Fifty Plus (50+) - Is the offer fair? Need some 50+ experience

Happy Thanksgiving Fifty Plussers! :D

What did you do today?
I did 18.5 miles but I did them 1/2 hour faster than usual.

Anyway, for those of you who have been following the saga of the new bike, I've got my Kaitai up on Craig's List for $300. I paid around $600 for it 2 1/2 years ago. Not much action on it so far :(
So, hedging my bets, I put my Reno up, too (remember just one has to go)
I paid around $800 or $900 for it and am offering it at $600.
Someone just countered with $400 ("It's all have...").
The guy the shop with the Jamis says, pretty much they're worth 50% after a year.
Is that true? I have no idea but is $400 a fair offer or do I hold out?

Hi,
new member here but not new to buying and selling. you don't say twhat yar or components your Reno is? All i can say is (if you dind't do this already) check eBay and be sure to check on "completed" auctions to see what they go for. When you are selling something it's good to realize that its' only worth what someone will pay at the time you want to sell it. I know this may sound stupid but it's kind of a reality check. IMO I would hold off on the $400. offer though. If you were selling it for,what $600.00 bucks? He offers $400.00, so counter offer $500.00? If you offer anything for sale and don't put "firm" on the price that tells me to "make an offer". Hopefully you realized that and gave yourself some wiggle room on the price knowing that someone was going to try to lo-ball you. I don't always lo-ball someone. If something is worth it, I pay it no questions asked, but you never know......
martin

In my opinion the 50% figure is about right once a bike leaves the showroom floor. Maybe a little more on a popular and desirable model, and less on a no-name or older bike.

Never turn down an acceptable offer, so take the $400.

My dad bought and sold stuff all the time - a skill that he didn't pass on to me. I remember once asking him how I should price a car that I was trying to sell. He said to pull a number out of the air. A month from now if you still have it, the price was too high. If you sold it, the price was too low.

It looks to me like you have choose between two risks: You can sell the bike for $400 and risk leaving $100 or so on the table, or you can risk having to look at the bike as it gradually declines value.

If I was buying anything used, I wouldn't pay more than 1/2 retail if it was in very good-excellent shape. Unless there was something special about it for me, for whatever reason.
That's me, can't speak for others. A new bike warranty is worth a bunch to me, even if I shouldn't need it.

I'd take the $400. But that's only me.

SaiKaiTai, I've sold over 50 bikes on CL. When selling on CL, the price is determined largely by the area you're in. If you're in a hot bike market, 50% is a low return. If you're in a low demand market, 50% might be about right. Also, certain areas prefer certain bikes. Florida is a good place to sell road bikes and hybrids, but without mountains, mountain bikes are not as much in demand.
Where I live, near Raleigh, NC, a two year old mountain bike in good shape might sell for 75-80% of original price. The return on road bikes is not quite as high, but it's not bad either. I recently saw a 9 year old road bike sell for 40% or original MSRP. but that's this area. Ebay can be a general guide, but that's all. Ebay has a larger market, but you have to factor in shipping costs which could drive your total return down. I never sell bikes on ebay because I'm flipping bikes that usually sell for under $150.
I'm not familiar with your model bikes, but if I thought my bike was worth $600 and I'm basing that on other listings of similiar bikes, I'd hold my ground for at least a couple of weeks. If it's been listed that long and if you've reposted to keep the post on the front page of your area CL, and if you need to sell it soon, maybe $400 is as good as it gets. It just seems very low to me for a late model bike.

It is usually more like 50% of list, if the bike is relatively new and in good condition.

I've seen many bikes like your LeMond Reno going for 60-65% of list here in Madison. I rarely see a recent model, brand name road bike going for as low as 50%.

I would be tempted to counter with $500, saying that you would prefer to keep it on the market for a while before going any lower.

Since just one has to go I'd be tempted to wait.
The old "It's all I have" line always bothers me- I don't mind negotiating, but don't ask me to give you a deal because you're broke. If you counter with $500, he'll just come back with $450. Tell him to keep your number. Meanwhile keep it posted- with good pictures. Anything sells better with good pictures.

Don

It is usually more like 50% of list, if the bike is relatively new and in good condition.

I've seen many bikes like your LeMond Reno going for 60-65% of list here in Madison. I rarely see a recent model, brand name road bike going for as low as 50%.

I would be tempted to counter with $500, saying that you would prefer to keep it on the market for a while before going any lower.

What he said. You can always counter like that, take his number, and call him in a week if it hasn't sold and accept his offer, if he's still interested. If he's no longer interested, you can run another CL ad and indicate you've dropped the price to a firm $400.

ebay is infested with people only interested in getting a bargain ie, they don't want to pay a realistic price for things, so I wouldn't use ebay as a guide for anything outside of ebay.

Richard

If selling is a Sport or Hobby or Profession that you enjoy, then the final price should have a lot of bearing, however if you're just a casual salesperson like me you should accept whatever price you are comfortable with. Is the extra $100 dollars worth the effort involved with continuing the "For Sale" process? Is money very tight right now? Will you miss the money next year at this time? These are all questions that I ask myself when an offer comes in on an object I have up for sale. I generally price an item in the high end of an acceptable range and consider any offer within that acceptable range using the above criteria.

