I have been out of cycling for quite sometime now. I have an old 1994 Giant Iguana mountain bike. It probably needs several things to either be replaced or serviced in order to get it back into good shape due to the years of neglect. I mostly (if not exclusively) ride on bike paths (paved) or city streets with my kids an pulling a bike trailer. Does it make more sense to rehab this bike or get a new one? I had been looking at the Trek 7.3fx and the Specialized Sirrus, but am now wondering if I would be just as well off keeping my existing bike. Of course, I am also afraid that I may end up sinking a bunch of money into the existing bike. Upon a very general inspection and during riding for the last couple of weeks, I have noticed that I have a split place in the rear tire, several broken or bent teeth on the crank, the brakes are squealing like mad and the wheels are at the very least out of true, if not more severely damaged due to the bike sitting up for so long.
Any advise would be appreciated.