For a 40,000+ mile bike that is over ten years old, regardless of how well kept it is, $1400 is kinda high. Fair price for sure, but it is about what most would pay for a running and riding one that are in the know about the Bandit 1200.
I think a fair offer would be $1000 flat out, but if it takes it to pry it out of his hands, I think going up to about $1250 could still be reasonable.
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