"It's cheap and I don't really want to pay the couple hundred to get a new key made."
Look, owning and operating a car costs money. In this particular case the cost to purchase this car includes the auction price, the cost of towing it home without a key, then the cost of getting a new key.
If the car uses a chip key then you have no choice but to get a proper chip key from the dealer or a 3rd party that can do the chip programming. The car's computer will not allow the engine to run with out a valid key in the ignition.
If the car does not use a chip key, then you just need a metal stick the right shape - any qualified locksmith can create a key the right shape so you'll be able to turn the ignition, but of course they will charge you for their time.
If you cannot afford the extra cost of getting a key, then you cannot afford this car. If the car simply isn't worth buying when you add up ALL of these costs, then its not a good deal.
Keep in mind that there's no guarantee the car even runs. If it does run it may have a bad transmission. If you cannot afford the risk that you might end up with a lemon and lose your money, then you shouldn't be buying cars at auctions.