Won't sell for much around here due to cottered steel crank, steel rims (probably), heavy unknown frame tubing. I tend to donate bikes like this rather than put time and money into them.
My basic checklist for acquiring a bike (for resale): cromoly frame or better; alloy rims; quick release wheels; alloy crankset; no frame damage, decent components. When I occasionally lower my bar, I end up losing every time. I will pick up a bike with frame damage just for the other parts if it is cheap enough (like last week's $5 Kona: mavic aluminum rims, Shimano STX hubs, deore LX derailleurs, etc. Frame is toast.)
It tends to take about the same amount of time and money to fix a decent bike as a bottom end bike. I can get a return (profit) on a decent bike. I can't on a bottom end bike.
Around here, no one is paying $100 for a Free Spirit. But every market is different. There are a few hot markets where anything/everything sells.
OK, I violated my own rule today, picking up a low end Schwinn for $5. But it had a good Suntour RD and shifters, and a decent alloy crank. So I will either rebuild it or use it as a donor for one of my Peugeots. So I guess there is a time to buy a bike without a cromoly frame, one with steel rims, and so on. And that time is when you get it cheap enough and can part it out. Fixed up, I doubt I could get $75 for the Schwinn, and it needs tires, tubes and cables. So my labor would be free.
Last edited by wrk101; 10-11-08 at 01:33 PM.
Reason: update