Exactly. Well, pretty much exactly for everything in your post, but this last part especially.

The one thing he did right was taking lots of big, decent quality pictures. Your average non-bike-person likes pretty pictures. I'd say he could definitely bring in $300 for that bike If they're in a decent market if it rides well on the test ride. Maaaybe $350. I think asking $375 is just high enough to put people off. On the other hand, there's a flipper here in Madison who has the Worst excuse for customer service, doesn't finish bikes off well like the bike above, and hardly puts any effort into his ads other than a few decent pictures, and he sells lots of bikes at over-priced prices. Never under-estimate the "I don't really give a crap" attitude of your average person, including not only seller but also the buyer.