The paragraph should read thus:
I have two bikes. Both are expensive. One is red and the other is green. The red one's damaged because it's old and has been well used. The green one's not in very good condition either, I'm sorry to say.
This is only one possibility, and I don't claim that it's the best rewrite: It's too much a list, but there is some value in showing you how to reduce the number of times you use "one" in the paragraph. There are many other ways of rewriting this in idiomatic English. John Lawler's comment suggests a better way, but I'm not up to writing a story for you. You can (and should) take his advice.
Your translation uses either Japanese or Chinese structures (e.g., red color and green color, which native English speakers don't use in this context. To write good English, it's necessary to use standard English sentence structures. You'll need to read more English essays to study those structures.