telebid.com
 

Anyone every used the site? Whats the catch if it goes for peanuts?

NO CATCH!

This auction site differs from eBay in three critical ways:

1. You don't necessarily have to pay the price you bid. Some auctions are "fixed price", i.e. you pay say £59.99 however high the bids go. Some are even "100% discount", where all you pay is the P&P, however high the bids go.

2. The auction doesn't end at a fixed time. Every time a bid is received, some more time is added to the countdown timer, to give other people a chance to make a counter-bid. Obviously this means that auctions can go on and on.

3. Bidding isn't free. Each bid costs 50p.

So let's look at that Canon 400D twin-lens kit. The winning bid was £28.42. However it was a "fixed price" auction so the winner actually paid £78.80 incl P&P. I believe that's genuine. Note also that, since bids go up in 7p increments, there must have been 406 bids, which would have cost £203.00. So the auction site actually received £281.80 for the camera kit - still a bit short of what they'd have liked, I'm sure, but not the absolute giveaway it seems like..

Here's another one though. This Canon 450D plus kit lens was in a fixed price auction, so the winner paid £48.80 incl P&P. But the final "bid" was £381.15, so there were 5,445 bids costing a total of £2,722.50. Hence the auction site actually received £2,771.30 for the camera kit!!!!! Nice work if you can get it!

GENIUS IDEA!!

So if you win you pay for each bid, and even if you dont win you pay for your bids? That could be expensive! Cheers for the answer though chris.

I used it once and to be honest felt it was a bit cack

So correct me if im wrong,
If im bididng on a item.. paying for each bid.. everytime i bid until i win it!

and if its a fixed price auction, i pay the fixed price plus p&p and thats it? but do i have to pay the end of auction price too??

And the company get the money i pay for the fixed price, plus all the money from other peoples bids that have been placed..?

Nick.

you pay the fixed price, so if the auction goes to say £3k but the fixed price is £24.99 you pay

£24.99 + p&p + 50p for each bid you entered

the seller gets your £24.99 + p&p + 50p for however many bids the acution in-total has received (some items i have looked at the seller has received over 2k for something thats about £300 in most shops....

you can even bid on bundles of bids which i think is :woot: