However many auctions end with no one bidding the minimum bid. I've seen unaccepted "winning" bids that were only a fraction of the value of the object. For example, a guy was selling a 6 month old Gunnar Roadie complete bike, worth at least $1500 used, in near perfect condition a couple of months ago and the highest anyone bid was $700.

Of course it was below reserve and he didn't accept it. I've seen this happen many times.

So sometimes even though you bid more than anyone else bid, it can be true that your bid is still a great deal, or can even be a ridiculously low bid. I joined eBay in 1996 and have gotten some incredible deals over the years.