Picked this up from someone's garbage - does anyone have any info on how old it is and whether it's worth resurrecting (or alternatively, did I just pick up a piece of scrap metal)? Any tips on old parts which I may have a problem finding? Thanks!

Beat up is what it is. And those lugs are pretty boring. If you want to keep it, lube EVERYTHING, new tubes and tires if it needs em, new cables, bar tape, and maybe, just maybe, you've got yourself a beater bike.
Other than that, doesn't seem to valuable what with the (kinda cool looking) dummy disk on the rear wheel and steel components. Depending on the year, that crank might be valuable.
GR

Lol I can answer some of that, it came from my house, I just found 4 road bikes today, and I've got quite a load now and parts i've had stashed, What most will proberly say is If you can get the parts cheap or really wanna fix it then do so, or Turn it into a single speed, would make a nice one if it's your size

I'm no old Raleigh expert but do have a few. This looks like an entry level, bottom of the line bike from the late 70's early 80's. Does it fit you? What parts ya got sitting around to get it runnng? Can't read the headtube but it doesn't appear to be Nottingham.

Raleigh Challenger?? I'm not familiar with that model. Judging from the components, like the crank and bars, its really low end. Raleigh typically put alloy bars on their low end Record. That bike has chrome bars and a low end crank. IMHO, I'd strip it and sell the frame to someone who wants a fixie. Others may want to comment, but I just don't see a nice bike worth restoring (and I like Raleighs).

It would take some considerable effort and parts - not entirely worth it unless you have access to a cheap bicycle boneyard. It is pretty much low-end, but it is great beater material.

Personally, I would not chuck it back out in the trash - I'd be tempted to shove some worthless spare parts on it to get it back up and running - either sell it on C-List for $25, or use it as a beater that you know nobody would ever steal...

-Kurt

Haha, thank you Sean I was actually in touch with you a couple of times about your ads on the local used site, once I saw your "free" ad I thought there was nothing to lose by checking what you had in front of your house. I would have taken the other bike you had out front, but that one was definitely too big for me. Based on the frame measurements, the Raleigh's probably a wee bit big for me standover-wise, in any case I do have some spare parts lying around so I'm going to see if I can put together a beater as some have suggested.

If you do happen to need some pieces I proberly have abit you can have, also, you left the shifters behind, do you want them? I can go take them off the lawn.

Na, that's okay, I live close to the bikedump and the co-op downtown so I'm sure I can find shifters if I really need them. Definitely let me know if you come across something nice that may interest me, I remember e-mailing you about the Miyata you had but I was looking for one of the mid-level ones from 80s. Message me if you want my contact details, otherwise I'll keep my eyes open on usedottawa

I usually donate bikes like this one to my favorite charity. Gas pipe frame, steel rims, missing some parts. Around here, fixed up this bike would have minimal value. I passed on one similar to this for $5 and it had all the parts (but needed a complete refurbishment: tires, cables, bearings, lube, etc).