How much should I pay for a 2004 Kawasaki Vulcan?

I would get on kbb.com and check what that bike would sell for, then go from there. Figure out what the extras approximately cost so you have a rough idea on what he spent on the bike. Ask him if it was routinely serviced by a professional or not. Regular oil & filter changes? Make sure you consider what you have to spend on it after you buy it. If you are going to need tires,sprocket & Chain(If it's chain driven.)
 
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