Join Date: May 2011
Location: Oslo, Norway
Bikes: 1951 Armand Carlsen, 1969 DBS Deluxe, 1949 Diamant, 1978 DBS Winner Tandem, 1955 Herkules... to infinity and beyond!
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Congrats on a nice bike! Looks like a 1987 World, if I'm not mistaken. Take a gander at the catalog:
It doesn't sound like the bike has any big problems to worry about. Going from the top:
1. Replace the chain. I like KMC chains. Chains rated for 5 or 6 speeds will work best.
2. Replace the grips. Those foam grips were never nice to begin with. Get some cloth tape, get your bike shop to install it while you watch and learn. Tressostar/Velox and Newbaum's are good makes.
3. The saddle looks functional. I wouldn't worry about it, you can always get a cheap racing type saddle later on.
4. Tubes are easy to get and generally fit a number of rim sizes. You need tubes for 27x1/4", or "32-630". Sometimes the box will state a range, like "28/32-630". As long as your size is within that range you'll be fine.
5. Examine the tires. Are they rotten/cracked/perforated in any way? Then look for replacements. Sad truth: Rubber doesn't last forever.
These are all cheap, easy-to-get replacements.