Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - schwinn Varsity

I just picked up a green 24" Schwinn Varsity 10 speed. Serial FJ597471 It needs tires and tubes, and a real good cleaning.
Can anyone tell me the year, and if it was worth the $10 I had to give for it?

FJ means June 1973. If it is in otherwise nice shape it is easily worth the $10 you paid for it.

Assuming it is not a rust bucket and does not have frame damage, should be worth $100 cleaned up.

$100 in a good market. $75 in slow markets.

-Kurt

Here are some photos of the bike with it's new shoes.
http://www.facebook.com/photo.php?pid=58885&id=1635784241&ref=mf
http://www.facebook.com/photo.php?pid=58886&id=1635784241&ref=mf
http://www.facebook.com/photo.php?pid=58886&id=1635784241&ref=mf#/photo.php?pid=58887&id=1635784241&ref=mf

Here are some photos of the bike with it's new shoes.
http://www.facebook.com/photo.php?pid=58885&id=1635784241&ref=mf
http://www.facebook.com/photo.php?pid=58886&id=1635784241&ref=mf
http://www.facebook.com/photo.php?pid=58886&id=1635784241&ref=mf#/photo.php?pid=58887&id=1635784241&ref=mf

Links don't work if you aren't a facebook member. Try a free picture site like photobucket.

May I extend this thread? I looked at a campus green 1972 Schwinn Varsity at a local Salvation Army store yesterday and wonder if I should have bought it. It seems SA prices have risen, despite the poor Detroit-area economy. The price was $39.99, with a one-day discount of 35%, on a bike that was mostly intact except for a missing headbadge. The chrome was badly rusted on the wheels and the RD. The frame seemed straight and the paint dulled, but not chipped as bad as my own '72 Suburban, although there was plenty of evidence of chain slap on the chainstay. I felt that even the final price of $26 was too much for a Varsity in this condition, because my intent is clean it up, make minor repairs and resell it.

So is $26 too much? I asked the store clerk about prices, and she assured me that the price would likely never be lower than the 35% off, because bikes sell quickly there.

That is maybe a $75-$100 bike after you fix it up. How much it would cost you to get it in flipable condition should be your guideline on whether or not to pursue it further.

Flipping Varsitys isn't a big profit making venture.

For me it would depend on frame size in addition to the condition. I like 24" and 26" frames to work with.

Schwinn chrome cleans up real pretty with brillo pad, or WD40 and aluminum foil.

Schwinn paint if dulled will shine like new with careful polishing and even the decals will restore nicely if not cracked.

Head badge of this vintage would be oval white, and not date stamped, replacement should be found with a little effort.

A fixie/single speed builder would have jumped on it at that price.

I understand SA and even Goodwill often price all bikes at about the same price $30 to $40 and that they do not linger longer than a day or two.


Maybe it is still there?

Well, thank you both for your replies, you are (unfortunately?) confirming my suspicions and stirring me to feed my habit. In fact -- get this -- the SA store is open today. Those poor store employees. So, I just may go check it out. I had intended to buy at least one used shotgun at Gander Mountain yesterday as well, but the ones I wanted were all sold. That means I have some disposable income remaining to blow on another bike.

I do have some experience cleaning and shining Schwinn chrome -- other C&V members have stated strong positions against using steel wool or any abrasive, by the way -- and while my results have been good, I've never worked on chrome that was rusted as badly as this bike's. So I was a bit uncertain about taking it on.

I realize flipping Varsities is not a real profit-making venture. I'm just hoping to acquire skills in restoring bikes, and to more-or-less break even in supporting my bike habit. If I got $75-$100 for that Varsity, I'd be thrilled.

I would point out the damage to the rims. If it is severe enough, they will have to be replaced and that can take all the profit out of this venture. I would approach this carefully.

At resale value of about $100, you could collect a few at $10 to $25 each. Swap parts out to your current project bike, sell it when it is ready...then go on to the next one. At that price the parts alone are worth it, somebody would probably even buy the bare frame off you to build up into something else. It's been awhile, but I remember Varsities to be a pretty basic rebuild. Mostly cleaning & lubing.

Thanks again for the replies and advice. Yes, I was thinking the same thing as cycleheimer as I looked over the bike -- if it was just a frame on CL or eBay, someone would be buying it. I was filled with indecision. Partly, I'm sure, because I have been just a bit spoiled by the garage sale finds and trash day finds over this past summer. Also partly because my wife and kids are complaining daily about the number of bikes in the garage. There's not really room for another bike. I suppose the smart thing to do would be to throw out my current worst bike to make room for the next one. Hm. Yes, that's what I should do. Thanks for the idea.

