I have just about every hex key (all lengths and ball end / straight), screw drivers, torque wrenches in both ft and lbs, socket, normal wrench imaginable.

What I want to do is put together a bike specific set for the two bikes I own.

I have a 2011 giant defy advanced 1 and the wife has. 2012 trek 5.2

How would I go about finding what specific tools I would need to add to my collection to service these bikes?

I would like to do all but the most arcane service myself.

General work bike specific tools that will let you do routine maintenance and overhauls:

Crank arm and bottom bracket tools.
If you have cup-and-cone hubs you will need cone wrenches.
A 15 mm pedal wrench is useful if the wrench flats on your pedals are too narrow for a standard open-end.
A chain tool
A cassette lockring tool and a chain whip.
Cable cutters
Spoke wrench
Tire levers
Misc. parts (grease, oil, cables, housing, bearing balls, brake pads, etc as needed).

See your bike dealer for the sizes and types of tools that fit your specific bikes. For example there are numerous bottom bracket and crank removal tools dependin on the type and make.

Thanks but a lbs is not an option, I want to purchase these tools via the Internet.

I support my lbs with many other purchases, but want to go for price on tools.

For sure you'll need a set of metric allen wrenches and small metric box (or perhaps open-end) wrenches for each bike. (Sears has a nice set of small "ignition" wrenches - check the sears site for info).

Then sit down with each bike, and just check every nut, bolt and allen fastener. Keep the tools that fit with the bike-specific toolkit.

Those will take care of 99% of the "on the road" issues.

Next, decide what you want to be able to repair on the road... perhaps you'll want hub wrenches and a chain breaker; perhaps not. Up to you! Ditto chainwheel bolts, etc.

Check the limit screws on both deraillers -- include a screwdriver that fits.

Bingo; you have your bike-specific toolkits.

Every bike is different so it is hard for others to be specific.

Hope this helps.... and I hope I didn't misunderstand your question.

Tom in SoCal

Want to go for "price" on tools? Think used. Probably 90% of my tools were bought used. I've picked up quite a few from small shops going out of business.

Check the Park Tools tutorials for the job(s) you are planning to do, and make a list of what you need from that.

+1 Just look up "Bottom Bracket Tools" and you will find a bewildering variety of tools, most of which you don't need. You need to determine exactly what you need for your specific bikes.

Except for one or two brands most of the tools bought in a LBS are cheap foreign made tools that easily break. They may be good for one or two emergency fixes on the road. Bike multi-tools are an example of this kind of tool. I carry one tho, but also some high quality life time tools from a hardware store.

Park Tools are sold by most LBS's as are Shimano's specialty items so they are worth buying. Performance's house brand "Spin Doctor" tools are pretty decent. The few I have are made by Lifu and have been durable and well made.

At first I began by buying just the tools I needed for a given job. The first couple times I just walked into the LBS and told them what job I wanted to do, and had them pick out the tools for me, which I then bought on the spot. Then I got more comfortable in sorting that out for myself. Now I scan new bikes for any tools I might need, and buy whatever the bike might require that I don't already have.

The "problem" the OP has is that he isn't sure what tools specific to his and his wife's bikes he needs but won't buy directly from an LBS to obtain their advice. So, he will have to develop the tool requirements by reading.

I think I have it now. All the components are shimano so it looks like I can find all I need on parks website.

Nashbar seems to have decent pricing on park tools, anywhere else I should look?

I have a nice size collection of automotive, electrical, electronic, and woodworking tools but just recently decided that many of the bicycle specific tools that I need are better bought than homemade. The repair stand, chain whips, cotter press and a few other tools that I made myself are plenty good enough, the RD hanger alignment rig that I used is more trouble than it is worth so I bought the Park DAG-2 for next time. Since I started buying Park tools I seem to just keep on buying them. I have been ordering mine from Amazon mainly because of the free shipping with Amazon Prime. So far I have been impressed with the quality of Park tools and using the right tool for the job just makes it more enjoyable.

Jenson USA also has good prices but, as noted, Amazon probably has equal or better prices and offers free shipping on many items.

Lennard Zinn, Zinn & the Art of Road Bike Maintenance, has a good discussion of what tools you need for various levels of bike maintenance. Basically, there are two types of tools: "bike specific" and "general" tools. Bike specific tools include special wrenches to deal with hubs (cone wrenches), bottom brackets and cranksets, pedals, headsets, and rear wheel gear clusters. The general tools include Allen wrenches, box and open-end wrenches, screwdrivers, and socket wrench sets. Always purchase the best quality tools of either category.

For the Madone 5.2, I can suggest a Park Tool BBT-90.3 and a HHP-3 press for a straightforward method of removing and replacing the bottom-bracket bearings. The HHP-3 will also work on your Giant's press-fit BB.

Beyond that, as it's already been suggested, just review how your desired tasks are done, and what sorts of tools are required or helpful for those jobs. Park Tool's site has a repair how-to section that'll help you pick out the types of tools you'd want.

Good advice on not buying crap tools (because they break) but in my experience the shops around here carry Park almost exclusively, with some specialty tools made by Shimano or others. I haven't seen many crap tools in the shops around here.