I have been building up bikes for some years now. I get a huge amount of enjoyment from it, whether it is tracking down quality parts at good prices on the internet, receiving packages from the suppliers, feeling and eyeing the quality, acquiring good tools, or putting the lot together.
HOWEVER, our most recent bike acquisition was entirely off-the-shelf. It is a Santana tandem.
HOWEVER, it required a degree of customising. For example, the standard Tracer suspension seatpost is just not doing it for Machka and is being replaced by a Thudbuster. The original-fit Terry saddles were quickly removed and replaced with Brooks B17s. There is a rear rack to add. The bike comes with a CF fork, and for touring we are figuring on buying a cro-mo fork. There are fenders to go on, and maybe a 26T ring to replace the standard 30T. There is a wireless computer up front that's already on, and a wired one to be fitted to the stoker bars. There is a handlebar bag up front, and a small bag for the stoker under the captain's seat. And of course, there are lights front and rear to be fitted.
Yes, we could ride the bike bare as it was bought. But, we wouldn't be as comfortable, we wouldn't have what we need on board, and our riding would be limited to daytime only.
I am currently building up a touring bike comprising an old Shogun Alpine frame that I got for nothing and fits Machka, and a host of new components. The build will likely cost us around $900. It might work, it might not (although I think it will). Even if it doesn't because of issues with the frame, I know the components are all OK because they are similar to what has been on our previous touring and randonnee bikes, and they can be transferred to another frame.
My first touring bike was a Fuji Touring. It has become a grandma's axe. The most significant changeout early on were wheels -- the original Alex wheels broke spokes far too easly for my liking despite a number of rebuilds. Then came an MTB crankset because the standard gearing back then (and now on many so-called touring bikes) was the 30-42-53 road triple. The next most significant changeout on ANY bike I might buy complete is defnitely the saddle. Then I'd look at tyres and brake pads.
So, I come back to building my own. The real benefits are that the bike has exactly what I want on it, the parts I choose are good quality (generally Ultegra and Deore up to XT for the groupsets; Velocity, Mavic or DT Swiss for the rims; and Topeak for racks and bags), and I know intimately how to take apart and put together the bikes should anything really dramatic go wrong.
I should also say that I served my "apprenticeship" assembling bikes with cheaper or older components, and they are very serviceable.
Last edited by Rowan; 03-11-11 at 04:38 PM.