leefouse

Hello friends, I am the proud new owner of what I believe to be a 1988 Schwinn Caliente 10-Speed. This will be my first bike since my last one was stolen 5 years ago. I want to a little work on the bike, but I really want to know more about it's actual value before I start investing my hard earned money into it.

Any insight would be appreciated. Thanks!

roccobike

The Caliente is an entry level bike. I'm not sure what tubing was used for that frame, but the two Caliente's that I had were hi-tensile steel with chrome steel rims, bars and cranks. I see your bike has the steel cranks. Still, these make good commuter or fun type bikes.
I would limit the amount of money I would put into it. I would lube the hubs and bottom bracket and replace any rusted cables. As I recall, for an entry level bike they had a surprisingly nice ride. However, here's a thought. If you can find a real beater from the mid 80s that has a rusted frame you might find better wheels, cranks and bars. What I'm suggesting is a cheap donor bike. You might be able to find one of these for $10 or $20. Then if you invest in the right tools and are willing to learn you can upgrade the Schwinn.
In summary, it's a bike you should invest in maintenance, but don't put significant upgrades into it unless you can do it for cheap.
Where are you located? I ask because some of the folks here might be able to help you out with some parts.
EDIT: One final comment, your bike appears from the pic to be in really nice condition. Of course that's a real plus. If you want to put a dollar value on it, I would estimate $100 completely refurbished i.e. lubed, very good or new tires and chain, cables etc.

wrk101

+1 $100 fully rehabbed, new cables, bearings, grease, good tires. Bottom end Schwinn. Appears to be in nice shape!

leefouse

Thanks for the informative replies, dudes.
@roccobike
I currently live in New Orleans. What would you say is a good place to find an older bike to get parts from? Would my best bet be checking with a bike shop for information?