Bogey Bid

Hey,  I'm just wondering if this site is legit.  I'm assuming it is since it's a sponsor but I just want to make sure.

I'm leary of any of these 'buy the bid' style auctions sites. Seems like a nice little scam to me.

Even thought it might be "legit" many penny bid sites are a total scam in concept.  You have to buy packs of bids, say 25 bids for $10 or something.  Then you bid on an item and it goes up by .01, then someone else does the same etc, you have to use your bids each time to become the highest bidder.

Although it seems like a good way to go, you will end up spending WAY more usually on an item because you will have keep upping the bid.

To be honest, I'm a bit surprised they are a sponsor on this website, but maybe I am wrong.   I agree with Eric, research it and approach with caution.

Usually, if it sounds too good to be true....

http://tomuse.com/penny-auction-fraud-scam-cheat-bidders/

Brad

IMHO all those penny bid sites are nothing more than a glorified raffle-ticket system way of buying.  You might get lucky once in awhile, but usually not.

Great 'business' for them.  If they sell, say, a Macbook for $90.00 - that means they received 9 THOUSAND bids on it - usually at $ 0.75 or so ea.  9,000 X $ 0.75= $ 6,750.00 in revenue for a computer that might have cost them a grand.  Nice work if you can get it.

Here is another review of a VERY similar site:

http://reviewopedia.com/workathome/quibids-com-reviews-is-quibids-a-scam/

Brad

THIS!   The sites are a scam because like others are saying, you'll spend quite a bit of $$ just buying enough bidding opportunities to win whatever you're bidding on.  Plus, you'll spend many of your bids on items that you won't win.  Its like a game of chicken, who's willing to spend the most bids to win something, and the more you bid on something, the more it will go up.  Sure you'll pay $90 for that ipad, but it cost you $500 in bids to win it.

Always go with ebay.. it costs nothing to bid...

Given that Bogey Bid has less traffic than other penny bid sites (at least from what it appears), I don't think they are making out as well as some have suggested. Unless these numbers are skewed , they lost more than $600 on this set of irons (assuming of course they were bought retail).

I wouldnt classify them as a *scam*, but I would agree that it is not always the best way to get the best value.

I have followed other penny auction sites for the humor of watching people spend $250 on a $100 gift card. (I guess that they figure that it is better to lose $150 rather than lose $250 in bids)

Then again - look how many people overpay on ebay because they get so caught up in the auction.

Seems odd to me.  For their numbers to be correct, the auction had to have started off at $11.46?  That's an odd number for them to start off at.  Based on the part of the bid history we can see they went up by 1 penny each time.  So if it started at .01, which these sites typically do, and the average bid was .57 (get to that in a second), they received $845.31 for a $900 set of clubs.  Guessing they didn't buy them retail, they made some money.  Not as much as retail, but they made some.  I come to the .57 bid cost by checking out their bid packages, which it is interesting to note are actually more expensive to some degree, the more you buy.  Check out the $150 bid package and the $600 bid package.  The difference is .00143, but it's on the MORE expensive side per bid for the $600 bid package, not the less expensive side.  Your best deal is actually the $90 package of bids.

1. Bidding started at $0.00. Each bid is worth $0.60. 337 bids x $0.60 = $202.20.

2. This is the part I am either completely mis-understanding or I actually do understand completely. Only 332 bids were made. Those bids are worth $0.60. So each time someone makes a bid, Bogey Bids makes $0.60 (assuming that you buy individual bids instead of packages. I understand this isn't true, but for the sake of argument...). So, I am not understanding how the total bid amount goes from $202.20 to $845.31. Assuming that the bidding did only go up a penny at a time, there would've been 1,483 bids, in which case they would've pulled in $889.80 (or $845.31 assuming $0.57). That either means multiple bids were placed at once during the auction or the numbers listed are misleading.

3. Are you including the +1. +5, +8, ect.? Are those free bids? And if yes, why would those count towards their profit?

Hey Guys,

I'll clear it up.

The VR combos sold for 14.83, which means 1,483 bids were placed. 1483*.6 = $889.8 is how much they made. However, the 337 bids that they list was placed by the winner alone. So out of the 1483 bids, the winner bid 337 times.

So for the winner and only the winner, he/she paid 202.20 (in bids), and $14.83 out of pocket (final ending price).

In other words, everyone else who DIDN'T win, wasted $687.6  (889.8 - 202.2)

Excellent. Thanks for clearing that up.

That does clear it up, thanks.

I see no body has added to this thread in awhile, but I wanted to add that while there are some "shady" penny auction sites out there...there are some very legit ones that people can get great deals. It is to be noted that you can obviously lose more money that what it costs to buy these items if you don't understand how to bid and are foolish about it. It's just like shopping for a used car and anything else, if you don't do your research you can get ripped off.

The legit and most popular sites do offer a "buy it now" feature which allows a user to buy the cost at retail (which they would have purchased the product for anyways if they went to the store). What is great about these types of sites is that it atleast gives you a chance to get a fantastic deal, and if you are one of the unlucky bidders who didn't win, you can still purchase for retail minus the bids you already placed. For example, if someone bid 100 times @ 60 cents a bid towards a driver that retails at 299...if the bidder doesn't win, he/she could still buy that for 299-60 (100 bids X  60 cents) = $239.  This ensures that a bidder will not "lose" money.

Hope this helps!