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Hello I’m new here and I’m not sure if this is the right area to ask my question.
I’m looking for help to identify the exact model of this bike (I see it’s an Orbea Zeus but I need more info) and also the price of this bike?
Yes I damaged someone’s bike and they are claiming I owe them $1000 for the bike because it’s worth $6-$10,000 but I googled it and can barely find any info on it except that it’s super old.
I want to make sure I’m not being taken advantage of while trying to do the right thing by replacing something I damaged.
I appreciate any and all help!
 

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If your going to accept responsiblity and he offered the amount of $1K to resolve the situation. That is about right.
 

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"it’s worth $6-$10,000"

Complete BS.

I can't really see the parts on the bike other than the wheels but although I don't think it's worth $1000 that's very reasonable for 'replacement cost'.

What type of damage did you do though? I ask because I think a lot of non-cyclist, which I'm guessing you are, think bikes are one piece items but 'replacing what you damaged' doesn't necessarily mean buying a complete bike. In fairness to the victim though it often does. Like for example if you trashed the fork and front wheel it's reasonable to worry the frame is compromised then blah blah by the time you add in labor, compatibility issues ect. you can get to the price of just getting a new bike fairly quick.
 

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That looks like an aluminum frame that was way too small for its owner. No way a replacement is 1K. That frame is old... Replacing the frame alone may not be even $100.00.


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I normally avoid respond to poster's who's first post is a question who seldom have any intention of sticking around long enough to even provide a thanks. However, if the owner of the bike is offering to accept $1000 to make the problem go away, I should think you should take them up on the offer. That bike was definitely never a $6-10k bike, even in Canadian dollars. On the other hand, I think you did a wee bit more than just "damaged" their bike. The frame appears to be folded almost in half, so clearly the frame is toast. With no explanation of how you folded their bike in half, the bike owner probably has legitimate reason to question the integrity of many of the other components, or compatibility with a new replacement frame. With this class of bike, it is likely more cost effective to simply replace the whole bike than pay a shop to source a frame and swap over parts that are compatible and for which the shop doesn't want to assume any liability if the component is still sound or not. And the owner will likely be without the use of the bike for some time while trying to source bits and pieces. If you don't like this answer, you could ask that the bike be taken to a couple bike shops for estimates. The estimates could be a fair bit higher than the $1000 being offered.
 

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There's NO WAY that is worth $1000. Not even close!!!

You're in Canada? Not sure exactly your small claims laws there.
But here in the U.S. you are responsible for current market value. Period.
In other words, what would it cost you to go on Craigslist, ebay, or FB and buy a comparable USED frame (or bike). That's a $100-$200 frame TOPS.
 

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You guys are missing the picture and sending this guy against a fellow rider. How can you tell the frame is small for the rider, BS!
That is an aluminum frame and it is toast. So if you get a new aluminum frame, please post how much a bike shop already brimming with work will charge to move everything over? ... and how many days the biker will have wait to ride his bike again. Maybe he uses it everyday to get to work or get some relief, it doesn't matter. Figure in a bike rental every other day till it is fixed and ready to ride.
BS.
 

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On one hand, I'm in the "$1,000 is reasonable" camp simply because Orbea is a decent bike, not something you'll pick up at Walmart. Go price ANY road bike at a bike store and I doubt $1,000 will be enough to buy even the lowest end offering.

That said, I do think the frame is too small for the rider based on how high the seatpost is, the amount of headset spacers, and the crazy stem. So perhaps the rider bought the bike used for a cheap price to begin with.
 

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On one hand, I'm in the "$1,000 is reasonable" camp simply because Orbea is a decent bike, not something you'll pick up at Walmart. Go price ANY road bike at a bike store and I doubt $1,000 will be enough to buy even the lowest end offering.
But it's not a new bike. A new bike price is irrelevant.

It's a 15-20yro bike. It's worth what a 15-20yro aluminum bike is worth.

Orbea's of this generation sold for under $2k new. Their current value is less than $400.
 

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It's a 15-20yro bike. It's worth what a 15-20yro aluminum bike is worth.
I didn't bother researching it that far as I couldn't tell the model from the photograph. This is akin to if someone ever broke my 27 year old Cannondale commuter bike. I'd probably push for a coupe $100 purely for the emotional stress - it was my first REAL MTB.
 

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Find one for $400, I dare you.
I don't need to. It's irrelevant. It's the fair market value of that bike. That is all you're entitled to. Not that exact bike. Not a new $1,000 bike.

If you have an old Ford Escort that's worth $500. And someone hits you... you get.... $500. Period. You don't get a new car. You don't get a replacement Ford Escort. You get... $500. What you buy with your $500 is up to you.

You may not think it's fair. But that's how it is. Don't like it? Try going to court and see what happens. (the judge will give you... fair market value)
 

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As others have said, there is no way that you should be compensating $1000 for that bike.

Whether the bike fit the rider or not is irrelevant.
How much the bike cost new is irrelevant

The only factor is the current market value of THAT bike.

The market is currently skewed because of the high demand and low availability of new and used bikes (related to the pandemic), but based on the BBB values posted here, I would not consider the value to be more than $450.

That said, none of us are trained adjusters, and we are just giving our opinions.
 

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For the bike to have a fair market value of $400, one has to produce a bike for $400.
Find that 15 YO bike for sale anywhere for $400, I dare u.
 

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How do you calculate the fair market value?
There are four basic methods of determining fair market value.
  1. Cost or selling price. If the item has been recently bought or sold, that can be a good indicator of its fair market value.
  2. Sales of comparable assets. ...
  3. Replacement cost. ...
Show me #1 or #3 of that 15yo bike today.
 

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How do you calculate the fair market value?
There are four basic methods of determining fair market value.
  1. Cost or selling price. If the item has been recently bought or sold, that can be a good indicator of its fair market value.
  2. Sales of comparable assets. ...
  3. Replacement cost. ...
Show me #1 or #3 of that 15yo bike today.
lol
Why did you leave out number 4?
#4 Expert Opinion.

You don't need #1 or #3 when you have #2 or #4.

You're really not getting this.

A bike shop appraisal, or BBB. Would qualify.
Or craigslist / ebay sales of comparable bikes.

This is case law.
The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright,

The definition of fair market value in Canada is similar to that in the United States, but differs slightly. The Canada Revenue Agency and the Canadian Cultural Property Export Review Board have endorsed this definition of fair market value:
The highest price, expressed in terms of money, that the property would bring in an open and unrestricted market, between a willing buyer and a willing seller who are knowledgeable, informed, and prudent, and who are acting independently of each other. (See ISA's Core Course Manual, 2-5 through 2-6 and 12C-8 through 12C-10 (2018-2019 Ed).)

What would a willing buyer pay for a 20yro Aluminum Orbea? :rolleyes:
 

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Did you do this with your automobile? Not sure how insurance works in Canada, but you might want to just let car insurance people handle it if possible.
 
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