I found a 2005 Suzuki LT50 close to me that is in like new condition and they said they would take $700 for it. Is it a fair price for one of these?

 

No, you can get a brand new made in china for that price. JK get it.

 

For a name brand little ATV that is a good price. TLC is correct that you can get a new Chinese ATV for that but if I had a choice between a Chinese 50 brand new and a Suzuki 50 a couple years older, I would go with the Suzuki. Usually kid quads are almost brand new when they go for resale because they don't use em that much before they out grow something that small.