Seems like a decent price. That is an Allez Elite, so it came with Shimano 105 in 2004. The new bike you quote at $770 is Shimano Sora. If it is decent shape and does not need lots of work, $500 is okay. New chain may mean new cassette as well, so you might ask for $50 to cover that, or get pricing on new cassette and chain in advance.
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Originally Posted by
colorider
Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.