Author Topic: How much is this bike worth?  (Read 7600 times)

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Offline kkuchenski

How much is this bike worth?
« on: September 11, 2015, 03:39:04 pm »
Custom Built “Painted Hills Bike” from “7 Bikes for 7 Wonders” Contest

I won this incredible, custom-built woman’s touring bike during Travel Oregon’s “7 Bikes for 7 Wonders” contest.

Before the contest was held, Travel Oregon made promotional videos about this bike.  Follow these links to learn more about how special this bike is:

http://rideoregonride.com/7-bikes-7-wonders-painted-hills-bike/

http://www.roadbikereview.com/reviews/7-bikes-for-7-wonders-painted-hills

http://traveloregon.com/trip-ideas/oregon-stories/7-bikes-for-7-wonders/


Touring Bike for Woman 5’1”-5’6”
Built by “Igleheart Custom Frames and Forks”
Custom Paint by Keith Anderson
Wide 42mm tires
Disk brakes
Full Racks Front and Rear
Four canvas “Black Star Bags” saddle bags
Cabela’s Fly Fishing Rod
Fly rod carrying case below top tube
Three water bottle holders
Hand pump
Bell
Hub generator-powered headlight
Fitted, water-resistant bike cover

I was informed that the designer said this bike is worth $9,000 retail.
This is a one of a kind, custom-built bike—one of seven collectable bikes designed for the Travel Oregon contest.

Does anyone know how much I should ask for it?
Any suggestions of people I could contact?
« Last Edit: September 11, 2015, 05:49:23 pm by kkuchenski »

Offline RussSeaton

Re: How much is this bike worth?
« Reply #1 on: September 12, 2015, 07:00:27 pm »
Its worth what someone will pay for it.  $9000 is probably 100+% retail price, plus a little extra added on just because.  I've never heard of this custom frame maker.  Maybe he is more famous around his area.  Most custom frames and forks in steel are around $2000-3000 or so.  Give or take a few hundred either way.  Gunnar is Waterford's TIG welded steel frames.  Their custom tour frame is $1400 plus $375 for a fork.  So $1800 for a custom made TIG welded steel touring frame.  Just like the one you are selling.  Except the paint.  I have a friend with a Gunnar and he is happy with it.  Real famous builders can charge extra for reputation.  Not sure this maker has any reputation to charge extra for.

Custom frames are built for the buyer.  Not sure on this one.  Are you selling a bike already built for you or someone else?  Its not custom for a buyer then.  Or are you selling the "right" to have a custom frame built for the eventual buyer?  Your post says "Touring Bike for Woman 5’1”-5’6”.  A bike for a woman 5'1" will not fit a woman 5'6".  And vice versa.  Are you selling a frame already built for a woman about 5'3" and therefore will also be good enough for a woman 5'1" or 5'6".  Who needs a custom frame to actually fit right.  5'1" or 5'6" what is the difference.

I suppose you can find what this builder charges to make his frame and fork.  But you can also find other custom frame builders who will charge less.  Is this builder's reputation worth the extra?  I suspect the final custom frame and fork will be the same from about every builder.  All will be good enough to be happy with.  But factory built frames are also good enough too.  Custom is only worth it if you want the reputation of the builder, or NEED a custom size no factory makes.  A cheap Surly frame made in Taiwan or China will function just as well as a custom frame.

All the other parts you can find the retail price.  Then try to get 50-75% for them.  Maybe.  Looks like the light is Schmidt.  Assume generator hub is too.  They are costly.  But again, 50-75% of retail, maybe.  All the parts are new.  But they really are not new because you are not the factory, company selling them new.  So you cannot get new prices for them.  I can find every part you are selling and pay 100% for them.  Or get them on sale for about 90%.  With warranty.  Maybe you can get 75% if lucky.  No warranty.

The fishing rod and case is somewhat humorous.  Maybe there is a biker who wants to carry a fishing rod on his bike.  Good luck finding him.

