I've gotten all my bargain bikes off CraigsList so far this year in the past five or six months.
Four Trek road bikes (2300, 1400, 1100, 1000) and three Trek mountain bikes (8000, 6000, 930).
The deals are out there, but it takes works to find and buy them. You have to read every ad, and try to contact the Seller when the description is too short. Often times Potential Buyers bypass bikes with poor descriptions. If you have the mechanical ability, you can often get a deal on a bike that's sound, but missing parts, or that needs some TLC.
I got a 1988 Trek 1000 back in May for $30. Found on CL. It was a bike a kid owned that he was going to restore with his Dad. He lost interest when he got a ATV. Paid $30, and it needed tires, tubes, seat, brake cables, a brake lever, and a couple of small parts for the brake calipers. Had the brake parts in the spare parts box, ordered new cable housing from eBay. New tires were $17 for the pair from CL ad. Sending this bike to my oldest son as a Birthday Gift.
Traded for the 1994 Trek 2300 Composite a couple of months back. found on ad on CL. The 2nd owner only had it for a couple of weeks when the wheels got stolen when he didn't secure the bike properly when at work. LBS wanted more for replacement wheels than the bike was worth. I traded the Seller my Alpine Grand Record 14-speed Japanese made Tange Infinity steel bike with Shimano 105), threw in some bike shoes and a set of Speedplay pedals and the Seller gave me the Trek 2300 and $100. I was hoping to sell the Alpine for $300, so I calculate my cost at $200. This bike is really, really clean, almost like new, except for a split hood on the left side STI brifter (and the missing wheels, tires, and cassette). So purty, I want to hang this bike on the wall and admire it instead of riding. Got a pair of Vuelta Airline wheels with Shimano RSX wheelhubs off CraigList for $20 for this bike off CL. Still need a 8-speed cassette need to decide on what tires to buy.
Got the 1997 Trek 1400 for $100. The rear wheel was taco'ed, handlebars were bent, and the front wheel was a replacement. Came with a Bontrager wireless computer, three sets of used tires, and Speedplay pedals. Paid $50 for a pair of Trek Matrix wheels with Shimano RSX wheel hubs off CL, for this bike (very similar to what it would have come originally from Trek with). New Bontrager handlebars off eBay for $20. I may sell this bike after I ride the Trek 1100 a bit, depending on how the 1100 rides. This 1400 is a 56cm, and the 1100 is a 54cm.
Just got the 1990 Trek 1100 this past weekend for $40. The asking price was $75, and the lady who was selling it said that nothing was wrong with it, and it didn't have any rust when I asked, before I drive down to look at it. There is a little surface rust on the steel parts (mostly the handlebar stem which is steel/aluminum composite and the headset), the tires are shot (expected), and the rear wheel is taco'ed (unpleasant surprise). Has a Avocet Comfort Gel Saddle and Cateye wired computer. Got home, found an ad on CraigsList advertising two pairs of new Nashbar 700C wheels (THAT IS TWO PAIRS OF NEW WHEELS), and two inner tubes for a Total of $20. Jumped in the car, ran down, and grabbed the stuff. I didn't even ask for a break when I saw what was included. Only drawback? The bike has Suntour Edge components, and a 7-speed freewheel, while the CL wheels have 8/9 Shimano 2200 wheelhubs. Now I have to decide between buying a spacer and using a 7-speed HG-70 12-29 cassette that I already have in the parts box, or buying a 8-speed cassette and shifters and using some new Shimano 2300 front and rear derailleurs from the parts box.
Got the 2006 Trek 8000 for $35, to part out as the frame was cracked. Got the frame stripped down, and was amazed by how light is was/is for an aluminum bike, No wonder that it cracked.
Got the 2000 Trek 6000 mountain bike for $75 found on CL. In good shape, after jumping for a street test ride after bringing it home, I decided that the frame was a size too large to ride comfortably off-road. Sold it recently for more than I paid for it.
Got a 1994 Trek 930 SHX mountain bike for $30 off CL. It's exactly the same model year and size, as the Trek 930 that I've been riding since about 1997, except the frame is in better condition. The first one I got has been slowly rusting from the inside of the frame out since I got it, and the paint is in bad shape because of abuse by the original Owner. I upgraded almost everything on the bike since I bought it, including the front suspension fork. The 930 SHX I bought has a frame that's in good condition, but the components are worn (pedals are worn-out, and the right side shifter doesn't). I bought this bike to swap frames with my first bike.
I located a 1995 Trek 1220 frameset that the Seller was asking $50 for (I was looking for a Trek road bike with a triple crank, before I bought the Trek 1100 this past weekend). But the Seller is a bit strange, and must have taken offense when I was asking a bunch of questions before asking for his location to come/go see the bike (he's about 40 miles away, one way). The Seller got the bike whole, but he says he stripped it to turn it into a Fixie, and ran out of time. I was trying to get him to make a deal with the brake calipers and crankset (would have been nice to get the brifters too), when he stopped answering my email. I know he still has the bike because he keeps renewing the CL ad.
The best deals have come from CL advertisers who were hard to contact and/or had CL ads with poorly written titles or descriptions. Persistence pays off. Be prepared to encounter/kiss lots of frogs before finding the jewels.