Noah's post is dead on target. I have a couple of designated beater bikes in my stable. They're for riding in either bad conditions or for leaving locked up outside. Although I'd be pissed if they were nicked, they're replacable (in fact, I have replacement frames in the basement should they be nicked). In an odd way, their very lack of value is what makes them valuable. The LeTour is a good beater canidate, as are the Varsinentials. If you cycle for transport, a beater is quite valuable-- just not in a monetary way.