My basic rule on thrift store bikes is there needs to be about $100 margin above parts for me to buy it. I get parts cheap (load up on them during various internet sales). The $100 margin figure is to cover hidden problems that I can't spot in the thrift store, my labor, and any error in my "estimates".

I usually restrict my buys to cromoly framed bikes (or better) with alloy rims and crank set. It is hard to get over $100 for a bike unless it has these features.

Almost everytime I lower my "bar", I end up sorry (don't make any money).

I would not pay $30 for a Varsity in need of work, as there is no way I could sell it for more than $100. Add new cables, tires, tubes and replace the seat (seats on TS bikes are almost always trashed), and my margin goes to about $20 or less. No room for bargaining on sale (everyone wants a deal).

Note, all of these comments are in regards to flips. If the bike is for myself, and something I was looking for, I would not hold it to the $100 rule. But I am not looking for a Varsity, been there, done that.

Thanks for the sound economic advice. I tend to view bikes with undue optimism. There is a site containing advice on buying and flipping bikes, called something like bicyclewebsite.com or bikewebsite.com, in which the author sets forth his rules on bike prices. He advocates setting a target selling price of triple the cost of the bike and required parts. If that price is higher than the typical sale price of bikes of that vintage and model, then he passes. But his prices are for Oregon of 1989, so the site's text is dated. I think it's a book that was transcribed to the Internet site. Your $100 margin sounds safer.

P.S. You are right on the mark about the '72 Varsity at the thrift store -- it did need new tires, tubes, cables, and a seat.

It doesn't help that I'm fond of Campus Green Schwinns.

OK, I bought it. I paid too much. But I wanted it. (My son has shown interest in the blue 1984 women's Varsity I bought for my daughter, so I thought he might like this one.) The older lady SA store manager was firm. When I said $39.99 was more than the bike was worth, but I was willing to pay the price at the 35% discount offered on New Year's Eve, she said that was then, and she'd take $30 because the bike came in only recently. Here it is:

http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020602.jpg
http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020607.jpg
http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020605.jpg
http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020606.jpg
http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020604.jpg
http://i525.photobucket.com/albums/cc336/davidw56/1972%20Schwinn%20Varsity/P1020603.jpg

Looks like you now have a project to work on.

You may have to soak the rusty bits in an oxalic acid bath. Do a search on here about it.

Barkeeper's Friend contains oxalic acid at a low concentration. Works well on smaller bits.

Here is one I recently refurbished.

http://i115.photobucket.com/albums/n319/cb400bill/SchwinnVarsity002.jpg?t=1230993050

Beautiful! I do have Barkeeper's Friend that I have used on another Campus Green Schwinn Breeze with success. What did you use on the paint?

The paint on mine only needed a little cleanup. Soap, water, elbow grease.

But if yours needs a little more, try some rubbing compound on a cloth. Some on here have used McGuire's Scratch X with good results. Whatever you use be careful around the decals. And don't buy the vintage Varsity decals on eBay.

Though pricey, Hyper-formance is the only source of Campus Green touch up paint i could find. I got my bike to flip so I didn't purchase any. You mileage may vary.

That is Meguiar's ScratchX compound. I've seen other posters recommend it. My question -- is the Meguiar's brand that much better than the others? I do have a product called Scratch X that is not Meguiar's that I have used on my cars.

Also, why don't I want to buy the vintage Varsity decals on eBay? I've never bought vintage decals anywhere, so I have no clue there.

is the Meguiar's brand that much better than the others?

Probably not, if they do the same thing. KIT Scratch Out works just as good, and in some cases, I've found that the thicker consistency of the KIT product works better.

-Kurt

Thanks for the recommendation. I think KIT is the brand I have. In addition, I have Dupont Rubbing Compound, both the No. 7 and No. 9, IIRC the product names. Green can and red can.

I have not had favorable results with rubbing compound on all situations, would only utilize on the real tough zones.

From your pictures, the chrome will require the most attention and most if not all should clean up real shiney.

I would still recommend brillo pad (wet) on the rims and chain guards. The steel wool material on brillo pads is very soft, much more than the harden Schwinn chrome, and should reduce the surface pits with a good rubbing. I usually can get a single pad to last for one rim. Another for spokes, sometimes two. Max is usually three per rim.

If rims are deeply pitted then a search for a donor bike with aluminum or alloy rims maybe best solution.

I have not had favorable results with rubbing compound on all situations, would only utilize on the real tough zones.

What type of rubbing compound? Stuff such as 3M's Microfinishing Compound?

