Theory:

The title "A Bicycle in Good Repair" looks at the two major aspects of the lesson. The "bicycle" in the title shows us the role played by it. Although a non-living thing, the bicycle is a crucial character and holds an important place in the story.
 
"Repair", on the other hand, is the theme and motif of the story. The word "repair" tells us what is basically happening in the story. Throughout the story, we see the man trying to "repair" the bicycle. Some of the elements of a story, such as the plot, theme, characters, conflicts, and humour are associated with the act of repairing the bicycle.
 
The title "A Bicycle in a Good Repair" can be roughly paraphrased as 'a bicycle is well taken care of'. The title is ironical because the end result is quite the contrary. On the other hand, the title can also refer to the intention of the man. It was never in the man's intention to spoil the bicycle. He had indented to make it better, although it was uncalled for.