So back in mid-70s I rode a Nishiki Olympic. Here are the specs from another post on this site. Per that I guess I paid $120 for it at a non-LBS department store.

So lets crank up the inflation machine and see how much money that is equivalent to now. A rough estimate of the inflation-adjusted equivalent is $620.84 in today's dollars according to that site. Lets call it an even $620.

Seems to me I can still get a pretty reasonable bike for that amount that is heads and shoulders above that Nishiki I loved so much. Weight, quality of parts, resiliency of tires... Here is a random bike from the Performance web site that has an inflation-adjusted equivalent price. (Not an LBS I know, but at the time I was shopping at the local department store sporting good section, so I think it the moral equivalent. There are probably much better bikes in that price range too, but I don't shop that range these days and didn't want to spend more time on this post to do the research.) Here is a random Cannondale for similar price at REI that seems nice too.

The only thing that had gone to pot in that time is the quality of the engine choices I have available.

I could not afford a really high end bike with all Campy parts in those days, so can someone remind me of what high-end bikes cost then. Lets then do the same math.

I get amazed when I go by the nearest Performance Bike store or web vendor and look at the prices. When I look at the inflation-adjusted value I get for parts similar to those I bought then I am amazed. Now I know that PB is not a LBS, but even there things don't look too bad.