-Kurt

That Varsity will clean up and look great. The rust doesn't look all the deep even on the rims.

What type of rubbing compound? Stuff such as 3M's Microfinishing Compound?

-Kurt
Actually should have clarified, I have not used rubbing compounds on my bikes as of yet. Yet my experience has been with some automotive finishes and DuPont products.

A father of a gal my son dated, is or was the Dupont rep for the local GM plant, reviewed my problem after application to a 75 Nova (deep green) and helped to make arrangements for a repaint at local body shop for labor cost only, he provide the paint. (about 15 years ago).

Indicated his product was not compatible with the finish on my car, also a DuPont product. Never learned anymore about the why, only have been cautious since.

I have been lucky with my bike frames (I guess) and have had good results since with (lately) Scratch X and other retail offerings plus firm hand application and polishing.

Even though my father was a painter, I was not exposed to the finer qualities of finish applications. I was used for the prep work and for clean up detail, told a talent in its own right.

Thanks all for the additional info. My wife caught sight of the rusty Varsity photo, and said "Ugh! that's not YOUR bike, is it??" I said it was -- she thinks it's my original bike, I think -- and then I scrolled to the clean restored one and showed her that. She responded that I'm spending too much time posting pictures and not enough time cleaning up bikes to sell them. So I'm off!

I have begun cleaning the front wheel with Barkeeper's Friend, and you all are correct, it is indeed taking the rust off the chrome. I didn't have any luck finding oxalic acid last time I shopped, so I'm having to do this the slow way, by hand or by brass brush. Pictures when I'm finished.

I had a hard time finding oxalic acid too. I found oxalic acid at Sherwin Williams (paint store) and Ace True Value hardware stores. I would imagine you could find it in Detroit, somewhere?

Matt

I had a hard time finding oxalic acid too. I found oxalic acid at Sherwin Williams (paint store) and Ace True Value hardware stores. I would imagine you could find it in Detroit, somewhere?

Matt

Lowes and Home Depot carry it. Just go in and ask for 'Wood bleach for a deck'.

Maybe it would be out of stock now, as you would have to snow blow the foot of snow off the deck first. :rolleyes:

Mmm, yes. I'll admit I didn't try everywhere for the oxalic acid. Home Depot near me did carry a wood deck cleaner, but I wasn't certain I wanted it, since it was "specially formulated for wood decks". I think I just want the unadulterated oxalic acid, in the form of a white powder. The local hardware store where I bought the Barkeeper's Friend thought they had oxalic acid, but couldn't find it on the shelves. Sold out. I'll look again next time I go out that way. Thanks for the tips!

Anyone who collects bikes needs atleast 1 varsity or continental in their group if for nothing else to tell the schwinn factory story. You can have a $20,000 handmade by monks roadbike, but there never will be another true chicago schwinn.Anyone preserving one is saving a small piece of American history. They are the model T of bicycles. Tons were made but fewer survive every year.So my hats off to anyone fixing one back up.Besides they make great shop talk on sat. nite! Also my continental looks cool next to my supersport,another great schwinn story.

I did find oxalic acid at an locally famous old family-owned store called Duke's Hardware. It's working well taking the rust off the chrome of my Varsity.

I managed to let this Super Sport get away a couple of weeks ago -- it sold for only $78.95. If only I'd paid attention.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=310112743993

http://i12.ebayimg.com/07/i/001/27/b4/30d4_12.JPG (javascript:void(null))

I picked up a blue Varsity at Goodwill last week for $16.10 (ah sales tax). Paint and chrome are good. I will post a picture after the clean up and see what it sells for come spring.

I managed to let this Super Sport get away a couple of weeks ago -- it sold for only $78.95. If only I'd paid attention.

I surprised as well that sold for less than $100, yet w/shipping it was a almost $140, not bad for eBay sale of this model. I think this was a 22" frame. 26" and 24" frames seem to draw more attention the past several months.

I will guess it is a sign of the times, more than the weather at present.

How is your campus green cleaning up?

The wheels of the campus green Varsity have been cleaned up. With the surface rust removed, there are revealed several spots along the rims that won't clean further with the acid. I'm thinking the chrome is pitted through. Photos later.

. The varsity is a cool icon bike. I once bought one, a 72 ladies, in mint condition at an auction for $4. The strangest part was the bike next to it a, beatup bottom of the line murry went for $6. I took it home stored it for 4 months, then traded it even up for a puch AD pacifica with a bent front wheel. My LBS straightened the rim for $18 but somedays I think I'd like that ole varsity back. but then again..........................