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Why are high end bmx bike so expensive

It 1,206 for this one
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Groofydorkgerdo · 56-60, M
People pay for the name, nothing more.
I own an OLD K.H.S. cost a little over 400 bucks.
It got left out in the rain for years, got ran over by a city bus, has been dropped, dragged, and mishandled. It has outlasted Cannonballs, Treks, Giants, and Bianches. Some of these bikes are well over 2 grand and are now retired.