My first thought as well. Age? Condition? Money needed to be invested in order to get it to good condition?
Let's add it up: Saddle, tires (I'm assuming the ones being thrown in "aren't" brand new),
mileage (that matters too), condition of bike, depreciation, tune-up...it all adds up.

Personally, for $200., I think he got a great deal.
Now, let's see how much he's going to have to put "into".
That is the "real price."

I think that bike is going to be closer to $325. just with a new saddle and tires alone.
If it needs a tune-up, easily another $75., so that'll bring it up to $400.
($100. under his top for a new bike which would've come with a new saddle
and tires and fully tuned and no scratches or damage and with a full warranty)

But for only $200., I wouldn't add anything to that bike.
I'd ride it into the ground, save up for a new bike later.



BTW OP, congrats!

Enjoy it.

My best deal so far was a 2007 Gary Fisher Opie that I bought in early 2008.
It MSRP'd for $400. back then. I was literally on my way to go and buy one new.
Came across an old Craigslist ad when I did a search for weeks old ads.

The exact bike I wanted under the exact conditions that I wanted it;
---Someone who bought it on a whim, rode it a couple of times and then just put it in their garage to collect dust.
---A bike that was in a hard to get location (which brings down potential responses)
---A bike from a non-bike person (didn't care about it, just wanted to get rid of it)

And that's what I lucked out on and got.

The bike was so new, it still had the little rubber nips on the tread! LOL
It was immaculate (never taken off road). It was perfect.

He wanted $300. for it (not unreasonable for an almost new bike barely a year old). I offered $250. He asked for $275.
I stuck with $250. and told him I'd be at his house with the cash in 30 minutes if the bike was what he claimed it was.
He took it. I went, rode it up the block, came back and one word came out of my mouth..."Sold!"

I just handed that bike down to my 16 year old bro in law.
I wasn't riding it anymore and I didn't want to sell it to a stranger.
Besides, he's a good kid and fell in love with the bike.
I can't complain...I got a few good years out of it.
And I used it to rehab myself when I was recovering from a leg injury.