Clear as mud?

Well I did 12 miles on a single track at 9am in high 30 temps. It was so nice! All by myself and the three deer I spooked. When I left the parking lot there were four cars but they had left and when I go back there were probably twenty cars and a group getting reading to head out but I never saw anyone on the trail.
As for your sale, I would take the 4 and move on. Your bike is 2 and half years old and I think you're lucky to get an offer for 4. The bike shop guy said half after a year and you're a year and a half more than that!
Just a thought, what would you pay if you were the buyer instead of the seller?
Anyway good luck with the sale. Hope you had a nice turkey day too, I did.

How miuch do you need the $400?

If not desperate for the money, wait a bit.

However, factor into the sold price whether or not having people call you or emailing you, and showing the bike, is a big bother or sort of fun.

If $100 means little to you, and you don't like showing the bike, then . . . .

I've never sold one of my bikes (yet) but someone told me a formula for a stock bike as 50-60% of sale price first year, then take 10% off that each year thereafter.

I know that as a buyer- I would not be looking to pay more than 50% of the retail price on a secondhand bike. Up to about 3 years old and that is the ballpark to start with but I would also be looking over the bike to ensure that everything was in servicable condition. Over 3 years and I would be looking for cheap.

I know that as a buyer- I would not be looking to pay more than 50% of the retail price on a secondhand bike. Up to about 3 years old and that is the ballpark to start with but I would also be looking over the bike to ensure that everything was in servicable condition. Over 3 years and I would be looking for cheap.


+1

Doug

Thanks all! I guess I really had no idea and now I do.
'Course, the point is moot. Guess Mrs S had too much wine with turkey last night and got her tongue all loose. She has nixed the new bike. So, I have pulled my ads. Not a happy guy this morning :(

Bummer, man, can't even imagine someone else having a say in what I buy, that sucks. Just what was the new bike to be?

Partnerships are funny things... I was looking at the '08 Jamis Aurora Elite

Not to change the subject but- why does your wife get to nix the idea of a new bike? Biking is one of the LEAST expensive hobbies out there! Maybe you should show her what a new motorcycle/sailboat, powerboat/sportscar costs. She should be enthusiastic about a low cost hobby that does so much to improve one's health (and in my case, attitude). My bikes/biking gear are much less expensive that other men's hobbies and she knows it. Besides, I have had quite a few friends drop dead recently and as I tell my wife, "there is no u-haul behind the hearse".

Does she allow you to nix what would be a very small money difference purchase for her. By the time you sold both bikes and bought the new one, your cash outlay would be minor and you would gain space in your garage.

Sounds like there may be other issues at play, perhaps some jealousy for all of the time you are spending with your bikes?

Certainly isn't a space or money issue.

Reno's a great bike, and at $400 for a mostly new bike, its prolly a steal.
is $400 fair?
dependez how much you like and want to keep the Reno, how badly you need the space and can;t wait for a late spring sale.
is it worth waiting to get $500 or $550 (from someone who can;t pass up the bike)?
have you already gotten $400 in value from the use you got?

considerin I still have 13 road machines out of the big bunch I've owned over the years, I guess I never feel I'm gettin what they're worth :o

Thanks all! I guess I really had no idea and now I do.
'Course, the point is moot. Guess Mrs S had too much wine with turkey last night and got her tongue all loose. She has nixed the new bike. So, I have pulled my ads. Not a happy guy this morning :(

just read this...

life is short, and if times aren't real tough for youz, then most bike purchases are thankful indulgences.
people get pissed, usually some thoughtful reminder of her importance to you will help put perspectives back in place. I'd drop the subject for now and let her ruminate on the consequences of her pronouncement.
Is she happy with the way you are now, after having taken up the cycling? Are you happier now with cycling? If its Yes, and she gets a chance to really reflect on that, I;d be surprised if she didn;t change her mind.

Hey, it's early-winter... you have a few months when riding the Reno in less than perfect road conditions ain;t a bad thing, reserving the 'new' magic carpet for coming spring...

ebay is infested with people only interested in getting a bargain ie, they don't want to pay a realistic price for things, so I wouldn't use ebay as a guide for anything outside of ebay.

Richard
I would totally have to disagree here. Do you want to sell something or just sit on it? eBay is going to hit a huge number of peole and this is where you will find what your item is truly worth. It's only worth what someone will pay you, when you want to sell it. If you want to price something high and have a place to store it while it sits there that's fine, but if you really want to get rid of something, I can't think of anything other than eBay that will give you fair market value. EBay is turning the tabes on unrealistically high values of items. Agian, it's only worth what someone is willing to pay for it when you want to sell it.

ebay is infested with people only interested in getting a bargain ie, they don't want to pay a realistic price for things, so I wouldn't use ebay as a guide for anything outside of ebay.

Richard


Thanks all! I guess I really had no idea and now I do.
'Course, the point is moot. Guess Mrs S had too much wine with turkey last night and got her tongue all loose. She has nixed the new bike. So, I have pulled my ads. Not a happy guy this morning :(
Look at this as really good practice for a future sale. It never hurts. Now you will have an idea of what to expect.

Or maybe I'm back in business...