Case in point...

My wife wanted me to refurb her 1977 Peugeot Touring bike. It has not been ridden since we bought a Tandem in 1989. It has sat in our upstate NY Garage for the whole time. The Frame is okay, but all the bearings are died out and need cleaning and repacking. Tires and tubes are shot. The Gel Seat is harder than the concrete on the floor. The wheel set needs to be replaced and many things need updating.

I wound up buying her a new TREK 7000 that functions better than this old bike ever did. The new one might not have the History and patina of the old one, but she riding the new one and loving it!

Time to look at Craiglist if you are on a budget, or hit up a shop for a new one.

Another thought is that MANY folks have taken these old Schwinn's and converted them to in town Single Speed bikes with great success. This might be an option for you too.