As for this bike being Travel Oregon and having a custom paint job.  Whatever.  Collectible?  Whatever.
« Last Edit: September 14, 2015, 03:45:07 pm by RussSeaton »

indyfabz

  • Guest
Re: How much is this bike worth?
« Reply #2 on: September 14, 2015, 08:31:22 am »
I've never heard of this custom frame maker.  Maybe he is more famous around his area.

http://igleheartcustomframesandforks.com

Says he was with Fat City back in the day. Independent Fabrication. was started by some former Fat City people. The Igle bock lettering is somewhat similar to the block lettering IF uses/used, only more stylistic.

Offline RussSeaton

Re: How much is this bike worth?
« Reply #3 on: September 14, 2015, 12:20:16 pm »
I've never heard of this custom frame maker.  Maybe he is more famous around his area.

http://igleheartcustomframesandforks.com

Says he was with Fat City back in the day. Independent Fabrication. was started by some former Fat City people.

Independent Fabrication and Fat City are well known.  So this bike company may have some history.  But Independent says they make a custom steel touring frame and fork today for $2300.  Lower price than I would have guessed.  $2300 or so for the frame and fork may be the correct retail price for this bike.  Igleheart website shows a custom frame price of $2200 and a fork price of about $500.  Not too bad.  More than Independent, but...  I think the person trying to sell this bike should use these full retail prices as a good source of information.  You are right about the Igleheart decals looking just like Independent Fabrication decals.
« Last Edit: September 14, 2015, 03:50:24 pm by RussSeaton »

indyfabz

  • Guest
Re: How much is this bike worth?
« Reply #4 on: September 15, 2015, 09:56:45 am »
I've never heard of this custom frame maker.  Maybe he is more famous around his area.

http://igleheartcustomframesandforks.com

Says he was with Fat City back in the day. Independent Fabrication. was started by some former Fat City people.

Independent Fabrication and Fat City are well known.  So this bike company may have some history.  But Independent says they make a custom steel touring frame and fork today for $2300.  Lower price than I would have guessed.  $2300 or so for the frame and fork may be the correct retail price for this bike.  Igleheart website shows a custom frame price of $2200 and a fork price of about $500.  Not too bad.  More than Independent, but...  I think the person trying to sell this bike should use these full retail prices as a good source of information.  You are right about the Igleheart decals looking just like Independent Fabrication decals.

Yeah. I saw his frame price list. It left me scratching my head as to how he got to $9K retail.

Offline Pat Lamb

Re: How much is this bike worth?
« Reply #5 on: September 15, 2015, 11:10:31 am »
Just a guess on pricing.  Start with $3000 for frame, fork, and stem.  Paint jobs can go nuts pretty quickly, maybe $2000 there.  Add $800 for dyno wheel and light at list prices, maybe another $1500 for the group, $200 for tires (I'm guessing these will be ultra-high-zoot 650Bx42).  That leaves another $1500 or more to go into a saddle ($200), seatpost ($100), bars ($100), racks ($300 production, maybe twice that custom), custom cotton (WTF?) panniers ($400 for Ortliebs, how much more for custom?) and a rear wheel ($3-400).  Add a few hundred more for assembly.  It's possible to top $9k.

What do I think it's worth?  If the woman I loved was that short and I wanted to treat her to a magnificent high-end touring bike, I'd probably offer $3-4,000.  I'm cheap though, maybe someone else might offer another couple thousand.

Offline kkuchenski

Re: How much is this bike worth?
« Reply #6 on: September 15, 2015, 12:22:47 pm »
If this bike is worth less than I had heard, it's bad news because we won't get much $$$ from it, but great news because I might be able keep it!
Thanks for the feedback! I would appreciate any others may have out there.

Offline aggie

Re: How much is this bike worth?
« Reply #7 on: September 15, 2015, 12:44:18 pm »
The price seems a little high based on what I paid for my custom made bike (Moots).  It's Ti and I paid significantly less that $9k.  Granted it wasn't painted but it didn't need the paint.  As was mentioned if you add up the full retail cost of each component and an expensive paint job it could approach $9k.  If you sell it you might be able to get $3k-$4k.  Just depends on much someone is willing to pay. 

