I bought a Huffy just about like that at a police auction for $10. I think I could have gotten it for $5 if I had waited a minute before bidding.

It is real common to see bikes like that that have been ridden very little. I was just down at Academy, and they have some similar bikes for $59. So you figure a like-new one isn't worth over maybe $25 when selling used. If you bought a new wheel at a bike shop, that would set you back $40 or more. So it's basically worth scrap value or $5 or so. It's also not uncommon to see a bike like that out on the garbabe pile.