When I was in college, a friend had a small wheel single speed child's bike. He was small but the bike was still too small for him. It was a VERY old, coaster brake bike, more rust than paint or chrome on the rims. He never locked it anywhere. Rode it for over a year. Then, a tire blew out. He bought and installed a cheap new tire. That gave it value, was stolen within a week.
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The bike in the photo below was stored outside for over a decade. I paid $5 USD for it at a garage sale. Took the photo of it when I got it home before I spent two days and $50 in parts to make it rideable. At the time I bought it, it was 17 years old, that was 13 years ago.
That became a great errand bike. If I have to go to the nearby campus for anything, that is the bike I use. It looks much nicer now, but those rusty steel handlebars still show the history of how much time that bike has been rode hard and put away wet.
Since that is the bike I ride when I ride to a high theft area, I used bolt on skewers, needs a 5mm allen wrench to remove a wheel. I do not bother to run the lock cable through the wheels when I lock it up.