Anyone hear of PennyPurses?

camrude

Just found this website. https://www.pennypurses.com/

It looks like you purchase bids (not sure for how much) and then you can bid on designer handbags. The last winner got a Coach tote for $9.52. From their site they say "We promise that if you win a bag that is not authentic we will refund you the cost of your bids and send you $1000! "

Anyone heard of this site or use it?

 

MelandJeff

No, it sounds too good to be true though....

::runs off to check it out::

camrude

MelandJeff:

No, it sounds too good to be true though....

Uh huh. That's what I was thinking too....

MelandJeff

i need a referral to sign up?

camrude

I think that's optional to include.

GrowingFamily

If someone is getting a Coach tote for $10, it's more than likely not real.  I am a complete Coach-a-holic (for 8 years now!)....and you will never find a real one for that cheap, even if it's used.

I sell my gently used Coach bags/ totes on Craig's & get $100-$150 and more for the medium/ large totes...and those are used!  Smaller bags, I have sold for $50-$90.

I would be VERY wary of this site.

DaiLyght

It looks like the catch is in how much it costs to buy "bids". You have to use one "bid" each time you want something. The price increases by one penny for each bid that gets added. So the one bag that's sitting at $1.12 for example, has had 12 ppl use one each of their bids on the bag. The bag that went for $9.52, presumably had 852 bids placed. Presuming that they charge $1/bid, for example, they company actually earned $861.52 on the bag.

On the flip side, if the winner used 50 bids to get the bag, it would only be costing them $59.52 out of pocket to purchase. If my presumption is right, it's an interesting concept.

GrowingFamily

DaiLyght:

It looks like the catch is in how much it costs to buy "bids". You have to use one "bid" each time you want something. The price increases by one penny for each bid that gets added. So the one bag that's sitting at $1.12 for example, has had 12 ppl use one each of their bids on the bag. The bag that went for $9.52, presumably had 852 bids placed. Presuming that they charge $1/bid, for example, they company actually earned $861.52 on the bag.

On the flip side, if the winner used 50 bids to get the bag, it would only be costing them $59.52 out of pocket to purchase. If my presumption is right, it's an interesting concept.

 

Ahh, that sounds more like it- the $59.52.  So, you're not really getting a bag for $10!  You are paying right around what an older style (which is what they are- I checked them out) would go for anywhere, really.