I'll add another caregory. "Cool old bike" My Schwinn Mirada is a "Cool old bike" (COB). With it's steel 650B rims, made in Taiwan stickers and ocean liner weight & handling, it's not a classic or even a very good bike. Not worth much. It does have a certain something that makes it a joy to ride. My "Free to good home" Viscount is another COB. Varsitys are COBs. Stingrays are classics mostlybecause of the look of the thing. New Stingrays are never going to be classics because they are plain awful.

My Univega Super Strada is a classic. Great piece of early Japanese high-end hardware. The Viva Sport I stupidly sold was a classic. Not a valuable classic, prolly would be worth about $200.00 if it was in the shape that it was when I sold it. Dad paid $250.00 back in 1979 for my high school graduation present.

A few steel mid-range MTBs have worked their way through my garage recently for resale. Strictly utilitarian machines.

Much like pornography, it's in the eyes of the beholder.