This came down from $195 but I'm thinking I only want to go like $60-$100 in. The reason is, of course, the bike hasn't been ridden in 100 years so I'm thinking:
- It needs new cables
- It needs new brake pads (good pads will work fine on old style cantilevers, right?)
- It definitely needs new (27-inch) tires
That derailleur and cassette will need some attention too (rusting, but I think it's usable), and the wheels... maybe a 700c upgrade is warranted; but an upgrade is necessary if they're steel and rusty. They look in good condition from here, though.
The whole thing will need to be taken apart, lubricated, and tuned up regardless. I don't know if those wheels need to be trued or rebuilt; do the spokes eventually go bad from hot-cold cycling between 100+F and 10 below freezing in the garage?
I'm thinking it'll take about $70-$100 of parts (cables, brakes, tires) to make it road ready and a lot of work, plus tons of labor (my own time or paying a mechanic). I'm looking for a bike I can take out at night with the risk of it getting stolen, not a new regular commuter; I don't want to sink $400 into it.
Maybe I'm undervaluing the bike itself, though, since it is a nicely built Panasonic; but that's an issue for Classic & Vintage. At the moment I'm concerned on the hidden costs of buying a garage-sitter that's been inactive for 20 years.