big chainring 

Sunday I looked at a low end, all steel, bike boom 10 speed. Its a better known italian bike. The seller was asking way more than what it was worth.

I tried bargaining with him, but he was steadfast on his asking price, even though he said he really didnt know what it was worth.

And that was something we haggled with. What was it worth? To him it was the price he was asking for it. Sort of a random value really. And I had to determine if it was worth what he was asking. The sum of the parts and frame was obviously not worth his asking price.

He was the original owner. He at one time rode quite a bit . He had a 40 year history with the bike, his first and only 10 speed bike. And he had chosen wisely. He Purchased the bike from one of the best bike shops in Chicago. And a brand that was a bit exotic at the time.

The bike was in super condition. Very well maintained. But it had been hanging in his garage unused for 10 years. Even though he hadnt used it much recently, he was very much attached to it.

And that is what the value or the worth
Of the bike was based on. His emotional attachment. His memories, and his past and youth. So I buckled under and paid a crazy price for a low end, steel wheeled, gaspipe frame bike. Crazy I know. But I wanted it. I wanted it just as much as the sellers reluctance and emotionaly enhanced value.

It was a very interesting transaction. I have never paid anywhere near that kind of price for a bike of this type. But in the end it felt really good. The seller was happy with what he got, and I am thrilled to have a nice bike.

You just never know what a bike is really worth. I paid way too much for the bike, as far as parts and frame value . But I got a bike that I really wanted. And somehow there is a certain satisfaction with paying dearly for something that someone placed such high personal value on.

So I will be bragging about how much I overpaid for this one. Just as some may brag about how little they paid for theirs..

CV-6 

So where are the pics of this overpriced gem?

big chainring 

It needs a bit of fettling before I take pics.

Chombi

Uber sentimental value on the owner's part + I don't think the guy really wants to let go of it......
No real "evil speculation" going on there, just being human, I guess.....
"Hon, I tried to sell the old bike like you told me to, but just no takers!"

Scooper

A bike is worth what someone will pay in the current market.

In this case, the seller had an emotional attachment to the bike and apparently valued it higher than the current market. Big chainring paid the asking price, so that's what it's worth. Whether big chainring could get that price if he tried to flip it is a different matter, but both parties are happy with the transaction and that's what counts.

We need pictures!

KonAaron Snake 

+1 to wanting photos.

I really like this post for a lot of reasons...it's a very rational look at how we place value on things and I really appreciate where the OP is coming from. I've over paid for things when I've really wanted them and, ultimately, two individuals settle on a value for the bike. Past sales and other buyers might help the two parties establish a parameter, but it really comes down to two people valuing the bike. I also like that someone admits to paying more than he wanted to - sometimes it feels like there is a pressure to get everything for 1/100th of the value here (except when we sell, when we all get double).

non-fixie 

I think it was Parkinson (of Parkinson's Law fame) who actually understood how this works, from a seller's point of view, that is. If no-one wants it, it's priced too high. If there are many who want it, it's priced too low. The right price is at the level where there's just one taker left. I this case that was you.

bici_mania

I have a friend that owns a 1980(?) Colnago Super, he hasn't ridden it in a few years and before he quit it was only one or two rides a year. My road bike isn't road ready yet and while we were talking about it he says "hey take mine till yours is ready." Uh, okay. I have been riding it for over a month and have fallen in love with this bike even though it is to big for me.

He mentioned in passing a few weeks ago that he had considered offering to sell it to me. After that idea floated around in my head a week or two I asked him how much, hypothetically, he would want for it. All of the sudden he can't bare the thought of parting with it and goes on about "I upgraded all 'this' and it has 'these' wheels that I hand built my self and so if I were to sell it he would want way more than it's worth, it would be an outrageous number", etc. etc.

Okay, fine, give me a number.

His 'outrageous' number is about half what I was going to offer. I was more curious than legitimately interested, but now I really want it. I feel a little like I am fooling around with another guy's girlfriend, trying to provoke a break up, but I am going to wait a while longer and approach the issue again. In a similar way as seeing a guy who does treat his girlfriend right or appreciate how great she is, I feel like I am more deserving of this bike and should be the owner.

