Thanks for the advice guys. Looks like I will take in for a tune up, and skip buying a new bicycle for now. This brings me to my next question, what should I have the bike shop do to the bike exactly? @cleverendeavor, you suggest spending about $200 to fix this bike up, could you please specify how I should spend that money?
I'm located in Toronto so I have 20+ bike stores to choose from, any recommendations?
My local bike store offers these services:
Pit Stop Tune Up: $35
- Full adjustment of brakes, and front and rear derailleurs
- Lubricate drivetrain which includes chain and derailleur pivots
- Check and adjust headset
- Inflate tires to proper pressure
- Check all bolts for proper tightness
Full Tune Up: $50
- All services from Pit Stop Tune Upplus
- Check and adjust front and rear hubs
- True front and rear wheels
- Check and adjust bottom bracket
- Surface wipe of bicycle
Full Overhaul: $120
- All the services of a Full Tune Up plus
- Overhaul of front and rear hubs, headset and bottom bracket
- Complete clean and lube of the drivetrain
- Complete clean of the bicycle
http://cyclepathnorthyork.com/service/main-service.html