Senior Member
Join Date: Sep 2011
Location: Cincinnati, Ohio
Posts: 489
Bikes: '74 Schwinn Le Tour (x2), '83 Bianchi, '96 Trek 820, '96 Trek 470, '99 Xmart Squishy Bike, '03 Giant Cypress
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If it is in good running order, and it fits you, you aren't being cheated.
On the other hand... if it needs new tires, chain, handlebar grips/wrap, cable and housing, etc. then you are not getting that great of a deal.
Of course it all depends on the market, too. I can't speak for your area... check your local Craigslist and get some prices on comparables.