My everyday commuter bike in LA, rain or dry. 1989 Schwinn Prologue 2x7 speed that originally came with full Shimano 600 (purchased for $150).

I've since upgraded some parts very cheaply (mostly used), including:

A ton of black and grey honda touch up paint
Ultegra 6600 compact crankset and brake calipers
105 5700 rear derailleur
Tektro brake levers (awesome stuff)
Shimano RS30 wheelset
MTB wide range cassette 12-28 (lots of hills in the downtown LA area)
Generic stem and seatpost
M520 double sided spd pedals




The night I bought it: