I had one major reason for choosing to convert an old 12-speed rather than buy a modern FG frame: They're cheap, and so am I.

I only paid $25 for a beater Takara. You can't get a decent new frame for eight times that amount.

So I easily converted it and was able to start riding right away. I plan to upgrade components along the way as I learn more about what I like and keep an eye out for good deals. Eventually, I can upgrade the frame too and just move all the parts over.

I don't pretend for a second that my bike's performance matches that of even a low-end modern frame. The bare frame and fork weigh about eight pounds (easily twice the weight of a good modern track frame). It feels flexible even against my noodly little chicken legs. But I'm not out trying to win races; I ride for fun and fitness. And I've discovered an advantage to using the old beater. I can throw it in the bed of my pickup or lean it against a pole and never cringe at the thought of scratching or dinging the frame.

Other reasons mentioned above played into my choice: correct hub spacing and horizontal dropouts. Besides those features, it all came down to price.