Nice bike find!
 

That is a GREAT find! With the oxidation I'm seeing on it, my bet is that is has sat for a while somewhere unloved. You can count on needing to do a 'refresh' - in other words, I would not ride until I had the chance to pull the hubs, BB, and headset apart to regrease and adjust. New cables + a nice spit shine, you'll be in business!

Thanks for the responses guys! Given that its missing pedals and saddle my guess is that someone upgraded and then this bike just sat till they finally cleaned out the garage and donated it.

After some research i think i have pegged it as an 86 model.

Beautiful paint job and condition on that bike, congrats, hope it fits you. My '87 could easily run 28's, not so sure on yours, unless those Gatorskins are 28's.

https://cimg5.ibsrv.net/gimg/bikefor...b6cf617e1.jpeg

Looks great these 1st gen Tempos while not high end a are great riders with really nice frames. This one looks to only need a good cleaning seat and shift cable about 3 hrs of TLC and your have a great rider if it doesn't fit it should be a easy sell for enough profit to cover your time and effort.

Nice bike, I love the yellow sticker on the down tube ��

Good, spirited geometry on these late-80's Schwinns, 74ST x 73HT in the middle to larger sizes at least.

Same geometry and color as my similar '89 Traveler (the earlier ones had slacker angles).

The freewheel ratios look to be custom, I think I am seeing 13-14-16-20-23-26t(?).

$40-50 has been about the going rate for these Schwinns at my local Goodwill store, but for bikes in pretty crusty condition that I think I can save. Yours looks cleaner.

I'd call this second-generation, with the first being the Tange 2 frames a few years before. And I agree, this one should be a fun rider. :)

Those are great bikes. I was thrilled to grab one last fall. Too bad you'll have to spend another $60 on Gatorskins....oh wait, they were good enough to take care of that for you! Yeah, you got a great bike there.

Great pick up. Restore is a sleeper store to find bike goodies. I picked up a nearly new Bontrager set of wheels for $2. I asked if they were sure about the price and they said yes. Tempos are great bikes very underrated in my opinion. A saddle missing is not a bad thing, most riders have their own preference anyways. Enjoy it!

Great find!
 

You got a great deal on that bike, I have seen some thrift stores wanting like 75.00 for bikes with one piece cranks.

If the stores are getting frequent donations, then usually they will start high and drop the price every few days to help move inventory to make room for new bikes.

So for me, it's a gamble to wait another day for the price to drop another $10 or $20. At some point it gets sold, maybe to someone else.

These were my 80's Schwinn scores from Goodwill here, both were priced around $40 in quite-weathered condition (check out it's weathered saddle!) with chains rusted solid.
Since the Traveler is a later '89 model, it has the 74STx73HT geometry of the Tempo and other race bikes. In the 23" frame size that works out perfect for me with a 10cm stem (they came with 8cm stem in most sizes).
The components mix was budget-friendly on these bikes, but they worked extremely well. The weight was sort of budget level as well, but for anything short of racing (or lifting it onto a roof rack) that's not an issue.
https://cimg0.ibsrv.net/gimg/bikefor...3a34927567.jpg
https://cimg9.ibsrv.net/gimg/bikefor...2752a967ef.jpg
https://cimg3.ibsrv.net/gimg/bikefor...05890d3d31.jpg

I'm 90% sure his bike is all-original. Noticing that his Tempo's components all match mine ('cept for my replaced rear rim and right shift lever), which I believe is an '87.

Looks like an incredible find for 40 quid :-)

Is there a 4-digit number stamped on the head badge? You have to look close.

+1 all above; you darn near stole that bike.

Be sure before you sell it thinking it is too small. I had an 88 and got it to fit me perfectly. A very fast bike. I convinced myself it was too small, sold it, then wished that I hadn't. If you didn't have a race bike, now you do.

great score, the mid to late 80s Schwinns get over looked -well except around here- I had an 86 Passage with Tenax that I really liked. Give it some TLC and enjoy. I never find deals like that at thrift stores its either kid bikes or rusty, over priced entry level stuff - Varsities, Free Spirits etc when I am looing

If the seat post is maxed out, you definitely need a bigger frame. If that is a 54, I would go up to a 56 or maybe 58. If you find a good frame and transfer the parts, you got your $40 out of it.