Afraid so... This kind of bikes was very popular here in Germany in the 1970's. Originally called "Klapprad" (clapping-bike) then, about half of all bikes sold in Germany at that time were such bikes. As you could easily load them in every kind of car, they were "in".
...However, they were not very solid and wobbly, and often quality was real bad. Especially at the folding mechanism they used to break very often. Always look for cracks there!!! ...However, by the end of the 70's, people in Germany were so fed up with these bikes that production was completely stopped and noone with any senses left would buy one.
Though in the meantime you can buy folding bicycles with modern folding mechanisms in Germany again and rhey are also quite popular, the old ones left such a bad impression that modern ones are not called Klappräder any more, but are being sold solely as "Falträder" (folding bicycles).
In my point of view $275 are way too expensive - you can still get these bikes here in decent shape for about $25 onwards.
Last edited by DanielWilde; 08-28-12 at 03:14 AM.