Originally Posted by
Monster Pete
It's best to buy tools as you need them rather than buy everything in one go. As long as you have a set of metric allen keys, metric spanners and some screwdrivers you can do most basic adjustment work. When a job presents itself, you can then see what tools are required and buy them then. For instance, different bottom brackets require different tools. A 1-piece BB can be worked on with only a large spanner, and an older 3-piece needs only a hammer and punch or appropriate C-spanner to undo the lock ring.
I'd second this. I found most of what I needed to do was stuff I already had the tools for, I had a set of allen keys, a couple of spanners and a drawful of screwdrivers. I'd been cycling for two years before I needed anything else.
Since then I've added a lockring removal tool, chain extension gauge, chain whip and chain tool to my collection, and also bought a multi tool to use on the road if I need it (and so far all I've used it for out on the road is to adjust my saddle and tighten a friend's stem bolts). There are still bucketloads of tools I could own but don't, on the basis I've never needed them.