Before we get started here, to maintain a shred of credibility, I want to offer this word of caution:
PENNY-AUCTION SITES ARE AN EASY WAY TO LOSE MONEY! BE VERY CAREFUL, AND READ THIS ENTIRE POST BEFORE VISITING ONE!
Got that? Good. Now we can start at the beginning.
For those unfamiliar, (and judging by all the google autofill suggestions along the lines of "penny auction scam!" and "penny auction fake!" there are a lot of people who are unfamiliar) penny auctions are sites that host pay-per-bid auctions, where each bid increases the final sale price of the item, usually by--you guessed it--a penny.
That means that the final sale price for these items is crazy low compared to what you'd pay for it elsewhere, but there is a huge, glaring catch: regardless of whether or not you win, you have to pay for every bid you make. These bids are usually in the neighborhood of 10-60 cents apiece, but can sometimes go for as much as a buck a pop. So, yes, while that Samsung 55" LED tv only went for $87.81, that means that for that one winning bid to go through, there were 8,780 unsuccessful bids. If these are coming in at around 60 cents each, the site essentially sold the TV for $5356.41!
Now, that said, there are some rare opportunities for good deals. For example, the site www.ShopBig.com will give you 10 free bids just for creating an account. These bids can be used for anything on the site, but your best bet (and this is true for any site that has one) is the Beginner Auction section. (On this site they're termed "newbie auctions"). These auctions can only be bid on by those who haven't yet won an auction, and as of this writing, all that's available are $15.00 amazon.com gift cards. However, these are 5 cent auctions (meaning the price increases by $.05 per bid instead of $.01), and I was able to score one for $.20 using only two of my free bids. Shipping was a dollar, but still--I came out way ahead there, and I'm an avid Amazonian!
There are a few other sites that will give you free bids, but often these free bids are only usable to buy "bid packs" (looking at you, www.happybidday.com) which are then used in other auctions. Now, there's nothing I find inherently evil about that, but often these "free auctions" have ABSURDLY over-inflated prices, because all the users are trying to get in on them. So, for instance, a bid pack of 150 might sell for around $40-$50. How's that for "free"?
A happy medium is struck by www.beezid.com, which gives new users 10 free bids that can only be used on their cherry-picker auctions (new bidder auction). The competition here is decently steep, but low enough that if you're smart about bidding you might be able to score a 50-100 bid pack or actual merchandise for not a whole lot of money. Especially because as of this writing, when you go to register you can enter in the code "first" or "swim" to get up to $100 off your first purchase, making it likely to be completely free! (Free bids + no money paid for winning bid.)
There's also www.quibids.com, who has a daily contest on their facebook page where the best comment on their status earns 50 free bids.
Long story short, the vibe you should be getting is this: if it seems too good to be true, it probably is. HOWEVER, there are still some opportunities to get good stuff for cheap, if not free.
Here are some tips I've noticed:
1. Don't be the first bidder. In fact, don't even think about ENTERING the auction until the first time the counter "passes" 1 on its countdown (usually by saying "Going", but sometimes by lingering on "1" for a good five seconds.)
2. Track recent wins. Usually bidders win for less bids and cheaper final prices at awkward hours, like early in the morning or late at night. Find the patterns and use your bids to win at weird times.
3. Look for "beginner" auctions. Also aliased "rookie", "newbie", etc, these auctions give you your best chance at scoring wins, because most users aren't allowed to bid on them.
4. Look for auctions sites that aren't inundated with users. The less products available, the less people are bidding, and the less competition you'll have. Of course, this can backfire, since many people aren't going to want you to steal an item that only circulates once a day, so again, watch for recent sells.
5. Don't bid from the main page. The penny auction homepage provides little to no information. Go into the page of the item itself and you'll be able to see about how many people are actively involved in a bidding war and if they're using the site's autobid system or not (it's easier to beat someone who isn't autobidding.)
So, here's hoping you're able to get at least one good deal! Remember, take advantage of free offers BEFORE you go insane and pay for bid packs. That's how sites like these make their money!
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