My rough rule of thumb is that a moderately used, custom-made complete steel or Ti bike ought to cost right around the price of a brand new custom frameset.

A brand-new Indy Fab frame + fork is around $2,200. In my opinion, that's what the bike you've described is worth, give or take a few hundred dollars. Just to clarify, I'm saying a used "complete" bike is usually obtainable for the price of a new frameset *only.*

In fact, last fall I was going back and forth w/a local guy here in Seattle who had an Indy Fab my size -- about 5 years old -- for $1600 (complete bike). Frame was in great shape -- some of the components were great; some were tired. In other words, typical for a nicely cared for custom bike w/some miles on it. I've seen others in that price range as well.

$4500 for a 3-year-old Indy Fab with "battle scars" from "racing" is way overpriced, IMHO.