I know this was discussed in detail a month or so ago. At the time, I didn't have access to the definitions in my Used Bike Buyers Guide. Now I do. Here is what Jim Cunningham graciously provided to me when I was struggling with the guide a few years ago. Any judgemental guide can be controversial, with such words as "moderate", "minor", and "significant", but this has stood me in good stead. Anyway, for what it's worth. Lou Deeter, Orlando FL
Grade:
NIP: New in original packaging. NOS: New, unused, old stock. NEW: New, unused, recent production. EX: Excellent, virtually unused or unblemished. VG: Very Good, minor wear or blemishes. G: Good, moderate wear or blemishes. F: Fair, significant wear or blemishes. P: Poor, incomplete, non-functional or very blemished. REB: Rebuilt/repainted.
Added: Dents are significant rust should always be mentioned, regardless of the grade.