Keep in mind that if you want the verbal agreement to stand, then you only negotiated compensation for possible damages, nothing about rent or wear. Wear can be considered damage I guess but what are you considering as wear vs damage? I'm sorry you are in this situation, I hope the guy is reasonable about what he's done here and pays up. The two options I see are him paying for damages, or buying the mower for the price advertised before he borrowed it.
This sounds like it was a pretty decent and expensive mower to let someone borrow pretty much for nothing.
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