Additionally, when you use a bike long enough you'll often end up making a number of tiny adjustments to it over time. The monetary value of these adjustments may be minimal—add a saddle and rack and bags that fit just right, adjust the handlebars, swap on either more supple or puncture-resistant tires depending on your needs, maybe tweak the gear ratios—but they add up to make the bike work perfectly for you.

When a bike is stolen, the difficulty of replicating this "perfect setup" can be wildly disproportionate to the cost of the bike.