...Why not? The layaway Schwinn offers nothing substantial that your current bike dosen't already have, if anything you're losing a gear on the crankset, you're going from a 2x7 to a 1x7.

I mean, buy whatever you want, but you've said more than one that ...."I could buy a whole new bike once I buy all the parts for this one" as if to imply that because it's newer, it's better. It's not. Your Schwinn Le Tour has better consutruction, better components and a wider gear range which I think would be more useful for city riding than a 1x7. One of the reviews on that KMart page says that it broke down after a "year of moderate use", your Le Tour has been around since 1987.