Offline DaveB

Re: How much is this bike worth?
« Reply #8 on: September 15, 2015, 12:49:25 pm »
I agree that $9000 price is absurd and the bike includes a great number of items of very little interest to most potential buyers.   This "prize package" sounds a bit like the awards made on TV game shows.

The bike alone, assuming it fits you and is the type you want, may be worth $3500 - $4000 new and a lot less if made for someone else.

Oh, one thing to consider.  If the  bike is really assessed as worth $9000 the winner (you) may be considered by the IRS as having earned $9000 in extra income that year and be taxed on that value.

Offline Pat Lamb

Re: How much is this bike worth?
« Reply #9 on: September 15, 2015, 02:37:12 pm »
Oh, one thing to consider.  If the  bike is really assessed as worth $9000 the winner (you) may be considered by the IRS as having earned $9000 in extra income that year and be taxed on that value.

I wonder if the OP were to put this on fleabay with a $9,000 reserve, would the IRS take the highest bid as the "value" of the bike that becomes "income?"

Offline kkuchenski

Re: How much is this bike worth?
« Reply #10 on: September 15, 2015, 02:49:27 pm »
I agree that $9000 price is absurd and the bike includes a great number of items of very little interest to most potential buyers.   This "prize package" sounds a bit like the awards made on TV game shows.

The bike alone, assuming it fits you and is the type you want, may be worth $3500 - $4000 new and a lot less if made for someone else.

Oh, one thing to consider.  If the  bike is really assessed as worth $9000 the winner (you) may be considered by the IRS as having earned $9000 in extra income that year and be taxed on that value.

One reason I need to know how much it's worth is because it is a prize and I will be taxed on it. So I need to know how much I should expect to pay for it and if I can even afford to keep this bike if I want to!
Also this bike was not made with any specific woman in mind, but it does fit me. :)

Offline staehpj1

Re: How much is this bike worth?
« Reply #11 on: September 15, 2015, 03:57:15 pm »
One thing about a custom bike that makes it worth more is that it can be built specifically to your measurements.  That advantage is out the window if built for someone else or for no one in particular.

On the other hand, if the novelty of it being from the seven wonders contest makes it worth more to you (or to a buyer) that might add value.  The "collectable" angle is hard to put a price on since it might be a big deal to one person and mean nothing at all to another.

The novelty value of being from the contest would seem to be highest for the winner of the contest.  You will be able to tell the story every time someone asks about the bike.  Does it fit you?  Do you need a touring bike?  Do you like the bike?

I have a hard time imaging that you would get anything close to $9000.  I guess less than half that is more likely.

Offline k7baixo

Re: How much is this bike worth?
« Reply #12 on: October 13, 2015, 08:48:42 pm »
I hate to say it - and I don't mean this in a mean way - are you a serious cyclist?  If not, why keep it?  It's a heck of a bike whereas, again, unless you're a serious cyclist, you may not ever appreciate it fully.  OTOH, if you're serious about cycling, it's like winning the lottery!  Congrats!

Offline rickpaulos

Re: How much is this bike worth?
« Reply #13 on: October 26, 2015, 01:26:46 pm »
A friend won a car that was grossly over valued by the company contest. He did the paper work with the IRS to establish a reasonable value on it.

Getting quotes from other builders for similar bikes may be all you need when doing the tax review.


Offline atodaso

Re: How much is this bike worth?
« Reply #14 on: October 26, 2015, 06:59:31 pm »
If someone walked into a bike boutique and ordered a bespoke bike, custom-built and custom-painted, decked out with all the trimmings and at no discount, it might hit 9 grand. But realistically if I saw this posted on ebay in pristine unridden condition for $4500 I think it might eventually sell.  It's worth at least 3500 and not more that 5500 as a second hand new bike.