Happiest on 2 Wheels
Join Date: Jul 2006
Bikes: Cervelo Soloist Carbon, Trek 5200, Bianchi Volpe, Quintana Roo Kilo
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As it turns out, I bought a Schwinn 564 way back in 1991 and I still own it. Back then everyone was crazy about MTBs and you couldn't hardly give away road bikes, so I picked it up for practically nothing.
The positives: it's very fast even by today standards (every bit of power seemingly makes it to the rear wheel); it has very good brakes that are just about on par with Shimano 105; they're beautiful bikes; they were made in the Schwinn Chicago plant; it's relatively light for an older bike; and friction shifters are easy to adjust. The negatives: it's a very, very, STIFF bike and you'll feel every bump in the road; it has old heavy, obsolete wheels; the shifters are on the downtube; I always liked friction shifters but almost no one else does today; it uses the older style quill stems; and it has a very high top tube.
With respect to the cassette, my 564 does have a HyperGlide cassette.
My general take would be that if you were looking for a bike to just ride around the block or maybe back and forth to school or a nearby job, then it would be an ok bike, but I don't think I would use it as any sort of triathlon bike. For the price that they are asking, you should be able to find a much more modern used bike that would be much better on the road or for the odd triathlon or two. BTW, my 564 still looks great in my garage and that's enough for me to keep the bike, but I doubt that I'll ever put another road mile on her again.