOMETHING. OTHERWISE KISS YOU MONEY GOOD BY.
I assume most people here on Firearmstalk are mature level headed folks and they can make their own choices. I just wanted to caution everyone on what one may be getting into.

I have mentioned no names of the dealer or auction site. You may already know.

My apology if I have stepped on some toe's but I personally know people that got taken in penny auctions.

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Old 04-14-2012, 03:14 PM   #2
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Agreed. Got the same email as you. Everyone needs to be aware that those 'penny bids' actually cost you between 71 cents and 86 cents each. Been watching it since they 'went live' two days ago, and watched it be in the last thirty seconds for hours on end as people will bid at the last possible second in groups over the items.
The site runners are taking a four hundred dollar item and making thousands on it. If you're lucky enough to 'win' one, be sure to count how many bids you made, because you may just find yourself spending more to buy it than it would cost to go to the LGS and buy it for cash.
Each and every bid you make will cost you a minimum of 71 cents. Don't count it by one cent at a time.

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Old 04-14-2012, 03:25 PM   #3
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There is a huge write-up about Penny Auction on Ripoffreport.com.
http://www.ripoffreport.com/Search/penny-auction.aspx

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Old 04-14-2012, 07:20 PM   #4
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yes i agree they are a big ripoff. you pay to play, with no gaurantee that you win anything. if you happen to be the final bidder, then can get items for pennies on the dollar. Ebay is much better, if you get outbid, you lose nothing but a little time you spent bidding. plus Ebay has a Buy It Now on many items if you don't want to bid on. Amazon.com is another good auction site and one i have used with good results.

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Old 04-14-2012, 07:27 PM   #5
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Maybe it's just my personality, but If I see a gun worth $1,000 going for.... UNDER $1,000, I tend to be leery. I better personally know and trust the person offering me a 'deal' and that's advice you can live by.

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Old 04-14-2012, 07:46 PM   #6
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Quote:
Originally Posted by Mosin View Post
Maybe it's just my personality, but If I see a gun worth $1,000 going for.... UNDER $1,000, I tend to be leery. I better personally know and trust the person offering me a 'deal' and that's advice you can live by.
that's a good point there Mosin. kind of like, if it sounds too good to be true, it usually is! sometimes it pays to be a careful shopper and pay attention and know what something is worth before throwing money at it. sometimes, people don't know what something is worth and you can get a good deal, but these are usually rare. i prefer face to face to see for myself what i'm buying. dealing with any gun auctions or any online auction for that matter, look at the sellers transaction ratings and numbers. if he is selling junk and ripping people off, he won't have a very good rating. i only deal with those who have very high ratings because i feel much more comfortable that they are selling what they are describing.
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Old 04-16-2012, 11:58 AM   #7
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The "penny" auctions are like "progressive" poker... and unless you win you end up losing some real money in what started out as an inexpensive nickle, dime, quarter game.

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