hazex3

Looks to me to be an 88'.

Looking for just general thoughts on this bike, work put in vs use/value.

What is it worth now? Should I focus on keeping as much original as possible? Should I use the frame and freely replace worn/damaged components?

What would you all do?

Bike Restore Aug 2014 - Imgur

Plenty of pictures at the link.

jyl

Assuming the frame is straight and undamaged. Often nothing much needs replacing, most bikes are not ridden enough to wear out, that bike looks pretty complete and simply in need of a good cleaning and overhaul. Personal taste, but I'd keep that bike vintage with period-correct components. If you do need to replace a component, everything is available on eBay or look in the C&V For Sale forum. Also assuming you have basic tools.

Take plenty of pictures for reference.

Remove all components, get to the bare frame (can leave the pressed-in headset races, and the bottom bracket fixed cup, in place). Note left pedal thread is reversed. Need special tool ($10?) to remove the bottom bracket.

Disassemble hubs (probably need some thin hub wrenches, $10).

Remove and discard tires, tubes, rim strip, chain, bar tape, cables. Save cable housing.

Clean grime from frame and fork well with dishwashing soap, then WD-40, then Goof Off as necessary. Read threads on oxalic acid. Soak frame and fork for a few days, to remove the rust. Also soak other rusty steel (bare or chromed) bits like the quick release skewers. Don't soak aluminum.

Touch up larger chips with plastic model paint if you can find a match at the hobby store, or simply clear nail polish for a bit of protection. Don't go overboard - embrace the patina! Spray inside of frame with Framesaver if you live in a wet clime.

Take some cloth rags and polishing compound and shine up the aluminum components and rims. Don't polish away any lettering.

Treat gum hoods and plastic components (if any) with 303 or a similar protectant (find at auto parts stores).

Use steel or brass wool, or very fine sandpaper, or wire brush, to brighten up the steel components (nuts and bolts, spokes, cable housing clamps). Clean screw threads.

Check and correct spoke tension and wheel true. Need spoke wrench of correct size ($5). Nipples may be frozen (corroded) on the spokes. Drop penetrating oil into spoke nipples where they meet the spoke and inside the rim eyelets. After a day, the nipples should be able to be turned. If they are still frozen, I've had luck unfreezing stuck threads with heat (judicious use of a propane torch) - but that's mostly on cars, I've seldom need to do that on a bike.

Reassemble bike, greasing all bearings well (generic auto bearing grease is fine), also greasing seatpost and stem, and oiling pivot points on brakes, derailleurs (Tri-Flow or other light oil). Don't overtorque small bolts or the stem expander bolt. Don't undertorque crank bolts.

Buy cable housing, cut to same lengths as existing housing (need cable cutter, $25?, or can use Dremel tool - regular wire cutters will not work). Buy new cables. Recable bike. Note tasteful cable routing - both pass behind the handlebar, loops not too big and as symmetrical as possible, no binding or inadvertent brake application when you turn the bars, no excess housing that pushes the brake calipers out of line. Crimp on cable caps (cable ends) to prevent fraying.

Buy new bar tape and rewrap bars. Read threads for endless debate on best material (cloth, Benotto, leather, cork) and wrapping direction (down, up, in, out) then choose your religion.

install new tires (Panaracer Paselas are good, cheap, come in tanwall), tubes (get shortest valve stems possible, not the long valve stems meant for aero rims), rim strip. If tubulars, read up on gluing technique. Install new brake pads (KoolStop salmon if you ride in rain). Install new chain, setting correct length (need a $15 chain tool).

Adjust derailleurs and brakes. Ride!

Lots of online guides -
INDEX OF ALL PAGES
Sheldon Brown-Bicycle Technical Information
Park Tool Co. » ParkTool Blog

Also a used book store should have an old bike maintenance/repair book for $5.

It is a 1970s Raleigh Competition, a mid/upper level race bike with good tubing (Reynolds 531). Cost to fix up might be $150, half tools and half consumables incl tires. Value of complete bike when fixed up is not great - $150-200? depends on rust/cosmetics - but it will be a great learning experience and will ride nicely.

oddjob2

I sold a 1986 Raleigh Competition frameset on ebay for $159 last month. Paint in much better condition. If you have good wheels for it, clean it up, overhaul it, and ride it for a while. Then you can decide on a price for it, but I would think low $200s would be pushing it.

hazex3

Thanks for all the replys,

Jyl - man that is a ton of information, thank you for taking the time.

I am not really interested in selling this thing. Its a classic (imo) and a good working bike for commuting is what I am looking for. I was mainly just curious of the value, because I don't want to dump $300 into a bike that is only worth $100.

Right now, I am trying to find out the deal with oxalic acid. This forum has a TON of information on it,.. but then people say conflicting things (information over-load). Will it mess up the existing paint/how much for how long/what is the best product to buy/ how much to cut it down with water, etc etc.

hazex3

The serial number makes this bike a (May) 1978 Competition. According to Raleigh Serial Numbers & Charts

big chainring 

I'd paint it using Randyjawa(mytenspeeds.com) brush method. The Competition always looked great in black. I would get a 1/2 pint of gloss black enamel and a nice art brush and go at it. Line the lugs in gold, be a beauty.

Of course a rub down with some sandpaper to get rid of the rust would be part of prep.