Almost every bike I have ever bought, after riding it for a bit, have thought 'this bike is worth more...' Every bike I have ever sold that I also rode, I later thought 'that bike was worth more...' Now if its a bike I can/would ride, until my wife says "get rid of some of these bikes or else", I only take bikes in.

vvup

supply and demand.

If I didn't have any bikes, and bizarrely there were none for sale in shops or second hand, and a U08 came up for sale... how much would I pay? I allready have a u08 and plenty of bikes so for me now so offer me a u08 for $5 and I would walk away.

I am about to bid for a nice frame and forks for around $180, hope I don't win.

rootboy 

"A bike is worth what someone will pay in the current market."

This takes in so little of the concept of "value". Different to different people, of course, but it only considers monetary value.
Most of the good things I own are worth more to me than mere money.

eschlwc

"I really like this post for a lot of reasons..."

i do too. it's well written, honest, and addresses a popular topic all of us appreciate. but (and here's the rub), it is short on the specifics of a normal post. what kind of bike is it?! i'd like to see one drive side photo regardless of the condition. i'd also like to know the price paid. why is this such a touchy subject here? who cares if some numbskull might reply, "i wouldn't have paid that!" whenever i've mentioned price in a post, it seems to be met with crickets, like i've just stepped on the school crest...

The Golden Boy 

So there's a flipper friend of mine I just was talking to- he told me about this sucker who swallowed his "story" hook, line, and sinker.


I've paid more than things are worth- but they were worth it to me.

RobbieTunes

There's no accounting for human nature, and I mean that in a CPA sense. Sometimes, the price of satisfaction is just that. I'm glad I'm not the only one who's overpaid in one perception, but am right where I wanted to be,which is fair to the seller, in another.

1-I was offered a bike by a BF member. I'd admired the build before, how he "advanced" the level with his efforts and carefully-chosen upgrades. He said "make me an offer, and I'll take it." He meant it. When someone is that straight with you, you don't muck up. I did a market survey of recently sold and currently for sale bikes, and pegged my offer at the value they supported. He was happy, and I was happy. Part of that satisfaction, for him, was the bike going where it will be appreciated. Part of the satisfaction, for me, was having a bike built by that particular person.

2-I came across a bike that for some, is a grail, and for me, was interesting because I've ridden a couple centuries with another BF member, and I admired his. The components were great, the frame a professional re-do by the authorized factory folks. He had what some thought was a stiff asking price. I didn't think so, and we met. He was Mr. Enthusiasm about his bike, and it was evident he'd considered and picked every single component. I saw no reason not to pay what he asked, and no reason to negotiate just for the sake of it. It would have demeaned the situation. I ended up with his shoes, Silca pump, spare saddle, and the OEM touch-up can of paint. Again, part of the satisfaction is the situation.

3-Lastly, a frame came up. It was interesting, and once again, a BF member I respect, for his candor and his skill. The frame itself was more than I would generally pay, if I was in the market. But who it was, what it was, and how I came to get it involved another BF member, as well, and we were all satisfied that the frames went where they'd be appreciated, and the right amount of money changed hands.

Over the life of a bike, never intended to be flipped, a few dollars is no big deal, and if you do sell it later, what the heck, you had your fun. I know I'm having a good time with all 3 bikes. It's cured my n+1, because I'm pretty much farther along than I ever thought I'd be, and I'm simply counting the blessings and riding.

I think big chainring is onto a good thing. We're all just renting space and things, anyway, may as well feel good once in a while. If life is just one big 'ole John Hiatt song, may as well do some grooving.

old's'cool

Only one of my bikes I purchased by dint of taking opportunity of a bargain. Everything else I paid a fair market value for. This includes a frame and other bits & pieces needed to my first ground up build of a frankenbike. As alluded above, for the likes of us at least, acquiring a bike has similarities to acquiring a mate (not that I have any particular prowess in that department). Once you have identified an individual you like/want (i.e. for long term keeps, not for short term advantage), you're certainly quite willing to pay the full market price , assuming you're in the right market to begin with .

eschlwc

it seems that, no matter what i initially pay for a bike, it ends up costing me a total of $400 to restore it. that's been true with half of the number rebuilt so far.

rc211

Its simple economics. For me I cannot get vintage steel, it just doesn't come up and if it does its kind of crappy and you have to hop on in 2-3 hours after the ad is posted or its gone. Ya, I "overpaid" for one of mine, but I tell ya there is nothing like riding a nice old bike.

