It's also easier to make money back with this hobby! Like others have said...I don't buy a bike I can't sell at what I paid or at profit if need be.

Maybe a better question then would be "How much would you overpay for a bike" . Most of us are probably savvy enough to be able to sell a bike bought and get near our money back. What if you knew the bike was overpriced but you still had to have it and knew you would lose money tomorrow if you sold it. Not that you would but it with those intentions but situations change quickly in this economy.

I think the most I would want to lose on a bike is $250. Could I afford to lose more, absolutely. But, my own internal cheapness would not allow it.

Whatever the amount is, it's more than I can afford to spend. I thought of choosing the $20,000 on the poll but that is just an arbitrary number. If I had Bill Gates' money and I wanted it, then whatever it cost to get it. People have paid $1,000,000 for classic muscle cars. Why would bicycles be any different? Even if I tried to pick an amount for me it would still be arbitrary. I don't and never will have that kind of coin but I'd still gladly overpay generously to get what I want if I could afford it. A year or so ago my "Holy Grail" bike came up for auction on eBay. I had been following the bikes, monitoring the prices, and waiting patiently for one to come up in my size. They had been selling for $800-$900 or so up to that point. I bid $1200 almost thinking it was a sure thing. It went for $1675. Since then all of those bikes that I've seen in good condition have gone for mid 4-figures so I guess I just missed the price curve. I'd still be happy if I had paid $2000 for it but i could afford that.

I haven't read to the bottom of this thread yet, but...RobbieTunes and others, if it hasn't been posted before, could you give a short how-to narrative on what it takes to build a bike for $1000 or less that is, as you say, fast enough, comfortable enough, and good-looking enough to satisfy all but the most discriminating riders? Sort of a Velo-not-so-Cheapo build.

If I had a huge cash stash I wouldnt hesitate to drop $10K on a bike with certifiable provenance. To me its not a matter of whether or not I'm 'faster' or a 'better' rider on a more expensive bike because I know I'm not. To me its matter of quality, exclusivity, collectabilty and desireability. I drop $175 on Air Jordan hi-tops but I haven't stepped on a court in over 5 years.

I've always wanted a 1988 Anniversary Schwinn in red, a Peugeot Carbon Pro and a few others. The Schwinn is probably the most accesable and I wouldnt hesitate to drop 'retail value' on one.

This is easy, just buy a complete bike off of ebay or in the forum here. There was a pristine LeMond with Campy Record and Delta brakes listed in the for sale section for $1200 which I think is a very fair price. $1200 is over $1000 but I think you get the point. If I look in my garage there isnt a single bike in there that I paid an outrageous amount for. When I give 'guesstimates' of value I never take into account garage sale or flea market finds as they aren't reflective of actual street value.

Here's a quick 'how to build it for a $1000' w/ a minimum of Shimano 600 Ultegra/Dura Ace or Campy Athena/Chorus/NR. All parts unless otherwise noted are available through the BF classifieds or Ebay

Schwinn Paramount frameset, Tampa CL: $275 (not mine)
Cinelli stem and bars: $40
Bar tape: $15
Seat w/ titanium rails: $75
Chris King headset: $75
Wheelset, complete w/ tires and cassette/freewheel: $150
Chain: $20
Derailleurs and shifters, indexed: $75
Brakeset: $50
Seatpost, Ebay or BF classifieds: $50
BB, Shimano 50 series cartridge: $30
Pedals: $50
Cableset: $40

I think thats $970. With savy purchases it can be done for much less.

In general, full Dura Ace bikes with down tube shifters start in the high $400's, full Dura Ace bikes w/ STI levers start around $500, Campy Nuovo Record bikes start around $300, Super Record (80's SR) start around $400, Record bikes with Ergo levers start around $800. Keep in mind that these are starting prices for bikes in average condition but ready to ride condition as well. As an example, realistic retail street pricing for a good quality Italian bike with Campy SR is more like $1000.

The way I was thinking about this question recently was what fraction of my monthly take-home pay would I be willing to spend on a bike. The best answer I came up with was ... it depends on the bike. I don't buy bikes to sell them or race them. I buy bikes because I like them, and some I like more than others.