Thanks all for your replies. I think what I didn't understand is the emotional/exciting aspect of bidding on a car that some ebay users must experience. For me, bidding when the reserve hasn't been met yet feels like a waste of time. But for others, it must get them involved and interested in the process, with the hope of eventually driving the price higher than it would have reached with a starting minimum bid equal to the reserve. I am probably approaching the process a bit too analytically.

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1968 220D, w115, /8, OM615, Automatic transmission.
My 1987 300TD wagon was sold and my 2003 W210 E320 wagon was totaled (sheds tear).