Look at it this way, what else gives you low cost transportation, exercise, and some fun- for so long? your Chinese TV that is obsolete in 2 yrs? You can literally have this thing for another 20 yrs- what does that now a days?

If its under $1.5k don't micromanage the cost- what can you buy new for that price? Some soulless made in Taiwan, base shimano component aluminium bike POS that everyone else has? Where you have to replace the seat and other stuff immediately or next season?

I have blown $750 total bucks on a base bike what tops was worth 200, I paid 300 and still want to upgrade the stem and a couple other bits.

I think I got a deal, as the one Jamis satellite comp was $1100 so I look at it as saving money. Would I like a 500 paint job for it? sure. will I do it? probably. if I should sell would I ever get what I put in? only if I parted it out, still wouldn't recapture paint and labor.


the 400ish on a base resto is about right- less if you already have a brooks.


Or you could blow 40k on a camery and have it depreciate by thousands every year. OOHH you have a camery. I don't think so.

inkandsilver

I love the thoughtful posts in this thread. Getting a great deal is nice, but sometimes there are other elements that align to make a transaction meaningful and/or worthwhile to all involved.

LeicaLad 

I also appreciate the thoughtfulness here. I, too, have found real pleasure in a modest number of older bikes. Each acquisition a unique story, and certainly far more hours and $ than necessary put into just those little touches.

Yet each of them make me grin like a lunatic when I go out for a ride.

Priceless.

Flying Merkel

I'll admit to a story I use to sell bikes. "I picked up this bike for my (niece, nephew, buddy, wife) completely overhauled it with the greatest of care & love, and ungrateful (niece, nephew, buddy, wife) doesn't want it. Just looking to cut my losses, selling below what I have into it".

Buyers like the idea they're taking advantage of my hard luck. Bless them.

Bikes are hard to value. My Nishiki Olympic 12 has had no bites at $340, so I'm the one who is wrong no matter what I feel. Great bike, next week the price goes down to $280.

non-fixie 

Funny, the same goes for a bike's weight. Complete with the appropriate lock it always ends up at 12 kg.

KonAaron Snake 

When I do the math, I have over $800 into this bike with the powder coat and custom badge. It's just a humble Panasonic DX 3000 and for that money I'm normally looking for Campagnolo NR and Columbus tubing. My wife loves it and it's her daily rider. She comments all of the time about how much she loves it and how happy the paint makes her. It fits her well and she loves how it rides. Could I have gotten a bike with fancier parts and a "better" frame for $800? Absolutely. Will I ever get the money back if I sell it? Hell no. Would those other bikes make er as happy? No. It was a lot to spend on a mid-grade Japanese bike, but it makes my wife happy and she uses it all of the time. Great value!

non-fixie 

$ 800 for a unique, custom-made Hello Kitty special seems quite reasonable to me. I'm thinking of getting the Hello Kitty Desert Eagle for my girl ...

old's'cool

Speaking of over the top builds, this one is quite impressive.

repechage

Fathead Kitty, my sister really likes Sanrio stuff. They have some quite upmarket items too, little girls grow up.

As to paying too much, it can happen, question is will the opportunity come again? I made a big dollar offer a few months ago on a bike, upper end of the market even. Owner declined, I don't know how much more it would have taken to get a yes. At that point you are kind of bidding against a hidden reserve of the owner's value view, I did not do that, my offer was very strong. But at the dollar level, even 10% more would have been a four figure increase. So it goes. In retrospect, I am kind of happy I don't own it, so it works both ways.

eschlwc

holy univega!