My answer tends to vary depending on the situation and how I read the person asking. This applies to both my motorcycle and my CDN $2500 bicycle when I'm travelling.
Most of the time I tell them the approximate real value of the equipment but I qualify it with explaining that I have to work very hard for many years in order to afford it. Sometimes I just say that I prefer not to tell. In other words, simply honesty.
On occasion, I've told people that I don't know since it was a gift from my fiance.
...Michelle
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