i would not buy the bike without the red key an less it was very very cheap. that way if you get a problem with the bike and need the red key. just strip the bike for parts and get your money back that way then you lose nothing. the chances are ,you will not have a problem .but if you do have a problem as long as the bike was cheap to start with you will not loss out. but if you are buying a bike you want to keep for a long time and add lots of nice bits to it, i would not buy one without the red key. Saying that how many people out there that have the red key know its the real one? if the red key is lost all people do is buy a plain red key (ebay) get the key cut and then tell the buyer the bike comes with the red key. how many people check the red key works when they buy a bike?. Bike is worth a lot less with out the red key.