anything ever happen with this bike?
fwiw I paid $200 (talked down from $225) for a 1986 Trek 500, in Manhattan on CL. I saw it the first day it was posted, hit the ATM, test rode it in the hallway outside the dude's apt and made the deal jiffy quick.
Mine was 99% original (missing toe clips and straps, and the bar tape was shot) and just needed new tires. The front rim had a blip but I didn't let that stop me as I had a spare front wheel at home. Turns out I straightened it out and it trued up well enough for the slow and steady rides I am using it for. A few months later it turns out the chainrings were bent, as was the rear axle - two shops have told me it isn't bent but it feels funky. I'll probably put new chainrings on if I ever change out the back wheel to a more modern cassette, with chain to match.
Point is, I knew $200 was kinda steep for mine even in pretty nice condition, but that's NYC. It was in a nice small size with a decent length top tube, which I prefer. I knew that wouldn't last with all the women who ride in NYC so I grabbed it.....I am glad I did. Not sure if I will always keep it with a new bike or two in the stable but I think I will after some really pleasant rides on that thing. Mine is friction shift 12 speed, Shimano 600 and sr crank, Reynolds 531 main tubes and tange stays and fork.