You can get an entry level road bike for the same amount of money you would have totally invested in that older bike. That would be the way I would go, but each person has their own ideas of what will work for them.
Good luck in whatever way you go.
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2007 Jamis Ventura Comp
2006 Jamis Explorer 2.0
2000 Specialized Hardrock (bought used)
Swim, Bike, Run and sounds like fun