The LBS didn't measure my chain to see if it was stretched but I'll measure the chain using the Sheldon Brown method when I work on the RD tonight. If it's >1/16 inch off I'll go ahead and replace it which it probably is. I ride my bike a fair amount. I use it to get for commuting during the week, trips to the grocery store and nearby errands when I don't have a lot to carry, and also ride in the afternoon and on weekends when I have time. So yeah, it definitely gets use.

I do really want to learn more about fixing up my own bike. I've been reading up about it as much as I can on the internet but it's a little more difficult because it seems most of the stuff is written for newer bikes. I will definitely consider picking up a copy of that book you just posted.

In terms of replacing this bike with something newer, I think I'm going to stick with this bike for now. I would never replace it with a Wal-Mart bike. What I was considering was buying a new, low-end road bike from a LBS- maybe a Fuji or Jamis. However, I know that now is probably the worst time of year (for a consumer) to buy a bike so I'm definitely holding off on that. The only reason I was considering that is because I was worried (and still am) that I would have to sink 100+ dollars into this bike and have to buy a new freewheel. At that point, I would be nearly 300 dollars into the bike and who knows what would break in the future. A new road bike I figure will cost roughly 600 or so (maybe?) which may be a better deal in the long-run assuming it doesn't need major maintenance in the near term.

Yes, I was an econ major in college which probably means I'm over thinking this way too much. But money is always tight here and I don't want to sink 300 bucks into something that's going to continuously involve money and time (which I won't have much of after this summer).