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I traded my better American made 65 Schwinn for a less than great late 80's Taiwanese Schwinn that needed a tube & new cables to shift gears to a guy that doesn't have a home and even did the get on his knee asking if I would trade it so he could have a bike that was safer to ride?
 
Personally I'd have offered to fix his bike or trade a different bike. But it is good that you helped a fellow bike rider. Sometimes the money doesn't matter. I've given away many bikes over the years regardless of profit or money I had into it.
 
It was my only bike that was rideable, the other two that were are not my bikes and I didn't have any cables to fix it.

I don't have much myself but just lucky to have a place during these times that I pay my way by fixing thier car & the house and the bike was given to me last year, it had a Shimano 3 speed on a non Schwinn rear wheel.

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I look on CL everyday and no one around here would ever pay much for that bikes anyways like there was a nice clean bike for $15 took over a week to sell.
 
Why don't you fix that bike up and go cruising around until you run into him again, and swap back? He probably won't care about style of bike, he'll be more interested in a dependable bike with air in the tires. If he doesn't go for it, no big deal. I've fixed up a bunch of donated walmart bikes for a church charity here in town, it's all about transportation to the needy and homeless.
 
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