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Join Date: Nov 2008
Location: New York Metro Area
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Bikes: '02 Litespeed, '99 Bianchi Alfana. '91 Fuji Saratoga, '84 Peugeot Canyon Express, '82 Moto GR, '81 Fuji America, '81 Fuji Royale; '78 Bridgestone Diamond Touring, '76 Fuji America, plus many more!
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As mentioned, cleaning and soaking the chain in oil may help. You can put in a plastic bag with oil to soak it. If the tires need replacement they are only about $7 each at Niagara Cycle Works. Brake pads are $2 a pair. The Alvit-Huret rear derailleur has already been replaced for you. Plastic handlebar tape (black) is probably about $2, also at N.W.C. That tape may clean up, though. These bikes are one of the easiest in the world to rebuild.