I found a used Trek 400 on Craigslist - the seller wants $160 for it.

This is his description:
"Here is a vintage Trek lugged steel road bike, back when Trek was a a smaller, handbuilt, artisan maker from Waterloo. Super nice True Temper steel construction with Cinelli style fastback stays. 56 cm ST and TT, so this bike will fit anyone 5'10" to 6'1" or so really well. It is the 400 series, with Campagnolo Croce d'Aune shifters, derailleurs, and crank. Dia-Compe brakes and levers. 27" wheels, though it will take more common 700C wheels with some long reach brake calipers. San Marco Laser suede saddle (the eye catcher for me). Long dropouts make this a perfect fixed gear donor bike. I originally bought this bike as a vintage restoration project, but right now I have too many things going on to let this sit in my garage. I'm sure you know how that goes."

So for you guys, is the bike worth $160? and are the components good? I don't know very much about road bikes other than what I've been reading, which obviously doesn't help me that much in this case because I have no prior experience with them.

There are a couple of pictures.

I'd guess '84 or '85 ish from memory. I think the 400 was brazed in Japan and painted and finished in Wisconsin. I had an '83 for awhile, it rode very nicely.

If they were truly Croce d'Aune, it may be worth $160 to me, but they're not. Those are entry level Triomphe or Victory components - which are solid, but don't usually fetch high prices.

It's definitely a solid bike. Value depends a lot on your location. Are you in a hot market like SF or NYC? Have you been looking long? If you're in a hot market, it may be worth it.

It looks like it needs some work, and at minimum a cleaning and maybe new brake pads, tires, cables, housing, bearing overhaul. Personally, in my market (NYC metro) I would probably offer $75-$100, depending on condition...but I already have bikes to ride.

Well, I like these bikes and paid nearly that for a bare frame(although mine is 531). The Campagnolo componates are not Croce d'Aune by any measure but rather earlier, less desireable but functional Thriompe. The rest is just common, reliable middle of the road stuff. Clean it up, take off the pie-plate and reflectors and you'll have a fine rider. I think if it fits you and you like the looks of it, then it's easily worth the money.

I guess it depends upon the area to fix the price on that bike. Around here, he'd get good offers with that starting price. Two 87' Trek 330's were just listed on CL here. The small frame was asking $190, the larger frame (different sellers) was asking $300. Both sold. The 87, 330 has TruTemper tubing similiar to the bike you're looking at. IMHO, his price is in the ball park if it's your size and if it's what you have been looking for. Make him an offer that he can't refuse.

That's an '85. I have the same bike but in an East Hill size. I love the bike, nice ride. Though, the components do not match up with the brochure. But then again, either did mine. According to the brochure, it is suppose to have Shimano shifters and derailleurs but mine had Suntour components.
The brochure is at https://www.vintage-trek.com/images/trek/85TrekSport.pdf

Thanks for the info, guys, but unfortunately it now means nothing, as I emailed the seller a couple days back - he just responded, saying that the bike had already been sold. I guess I'll keep looking, with a little bit more information in hand (and head) than I did before.

If you want a bike that'll last you, go for it. I have a Trek 760 from 84 that I'm working on and it is sweet.

It's not an '84 because I have the 84 catalog in my hand and the bike was red instead of blue and wasn't speced with campy. The 400 was the lowest end sport (as opposed to touring/road racing) bike for 84. I'm not sure what year yours is, but it should be a good ride on a well made frame.

Love my 85 400. Been a great everyday rider over hideous New York streets. I paid 150 for it and haven't had an ounce of regret. That said - you'll see more of this era Trek now that you're looking and they tend to be undervalued so you'll find another good deal sooner than later I believe.

I think they are undervalued also. I really like them. I often see some good Treks going for cheap on eBay, usually not in my size though.
Keep looking, also don't forget about eBay. I got my '85 400 for $66. It was in great shape. To make it even better, the seller was on the other side of town, so no shipping cost. The guy selling it is an avid cyclist, and he bought it for his wife to also ride. She did not become an avid cyclist. He said there was less than 100 miles on it. After inspecting it, I think he was correct. Everything was like new, no chain stretch, freewheel, pads didn't have any sign of wear.