Profitable to refurbish an old bike?
This works somewhat in concert with my other thread. Given that I intend to buy a new bike soon, I still have a leftover serviceable mountain bike that I wouldn't mind selling to recoup my income. Here's the situation:
One bike is a cheap (heavy) steel-frame Next mountain bike that I've been riding to and from school with for years now. The chain is rusty but still flexible, the left gripshift that controls the chainrings doesn't work (I probably just need to replace the cables, the gears otherwise work fine), and the resin pedals are in a state of disrepair. The tires are also a little cracked up, but still work fine; the tubes are new.
There's another bike that's sitting in my apartment complex that's been locked up for years now that I'll probably buy from whoever owns it. The bike is in a horrible state; the chain, gears, and cables are all thoroughly rusted and it's without a seat. However, the frame is in an immaculately clean and perfect state, and is aluminum. The tires are in good shape too, as are the pedals and the grips. I figure the guy will probably let go of it for 20$.
In both cases, is it worth it to replace some of the bike parts; cables, pedals, chains, and perhaps even the cassette, and then resell them? I will probably be painting the Next bike with an olive green automotive paint to give it a military surplus feel, and the most money would have to go into the second bike, but which can be had relatively cheap.
In fact, for that matter, will the bikes even resemble their original state after I repair them? If nothing remains stock except the frames, wouldn't they essentially be custom bikes?