dweenk is correct.
There are plenty of retired folks that live in cities with large universities that have a small sideline business of re-habbing old Varsities/Collegiates/Suburbans/Continentals/Speedsters/Breezes/Travellers etc....
They get much more than typical NON-COLLEGE TOWN marketplace prices during student enrollment each fall.
Only in the fall, when the many thousands of students come to campus, do the market prices for such Vintage Schwinns reach their peak of about $150 tops for a bike that needs absolutely nothing and is in perfect roadworthy condition. Typically $125 to $150 for the nicest looking with clean paint and new tires etc...........$95 to $120 for those that are faded or scratched up but still have new or nearly new tires and are perfectly roadworthy and fully serviced.

$200 isn't much for my budget, so like some folks, I don't worry so much about overpaying for any bike if I love the color and the size is right......it is a.... "I just have to have it type of thing" so the sunk cost means nothing to me. Most ordinary folks though do not want to overpay for something that they deem as antique and obsolete but durable. The only reason the college students buy old Schwinns when the come to University is because the cost is low. They leave their expensive bikes at home because they know that bike thieves don't want to commit a crime for such a hassle to sell it as it might take 2 months being listed on Craigs unless it is being offered when students are returning in the fall. Homeless bums might want to steal the Schwinns because they are durable and easy to service and "bombproof". These old bikes are great college campus bikes........much more durable than any $160 Walmart-Target bicycle and easier to service and set up....

You might have to wait 2 months or so listing on CRAIGs to sell a Varsity etc... for somewhere around $50 to $80 maximum if someone is really seeking that particular model. Ladies models usually sell for about $40 to $50 maximum and may take 3 to 4 months to sell them unless at Fall back to campus time.