Just bought an older bike
 

A year ago a guy brought it to the shop to have it fixed up but never picked it back up. So he was selling it for about 50 bucks. I took it for a test ride, it fits really nice, 23inch bike.

So he fixed it up but I wanted to add a few more things to it.

2 of the things I wanted to do is get new handle bars and get rid of the rust and paint it, then get new breaks and maybe new gears. Im making this bike my mission.

So is all that possible and what would it cost if I did it myself and what would it cost if I got the lbs to do it.

Kinda depends on how you see the project going. 'Paint it' can mean some sandpaper and a can of spray paint. It can also mean a Joe Bell custom paint job ($$$). I did this last year; and spent a lot more on the updates than I did on the bike. Looks cool tho.

whats wrong with the bike as it is?- would it not be most cost effective just to clean up the bike and change the brake pads? getting the LBS to do what you have listed would probably cost more than just getting a new bike I think. Even if you do it yourself don´t underestimate the cost of parts- when you buy them individually the cost really mount up.

What's your junk box look like?

The last time that I repainted a bike, I used chemical stripper to scrape off all of the old paint to bare metal then primed it and gave it a rattle can satin black paint job. Total cost was about $30.00. Satin black is the secret because your surface preperation and spray technique don't have to be perfect. It doesn't rival a factory finish but it doesn't scream "home paint job" either. I paid a sign maker $15.00 for some custom vinyl stickers for the down tube.

The cost of your other changes depends on your junk box. Sometimes the cheapest source for replacement parts is to find a donor garage sale or junk heap bike. If you cruise the subdivision early in the morning on garbage pickup day you might be surprised what you'll find. The only new parts that I had to buy for my last project bike was a stem, water bottle cages and handlebar tape.

Good luck and have fun doing it all yourself.