princesskay Posted June 18, 2011 Share Posted June 18, 2011 Seen the sight bidwiz advertised on tv and took a look earlier, some really cheep stuff on there. But im not understanding how a ipad can sell for £20 when it retails at just under £500? Anyone used this site before, are the goods any good? Anyone help me out here? Link to comment Share on other sites More sharing options...
nick83 Posted June 18, 2011 Share Posted June 18, 2011 Hi, I've been on it before and everything is legit and real goods, you have to buy bids each costing about £1.50 depending how many u buy at a time and everytime someone bids for an item the price goes up by 1p and the timer starts again, so for example if an iPad sells for £20 they've made around £3000 if my calcs are correct, if that makes sense! Link to comment Share on other sites More sharing options...
HeadingNorth Posted June 18, 2011 Share Posted June 18, 2011 nick83 is quite right. They make vastly more than the items are worth. If you can wait until everyone else has finished bidding and only make one - winning - bid on an item, it can be very cheap indeed. If you get into a bidding war, it can cost you a small fortune to win a cheap auction. Link to comment Share on other sites More sharing options...
medusa Posted June 18, 2011 Share Posted June 18, 2011 Madbid and the other sites which operate on this model can indeed claim that an item has sold for a ridiculously low price, but that's just the finishing price and the finishing price is nothing to do with how they make their money, as shown above. It's only a bargain if the total amount you pay or an item is lower than the RRP for that product, and in that that there's a possibility that you will even as a combined cost have paid out less than you would had you walked into John Lewis (or wherever) to buy the same retail, but for every person who leaves with the item there are also people who have paid out for 10, 15, 20 bids (at £1.50 each) and still left with no item. Link to comment Share on other sites More sharing options...
princesskay Posted August 28, 2011 Author Share Posted August 28, 2011 Many thanks everyone! Link to comment Share on other sites More sharing options...
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