Elitest Murray Owner
Join Date: Apr 2006
Bikes: 1972 Columbia Tourist Expert III, Columbia Roadster
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Well how much work you put it into it is going to depend on how much you want to do with it. If you're going to keep it then I guess go as far as you need to go to be happy with it.
If you're going to sell it - you'd probably be lucky to get $200 or so for a nice one, so you probably don't want to go all out. If it were mine I'd replace the tires if they're old/cracked/worn out, repack the bearings with new grease, oil the cables and adjust the brakes (if it has any - some only had coaster brakes) and pretty much leave the rest as is other than cleaning off any dirt or grime/obvious dirtyness.
If you start going all out replacing the chains, seats, cables, etc. you'll easily spend the worth of the bike.