I did my first century in 1980 on a Varsity whose frame was 2" too tall for me. But it was the only bike I had at the time, so I rode it.
Not long after, I was drafting a city bus with the Varsity and forgot to brake. That big sombrero-wearing Phoenix Transit logo was smiling as I smashed into the rear of the bus just below the logo. Fortunately, the bus was not destroyed. The Varsity, of course, was unscathed.
Not long after that I put my first 'real' road bicycle (a Centurion Super Elite) on layaway. But I had to ride that dang Varsity for several months while I made the payments on the Centurion.