I ride a 1987 Univega road bike on most dry days. This has little to do with distance (my commute is about a mile) and a lot more to do with balancing fun with carrying capacity and need for practicality. It's a dramatic contrast with my Long Haul Trucker, which is also fun, but rather tank-like. It works out because in my current school and living situation, I seldom need to carry anything on the bike itself, even though I don't personally own a car. The lack of rack and fender eyelets make it a bit less than practical, but this is also my recreational/training road bike, and hopefully soon to be my racing road bike. I'll be looking to use p-clips to put fenders on it this winter, which might extend my commuting use. Road bikes are addictive!

The real upshot with an older bike is the cost. I spent $150 on Craigslist for this bike, and I reckon I did well. Between tinkering and various upgrades, my current total investment is probably about $400; the new wheels I'm building plus some shifting upgrades will top things off at around $600 altogether. You can definitely purchase a newer vintage, good quality road bike in that range if you look around (the local used bike shop is selling a gorgeous late 90's Cannondale, in my size, natch, with full 105 for $600 - I covet it!), so you can do even better than I have. Besides, I figure that, in the hazy future, when I can afford a modern road bike of middling price, that my Univega will continue to be useful as a lightweight, light load go-fast commuting and traveling bike. And it will still be cheap!