This car just sold for $522 dollars on EBay

Right you are. And since Ebay owns PayPal, It is even worse. The old PayPal buyer protection warranty is no longer worth squat.
I've never had a problem with the protection warranty. As a matter of fact I've had problems with waiting for my purchases to arrive and after 3 weeks, notified ebay and received all of my money back. My last purchase had nothing to do with ebay but I used pay pal for the purchase and again 30 days later, no product, notified pay pal and a week later received all of my money back.