Originally Posted by Bob Ross
LOL! I'm in the exact same situation as the OP: Was looking for a commuter/trainer/beater bike, looked at some new bikes in the $600-800 range, decided it would be cheaper to get a used bike. (Plus that way I could hopefully satisfy my jones for a narrow-tubed lugged steel frame at the same time.)
Found a sweet Bridgestone 600 on eBay, paid $285. Woo-hoo!
Oh yeah, but the tires and tubes and brake pads were all original, 22 years old. So they get replaced. There's another $135.
Fit is kinda funky, so I ordered new bars and stem. $125
And the saddle is this bizarre-shaped hunk of suede which, in addition to being a bit too narrow, gets REALLY HOT! So I bought a new saddle ($110) and will probably get a new seatpost too ($70).
Of course, I'll need new bar tape once the bars arrive. And I'm thinking the DiaCompe brake levers are a bit large, so perhaps some Cane Creek short-reach levers ($76) will be required. For that matter, the original calipers are a bit iffy, so it might be a good idea to replace those with something reliable ($150).
Oh yeah, and then I'll definitely put Speedplay clipless pedals on this bike ($135)
So let's see, that's $285+$135+$125+... Holy crap, I should've bought the new $600-800 bike!!!
Heh.. Of course, you got a much more beautiful and interesting bicycle for the same price as an ugly mass-produced aluminum monster
I agree about the parts though.. this is my first 'vintage' bike... it's practically as old as me, but i was really struck by how unergonomic some things are compared to today. Narrow little bars, downtube shifters, brake levers that are painful to grip, completely straight crankarms that force me to pedal pigeon-toed or my heel hits the crank at the BB end...

It does make me appreciate my Rivendell, and realize that it is not an old fashioned bike - it looks that way to some extent, but it incorporates so many small improvements from the last 20 years in terms of comfort.