I've many times thought that since I'm already engaged to pay that much is it really so that I can't put there a bit more.
That can also continue few times, but then something happens and I start thinking that the thing is not worth even the previous bid.
Maybe I've missed some extra costs, but not necessarily, maybe the value just changed.
One local place uses a method where after last bid extra time is always 3 min.
There it's pretty clear when bidding war is possibly happening, but 3 min is also enough for consideration.
Completely other thing is to try manipulate others to keep price low, in my experience that is not going to happen, online is to big.
I'd say that if finally something is still cheap there just wasn't more interesting parties around, or you have valued the item differently.