Myosmith

You need to assess the bike as a whole to determine if it is something worth putting money into. It appears that the CCM Falcon is a department store bike that goes for under $150 new. Brake pads and cables are part of routine maintenance and you can expect to replace them on any well used bike. But if you are talking about replacing the brake mechanisms, the freewheel (rear "gears"), chainrings/crankset (front "gears") and/or shifters there is no way you can come out well starting with a department store bike. If you are looking at putting $150 or so into a bike, I would suggest you sell, part out, or donate the one you have; stay away from WalMart level bikes; and put your money into a used higher quality bike that is in decent shape and doesn't need any major work. The safest way to do this is to go to a reputable local bike shop (a real bike shop, not just a store that sells bikes) and tell them what you want in a bike. If you have more experience and know what to look for and watch out for in a used bike, then you can make some good deals from private sellers on Craigs List, garage sales, etc. but it can take some hunting and you have to have the judgement and patience to wait for "the right one". I've found it effective to place a "wanted to buy" in CL as potential sellers usually check out the list before posting their bikes for sale.