Unless it looks AND rides like brand new, I wouldn't have paid that much. Maybe $200 at the most, but that's just me. Maybe it wasn't that bad a deal, pictures would help. Bikes do drop in value quickly, and this one is not really old enough to be valuable from a vintage standpoint. The weird stems are Presta valves, and can be aired up using an adapter from your local bike shop. Or you can buy a pump which already has the ability to air it up. If you ordered tubes without Prestas, the stems will not fit in the rim.,,,,BD