Maybe not the most cost effective, but not super expensive either. Find a good frame and get cracking!!!!

A good tool set is a must. Worth the investment and should last a lifetime.

Just to put my money where my mouth is, I'm building up a Ciocc frame. I have a wheelset and a pretty good parts reserve, but I'm still going to have to spend around $200. Total cost should clock in under $500. Not bad when you check new bike prices.

I want to thank everyone for their responses here!

You guys have all given me some good advice, both the pro's and cons.

I think in the end, I will look for either a frame to build-up, or a complete bike. Honestly, a build-up sounds intriguing, and it is something I would like to try, but whichever dream machine comes along first at the right price with the right components will likely be the deciding factor. I know that probably sounds abit wishy-washy, but thats likely how I will decide. I just want a nice, vintage Italian bike that is nice to ride, nice to show, and won't cost me a months mortgage!

+100 I have built up many bikes over the years. The ones that have worked out the best financially all came as complete bikes. The sale of the parts I did not want went a far ways towards paying for the build, sometimes completely offsetting the cost of the build. At the very least, the parts have replenished my parts bin and ended up on another later build.

As far as whether you should do it, some of my builds made no sense financially. I do not regret those builds. But I understood it was not cost effective. Didn't bother me a bit.

This next purchase is going to be my dream ride (I hope!), so I won't have a problem if it doesn't make financial sense. I am not going to build this bike to flip, I'm going to build or buy it to enjoy. I hold onto things for a long time, probably to long in some cases, so I don't see this next bike going anywhere anytime soon.

Right now, I'm having a great time learning and looking!

Good thing you live in Manhattan where a month's mortgage will buy some REALLY nice kit!

Actually, I'm just a guy from Queens, where the cost of living is just so cheap and reasonable....

Goodness, even the average mortgage payment in the outer boroughs could get me a nice Colnago, along with a Pinarello, Bottecchia and Basso!
Hmmm, what would happen if I missed just one mortgage payment?

I was going to suggest defining what you want to end up with, but you answered that.

Then I was going to ask if you were looking for the journey or the destination, and I think you're looking for a bit of both if I read correctly.

So, you have two eyes, and you've as much as already said this, but keep one eye open for a frameset that you like (either complete already or bare), and keep your other eye open for a complete bike that has the components you'd like. If you find a nice frameset as a complete bike then upgrade and swap out the components as you go, and while riding it around with whatever it came with.

As an example, I have an old Harley-Davidson tail light at home, that will get a whole bike built around it someday. All I've got is the tail light, and a few other bits and pieces, but I'm in no hurry on that project. Some folks on the site here have started a project with less and wound up with a nice bike when done.

Don't box yourself in, leave as many options open as possible, but likewise don't grab just anything for the project, have some restraint. If you really want a Campy build then stick with that. If you want Italian frame then stick with that. For me, I'd really like to have a Pinarello or a DeRosa or some lessor known branded bike, but more than that I'd like to have a vintage race bike from the 50's or 60's, someday, but no hurry.

Bookmark this thread and keep us all posted on your progress, it should be an interesting journey, and I'm curious what the destination will be once you get there.

And as a side note, what do you ride now? Post a pic and tell a story, let the journey begin as it has already begun.

I used to live in Lindenwood almost Rockwood park, know what you mean bout
cheaper than Manhattan.
okay, I'm not going to repeat what everyone else said but add a few things.
There is nothing like the feeling of climbing on a bike that you built up yourself.
it's that proud feeling you got when you were a kid and completed your first
model car/plane/ship only better.
Once you do that, there are few mechanicals that are going to sideline you,
or that you can't either fix or replace. Now I'm not saying that screwing in
a bottom bracket will make you automagically able to fix broken derailleurs,
but you will be more willing to tackle it rather than drag the bike to the LBS
or let it moulder in the garage (or downstairs storage bin as the case may be).
now before you do much else, go to a decent used book store ( manhattan I'm
thinking) and find an 80s to 90s version of either the Zinn book
Zinn and the Art of Bicycle Maintenance or the Bicycling versions
of the same Bicycling guide to Bike maintenance. the modern books
won't cover friction shifting, non aero cables etc.

then ask questions here and have fun.

Marty

Hey you sneaky so-and-so, didn't your location just say "Slamhattan, NYC" a minute ago?

Ummmm... no...

Wrong guy.

Yeah, for me the journey is as fun as the destination, maybe even more so. I'm in no rush and I'm not going to settle. All Italian bikes are in my scope rights now, frames and complete bikes.

Right now, my one and only ride is an 89/90 Miayata 1400A. I just returned to riding this summer after way to many years away, and I started on a MTB, but I wanted to get back to road bikes. New road bikes were to expensive, so I went vintage, where you can get alot of bike for the money. So I found the Miyata and I really love this bike. It's well made, fast, agile and responsive. I know aluminum frames are not all that popular here, but I happen to like this one. The ride is smooth and I havn't noticed the flex that many complain about on some aluminum frames. It has a full 105 gruppo to. I wasn't sure I would like or be able to get used to DT shifters, but I have come to love it all over again. Heres some pics -

Nice ride man. Definitely would look good with a hot Italian sitting next to it.