Translation:I will sell the car and buy a bicycle.
I guess the ending isn't normal, but it is the only correct form.
The verb pair is продавать (продаю́, продаёшь) and Продать (прода́м, прода́шь). The perfective is used here and it is an irregular verb, similar to есть as PeatSickle and alex_tv80 explained.
продавать on the other hand becomes продаю, not продаваю. I think this happens with all verbs that end in -авать -they become -аю. It's kind of like -овать becoming -ую. Russian conjugations are only easy if you know the stem of the verb ;)
Sorry, Friend Shreyas998629, but to this not-so-humble pedantic ass, the word “cycle” encompasses all of the following: unicycles, bicycles, tricycles, motorbikes, motorcycles, and perhaps, quads (four-wheeled all terrain vehicles, also known as ATVs). Absent further context, how can one know what the speaker/writer means? To me, they are not synonymous.