(apologies for cross-posting from 50+ but no one over there has an opinion)
I'm thinking of using this bike for commuting either 10 or 40 miles rt, depending on my mood.

Craigslist seller is asking $500. The bike is a 2003. If it's a good fit and I like it, is $500 the right price?

In my opinion its a tad high, but its hard to tell from the quality of the picture.
Given the bike is 5 years old, the warranty doesn't transfer to you, and unknown parts wear I would try negotiating down to $250-$300

I'm sure you could probably google a bike with a similar component group that is new and see something close to $1100. As the previous poster wrote, I think the key is the amount of wear on the parts. If it was in very good condition with only minimal wear and was only lightly used, I would think the price is reasonable.

The bike would bring more than $500 on ebay. Buy it. If it doesn't work out, you can always get your money back out of it.

$250-300 ??? dream on.

The money you save not buying gas will pay for the bike anyway. Also components are interchangeable for the most part. I always say a bike is only as good as it's components.

I have to agree. For the parts shown and with disc brakes this is a pretty darned good deal.

Thanks! I won't be saving gas--I already commute on a hybrid. But I like the idea of the skinnier tires, lighter weight, drop bars and disk brakes. And the n+1 rule.