Buy it Now and Price Drop Auctions - what's the idea?

The buy it now auction is ideal for all bargain hunters who want a simple, cheap deal with no fuss and no competing with other bidders.

The ideal is simple:

• A brand new ipad, wii, LCD TV is put up for auction just below the retail price
• The price is then hidden
• Bidders pay to see the price - if they like the price, they buy, if not they put the item back to auction
• Every time the item goes back into the auction, the price falls
• The next bidder sees a lower price... this keeps happening until someone buys

Amazingly, most electronic goods go for between 20% and 25% discount off the retail price - why the person before didn't buy, who knows, but works for me. No pressure, no competition, just great bargains.

Tips on playing price drop auctions

• The longer an item has been on auction, the more people that have looked and the cheaper the price
  
• Popular and  in demand products, such as the iPad and the new Kindle  go quickly - 15% discounts are more common. A Kindle may only be on auction for a couple of hours. Auctions for electronic goods, like TomTom SatNavs and LCD TVs, which are more mature - discounts are more 20%+, but the item may be on for a week or two.
  
• Check out recently sold for prices on the auction site, and get a feel for the discounts by item. 

Interested and want to find out more? Here's a good simple guide to how it works for buy it now, reverse or price drop auctions. Want to jump straight in? Checkout flutteroo.com for some great products.