$160 for that cruiser is not too high. You just didn't find the right buyer.
As I said on another forum, repairing bikes for me is a labor of love. I do it because I like saving vintage and/or neglected bikes from oblivion. I'm not into making a killing, so my prices are probably lower than I could get if I was high-balling it. Then again, the economy has to figure into it right now, and, if I'm low on flip-bikes, I might charge differently than if I was overstocked.
Keep your hand to the plow - eventually you'll find the buyer who's looking for your bike!