What is Swoopo.com?

What: Auction site for Cheap Products – ie: HDTVs for .50 cents
Where: Swoopo.com
Update: Swoopo just gave us a special coupon code for just OffCost.com readers. When you sign up enter coupon code: OFFCOST to get $20 bucks off your win. Nice!

Warning: Using Swoopo.com is habit forming!

There is a new auction sensation going around on the Internet these days: Penny Auctions. If you haven’t heard about them chances are you probably have a friend or co-worker that has. In a nutshell, the site works like this: You bid on products in .01 – .02 cent intervals competing with other bidders. Each time you bid the price of the product goes up by that interval ( .o1 cent usually ). Then, a timer begins to countdown ( again usually from around 10-15 seconds ). If nobody outbids you then you win. If they do outbid you, you can rebid and the process continues. The whole auction goes for however long it takes until only one person is willing to bid on the item.  So, what do you win? I’ve seen HD TVs go for .50 cents, Ipods for .25 cents, and gift cards for .10 cents. It all depends on the item and the amount of people bidding on the item. Below is an example of a Wii Fit that went for .81 cents. You can view all ended auctions on the site by clicking the down arrow on the categories link.

Sounds easy right?

Well, it is a bit more complicated if you want to consistently win. You see you have to purchase bids in order to, of course, bid. Bids cost .60 cents each and are purchased in “packs”. So, if you bid 10 times and win then it really cost you $6.

Strategy for Swoopo.com

Now there is some strategy involved that is beyond this post. If you aren’t careful you will overpay for some products. If you are interested in that you should take this guy’s course. It seems pricey at $57 but with his strategies you could get $500 TVs for just a couple of bucks. Otherwise, do your research.

There are a ton of different Penny Auctions out there ( just do a Google Search ). Have fun and good luck!

You can sign up for Swoopo here.

You can sign up for a similar site called Bidz.com for jewelry here.

Update (6/28/10): Just learned about a new site called RockyBid.com. New sites have some of the biggest opportunities because the competition is much less. What I like about this one is that they give you 5 free bids ( no credit card required ) so you can try it out for free. If you want to buy bids then you should use coupon code: NIGHTOWL and you’ll get a discount. IMO, Swoopo.com is still better right now because the auctions are faster but RockyBid.com ( if you have the time to dedicate to it ) should get you REALLY REALLY good deals for the next couple of months while they try to build up their site traffic.

More about Swoopo.com in the video below ( but make sure you use your Offcost.com Coupon by clicking the banner above so you’ll get the $20 OFF COST! )