Lauren, unless the paint is in really bad shape(looks ok in the pic) or you hate the colors, I would not repaint the bike. Repainting usually detracts from the future collectable worth of a bike unless done by a pro and even then it often detracts. I don't know if this bike will ever have collectable value, but you never know. At 22 lbs. I'll bet it is a mighty fine riding road bike and you will be well pleased with it. Parts shouldn't be terribly hard to find for it.