A few months ago I bought a used 2003 Specialized Sequoia, just the basic model, not the Elite or Sport. I hear it's a great entry level bike and it's my first road bike and I like it a lot. It had about 500 miles on it when I bought it and I put about another 200 miles just riding around. I want to start training for the upcoming MS150 event next April but I'm thinking I definitely need some upgrades. Everything on the bike is stock except the saddle which the previous owner replaced with a Selle Italia SLR and also some pedals that are pretty crappy. I've also noticed my bike is considerably heavier than my friend's Specialized Allez and Trek Pilot. I'm pretty new into this whole road bike thing so I don't really know what I need to improve on my bike to make it lighter/more durable for a long ride or anything like that. Or if I should sell it and get a better one? I would love to hear some input.

Thanks everyone!

Silk purses not readily made from sow's ears :) General advice is you are much
better off spending money on repair than upgrade. Wheels are you best bet to
reduce weight on a $/oz basis. Problem is with most components you only
get an oz or 3 per component so to add up the # you have to change out
wholesale and to much lighter groups. CF cranks might give you as much as
6-8oz but retail in the $250-400 range. You can occasionally find 1.4 or 1.5 Kg
wheel sets in this price range and you can get 220 gram tires for $30 or so each
which would get you 14-18 oz weight drop. Unless you find steals on these
things, you are much better off finding a used 3-4yr old Madone or equivalent
for $1000 or so and get an 18# bike that way.

700 miles, It's not even broke in yet. Just go ride more, no need to upgrade.