CNN shows how man won Chevy Camaro on auction website for $5.28

Penny auction sites like QuiBids or Beezid that advertise $18 iPads and $15 laptops sound too good to be true, and some simple math shows that the sites end up winning big in the end. That isn't always the case, though – at least not when it comes to pony cars. CNN reports that Jonathan Mason of Michigan purchased a brand-new Bumblebee yellow Chevrolet Camaro SS for only $5.28 using the site Fastpennycars.com.

Amazing, right? Well, before you trip over your mouse on the way to the site, keep in mind that each bid of one penny costs 80 actual cents, and there were a total of 528 bids. Mason's Camaro only cost him $5.28 plus the cost of any bids, but the site collected $422.40 in overall bids. That's a far cry from a $31,000 Camaro, but keep in mind that Fast Penny Cars is a newer site, without a big following like QuiBids. On QuiBids, an iPod Touch will sell for $10, or 1,000 bids at 60 cents each, which is quite a deal for the website. Well, that was the case until this story broke. Fastpennycars.com is now so backed up with traffic, we couldn't even get to the homepage.

Hit the jump to watch as CNN explains how a Camaro can be purchased for $5.28. Mr. Mason may have gotten the deal of a lifetime, but we're guessing the next guy won't be so lucky.

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