Lol... all good mate, I was joking (j/k) :D
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Exactly you pre-determine how much you want to pay. If you get outbid at any time, then obviously the new bidder was willing to pay more than you.
Here is an example, I won this last night in the last 10 seconds, before I bid it was at 46 so the bidder must have set his maximum to probably 66.99
http://cgi.ebay.com.au/ws/eBayISAPI....#ht_664wt_1091
So I dropped 101.11 in the last 10 seconds. Ofcourse that was a risk, if the bidder was willing to pay $100 then ouch. But he wasn't and I was confident enough that would raise their maximum bid..
I had planned to win this because a day earlier I bought this to put in it :D
http://cgi.ebay.com.au/ws/eBayISAPI....ht_1703wt_1091
Hopefully no one on here was the previous bidder :p
Relisted (again?):
TRANSFORMERS G1 WHEELJACK SEALED IN BOX TAKARA 1982
Yep, same pic, same all caps description. That is really sad.
Wheeljack's back! And now going for a starting bid of $60
http://cgi.ebay.com.au/TRANSFORMERS-...#ht_500wt_1073