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Get it for less. Sounds like the guy doesn't know anything about it. Turn it into an acting skit almost. Practice a few lines where you say things like. "Well if this thing is even salvageable it is going to need a complete rebuild. I am going to need to go through every nut, bolt, link bearing, you name it before i can even get an idea if it is worth me putting the time into it. Hell i might just have to junk it in the end. I'm thinking $200 and I haul it away is about as much as i can risk"
just for an idea.
point out things that are wrong with the bike to the guy and then tell him how big of a PITA it is to fix.
If i had some spare change and time to work on it i would definitely snag it for 300ish just for a fun project. If it doesn't work out you might be able to part out a few of the piece to try and come out even in the end.
good luck keep us posted.
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