Got my 1992 Paramount back!
 

Well I took the advice of the members here and took the 1992 Paramount Series 7, I bought ( all apart in a box) to the Schwinn dealer. They totally went through the whole bike - 4 new cables- new seat- new padels- handle bar wrap - new chain - a few little bolts and put the whole bike back together for me. The bike is AWESOME!!! It cost $200 to get done and I paid $50.00, so I am happy with a $250 dollar bike.
Just wanted to say thanks for the people who gave me this advice, since I did not know how to adjust everything and know what all it would need. The dealer said the crank on the bike is about $425, the shift and brake levers - $250 and the derailer also $$ - I guess I believe him? He said the guy had about $800 in aftermarket parts he put on, so that also makes me HAPPY!!
Doug

Nice bike you got there! :) is that one of them there new kickstands I hear talk about! LOL! Just kidding! Really, nice bike! ;)

Beautiful! And a good decision that will keep you happy for years to come. Way to go!

Very nice. Congrats! :beer:

I imagine that bike rides like a dream now, congratulations! I'd say $250 very well spent.

Very nice, Doug! The early nineties Series 7 Paramounts are really under rated IMHO. You "done good"...

$250 total is a nice deal on that bike. Hopefully, you'll get to know your bike a bit better and learn to service it yourself. It's not all that complex, and most basic tools are affordable.

If the shop didn't do it already, check (or get someone knowledgeable to check) your hubs, wheels, headset, and bottom bracket for adjustment. If anything feels gritty, tight, too loose, or otherwise krunky, fix it soon.

Oh, and you may need new brake pads. Even the cheapies are better than dried out older ones. Welcome to to the archaic, murky, but ultimately satisfying world of bike maintenance.

Thanks for all the replies!! I know it isn't a Waterford but I still like it. It will not be rode hardly at all and will be on the shelf in our climate controlled garage, so it should be kept nice for a long time. I am just glad I came across a nice bike like this for when I do go for a ride!!
Thanks again for the advice - I appreciate it.
Doug