Anyone use the gun auction website guns4pennies.... It looks to good to be true...
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Anyone use the gun auction website guns4pennies.... It looks to good to be true...
You have to pay $1 for every bid and when you bid the counter resets and the auction price goes up by $.01. So say you won whatever gun for $1.00, you would pay $101 plus shipping:
$100 in bids @$1 each
$1.00 ending auction price
$XX shipping and FFL fee
It looks like a decent deal (I'm half tempted myself) but considering I just watched a Saiga for a bit and every 30 seconds as it was going to end some one else bid on the gun. It went from $.03 up to $1.00 and it's still going.
Some might find deals there, but I think I'd just be pissing away money.
I wish I had thought of this idea. Considering every bid is $1 you can see how much they make on every gun. Those guys are making out like kings.
Penny auctions are all bullcrap. You end up paying whether you win or not. Sure, some schmuck may get something for 95% of its retail cost, but a bunch of other schmucks are paying along and the seller is ending up with 300%+ of the cost.
I was just looking at some of the closed auctions, someone is making alot of money! I wonder how I can get one started.
Never heard of this site. Are you saying that everyone who bids has to pay per bid regardless of whether or not they're the successful bidder, or does only the successful bidder pay the per bid fee?Quote:
Originally Posted by KJP442
Reading their site rules and found this:
Safe to say I will never use the site.Quote:
Publicity: Guns4Pennies reserves the right to publish the name, region address and photograph of any winners. This rule is one of the conditions of participating on the Website, which allows Guns4Pennies to provide the public with proof of the auctions won by users. This constitutes a fundamental transparency issue.
As a winner of a major auction, you may be asked, depending on advertising needs, to take part in a photo session and a brief interview about the circumstances surrounding your win. The following rules apply to the photo session:
* The face must be uncovered
* Guns4Pennies might require photo ID to confirm the winner's usual appearance. If a winner refuses to comply with these rules, Guns4Pennies reserves the right to suspend payment of the prize.
If it like other ''pennies on the dollar" auction sites you buy bid packages. They are $1 per bid in different sized blocks, 50,100,200,500....Quote:
Originally Posted by thebearpack
Every time you bid you loose one and the auction price goes up one penny. I have seen things go for 10 to 20 percent of their retail price which is actually 10 to 20 times the actual price. That means a bunch of people are out a lot of money for nothing.
That's how most of the penny bid sites work and this one seems no different. This is the major reason I'll never join that site.Quote:
Originally Posted by thebearpack
Consider an item that generally retails for $100.Quote:
Originally Posted by thebearpack
If I bid $10, you bid $20, Joe bids $30, and Jake bids $40: The seller gets $100, I pay $10, you pay $20, Joe pays $30, and Jake pays $40. Great to be Jake, he just paid 40% of retail price. Sucks to be everyone else though.
Then, if you're already going to lose $20 because someone else bid $40 - and the item is really worth $100, you may as well bid $50, right?
Now I pay $10, you pay $50, Joe pays $30, and Jake pays $40: The seller gets $130 for a $100 item.
Then, Jake sees that he's already losing $40... so he goes $60... etc.
Wow, that is crazy. No way I'd spend money just to bid. This sounds like a heckuva deal - for the seller. Between that and the publicity deal I'll be avoiding this site like the plague.Quote:
Originally Posted by dayid
Thanks for the info everyone!