Over the weekend, I bought a Puch road bike in modest shape for $20. I bought it for the sole purpose of having a new toy to play with at Bike Church the following night, and to sell it this week and make a few bucks towards a saddle on my other bike. The problem I'm having is that I can't decide what I want to reveal to the potential buyer. So I guess this thread is about bike selling ethics.
I had a blast stripping down the bike, and I consider that as enjoyment and a hobby, not as an hourly rate towards what I should re-sell the bike for. I donated the derailleurs and such, they weren't in good shape and I'm not going to use them for anything. I converted the original wheelset (the two chainwhip trick to remove all the gears and thread the last one back on) to a singlespeed, and cleaned it. I Goo-Goned the bike and shined it up a bit, so it looks kinda pretty. Re-gripped it, put a nicer saddle on it that I had lying around. Now is where it gets ugly. The bottom bracket threads are heavily damaged, so I can't replace the crankset. I unbolted the smaller chainring and broke it off- the larger ring is fully attached to the crank arm at the center, and I'd rather keep the larger ring than have both on there. The gearing is 52x14, which is really stupid. And lastly, I found a tiny "Made In Taiwan" sticker inside the head tube...not Euro-made.
So my question to you is, what would you reveal about the bike when selling it? Some scenarios I came up with are:
a) "Sold As Is."
b) Take a ride, it's nice, I maintenanced the whole bike except the bottom bracket, which is super smooth, surprisingly. Bike rides fast, mash around town.
c) I overhauled the bike, minus the bottom bracket. It's stripped out. My suggestion would be to get a cheap 700C wheelset and up the freewheel to maybe 17. Then you have a nice looking setup (until you need a new chainring).
d) I overhauled the bike, minus the bottom bracket. It's stripped out. Have a bike shop remove the cranks, chase the threads and then get a new crankset for it and consider a 700C wheelset as well. You could get the wheelset first, then replace the crankset when it wears out later.
Anything I've left out? I think I've decided on revealing everything I know about it, suggesting how to fix it, and selling it for no more than $50. I feel like since I posted this, it's kind of a no-brainer.