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I've parted out and sold whole bikes. The prior comments on time versus maxing out ROI is spot on.
However, I got one tip: if there are any super desirable parts (e.g. Enve cockpit, Zipp wheels, Moots seatpost), I'd recommend swapping those out with less pricey parts and selling the bike with less than top shelf replacement parts. You don't really get a lot more for your complete bike if there is a basic Bontrager aluminum stem on it or a Enve aero stem.
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