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I bought my first 1100S that way after a few drinks. I got a decent deal in the end. The bike wasn't in amazing condition but was cheap and ran OK. Compared to my friend's 1100S the gearbox didn't feel as smooth but that's something I wouldn't have noticed without knowing the bikes better anyway.
I wouldn't do it again and recognised the risk I took at the time but it was actually quite exciting and I got away with it at least!
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