Thanks for your interest. Unfortunately, after an item has received a bid, if you cancel your auction early you'll receive a strike against your account and be penalized a percentage of the item's present value before cancellation. (Ebay claims this is to reduce bidder disappointment, however, it's really due to the fact they're concerned sellers will strike private deals and side step their auction fees.)
Sorry about that. Best of luck if you do decide to bid.
For auctions that have bids, ebay allows one free-bee cancellation per year. After that, for every auction you cancel that has bids, you're charged the 10% final value fee of the highest bid received at the time. Many ebay users are unaware of this policy, but here's directly form the horse's mouth:
“Ending an auction-style listing early once it has received a bid can lead to disappointed and frustrated buyers who may be less likely to bid on listings the next time around. For this reason, we may charge a fee if you end a listing early. This fee is equal to the final value fee you would have paid if the listing had ended on its own and sold for the highest bid received at the time you ended the listing.
We charge this fee if you cancel bids and end an auction-style listing early without a buyer.
We don't charge this fee if you end an auction-style listing early and sell to the high bidder. (In this case, normal final value fees apply.)
This fee doesn't apply to listings in the Real Estate and eBay Motors vehicle categories, and the Classified Ads selling format.
Because we understand that sometimes it may be necessary to end a listing early, we don't charge a fee for the first auction-style listing you end early (where a fee applies) per calendar year (January 1 to December 31).”
They claim this is to prevent "frustrated and disappointed" bidders, but I suspect it has little to do with that and a great deal to do with defending their profit margins.