I was going to fix up a varsity for bad weather and winter days but found a Schwinn Traveler in the local area for $90 that looks like it was never ridden. I changed the tires, put a new rear wheel on and took off all the reflectors. With spd pedals, computer, bag with spare tube etc and pump the bike weights in at 26lbs, not much more than my regular bike. The bike is a 14 speed, 7 speed rear cassette with index down tube shifters. All components are Shimano Exage EX300. You can get decent older bikes if you look around.

Mark