Mountain Biking - How much to pay for this used bike

I need some help pricing out this bike to buy it. It is a 2004 Diamondback Topanga Comp. The specs: http://www.bikepedia.com/QuickBike/BikeSpecs.aspx?Year=2004&Brand=Diamondback&Model=Topanga%20Comp&Type=bike

Frame Construction - TIG-welded
Frame Tubing Material -Vectra 7005 Aluminum
Fork Brand & Model - Rock Shox Judy TT, 100mm
Fork Material - Aluminum, single crown
Brakeset - Shimano Deore brakes, Shimano Deore levers
Shift Levers - Shimano Deore RapidFire
Front Derailleur - Shimano Deore, top-pull/clamp-on 31.8mm
Rear Derailleur - Shimano Deore
Crankset - TruVativ Five-D, 22/32/44 teeth
Bottom Bracket - Cartridge sealed
Rear Cogs - 9-speed, 11 - 32 teeth
Chain - SRAM PC-49, 1/2 x 3/32"
Seatpost - Aluminum micro-adjust, 27.2mm diameter
Saddle - WTB Speed V
Handlebar - ATB Aluminum 30mm rise
Handlebar Stem - DB Chaos
Headset - 1 1/8" integrated OS Zero Stack
Hubs Front: Shimano M475 disc, Rear: Shimano HB-M475 disc
Rims - Alex AL-DM18, 32-hole
Tires - 26 x 2.10" WTB VelociRaptor
Spoke Brand Stainless steel, 14ga. (2.0mm) straight gauge

The guy is asking $600 for it because it has been ridden only twice, although he claims he paid $1,200 back in 2004. I went to look at it and it is in excellent condition, but I dont think I should be paying more than $400 for it (and I dont have more than that). What do you guys think?

Bikes rarely maintain or go up in value. $300 would be a fair price, and anything less than that would be great. It sounds like the seller is trying to get every penny out of a bike he bought six years ago.

200 bucks would be fair. You can probably go to dicks sporting goods and buy a new diamond back with a crap fork like that for 300 bucks.

Six year old bike and has only ridden it two times? Why didn't he sell it before now.Did he think it would be come an antique and go up in value!:rolleyes:

Six year old bike and has only ridden it two times? Why didn't he sell it before now.Did he think it would be come an antique and go up in value!:rolleyes:

well, when i saw it it was kept in a garage in a corner, was very dusty, derailers need adjustment and the brakes probably too, what he siad is that he bought it because of peer pressure and never really had time to ride it, which is stupid, but I dont know why I believe it

anyway, im going to offer $350, see if i get it, thanks all

Good luck.