When a guy says he doesn't have time for a relationship right now, does he mean...

Whether or not it's a genuine comment, or tactful let-down, the last thing you should be doing is trying to analyse it to death in your head, it will send you insane, trust me. Just leave it, because no matter how much you think over and over again about what he's said, he's made his decision, and no amount of over-analysing is going to change that, so just move on and go have some fun!