This is the 3rd installment of a $375 series (if Murphy’s Law has anything to do with it) on upgrading an old Schwinn Collegiate to a practical and pleasing daily bicycle for transportation.

In terms of reaching a realistic budget, there are two separate (yet diverging) starting points:

1. Option 1: How much money should I spend on a mostly-for-fun commuter / recreation bike?
   • Translation: “How much money can I scrounge together for another toy?”
2. Option B: How much would a comparable (but more boring) mostly-for-fun new commuter / recreation bike cost?
   • Translation: “What is the price of a new commuter bike that is not totally lame?”

And a third larger point (which is outside the bounds of this project):

• How much money will I save if I use a bike for errands in place of my car on a regular basis?
  • Translation 1: “What is the dollar value of the pleasure from riding my bike?”
  • Translation 2: “How many dollars should I deduct for every Redneck that honks and yells out the window?”

So starting with Option 1:

Thankfully, we’ve started with a free bike.  However, the wheels and drivetrain are basically of no use to us.  Their repair cost is about equal to the replacement cost, so might as well go for the new (and more stylish) route.   Likewise, the saddle, brake pads, cables + housing, and other small bits simply need to go.

Some quick (highly speculative) estimates:

• New wheelset: $120 – $250
• New derailleur and shifter: $25 – $60
• New cassette and chain: $40 – $65
• New tires and tubes: $40 – $75
• New fenders: $25 – $50
• New saddle: $25 – $85 (’cause that Serfas saddle has got to go!)
• New miscellaneous other bits: $25 – $50
• New paint & decals: $20 – $300 (since we need to make this one “ours”.)

By this very rough estimation, we are looking anywhere from $300 – $635 (not including the high-end paint job).

And trying out Option B:

A brand new bike sure is nice.  While it doesn’t exactly have the new car smell, selecting and sizing a new bike is a pretty rewarding process.  Even if it takes a little time, and a few trips to the store coupled with some searching on the wwwInterweb, it is rare that a thoughtfully selected bike doesn’t get a good amount of use.

A few good commuter bikes (or bikes that could be used for that purpose) in no particular order:

• Breezer Freedom – $550
• Giant FCR 3 – $600
• Novara Buzz V – $450
• Raleigh Roadster – $500

And we could add another half-dozen bikes … but the purpose is just to get an estimate of a realistic price for an entry-level commuter bike that won’t get you completely ridiculed by Bike Snob NYC.  The average price is somewhere around $525.

So … doing some basic calculations based on the Option 1 + Option B divided by 2 method, we get our magic overall budget of $412.50. Now, reducing the total by the “I don’t want to go too overboard” factor of 0.77, we get a more bearable estimate of $317.63.  Then considering every project ever conceived always goes over budget, we will compensate with a 1.15 multiplier to get a grand total of $365.26.  Finally, knowing that we have an extra $10 tucked away in the glove compartment, we reach the grand master final total of $375.00.  Simple really.

That means that the next riveting segment of this project is to figure out exactly what to do with the $375 wad of cash.  Pinch pennys with bargain basement closeouts?  Scour eBay until the small hours of the night?  Blow the whole stash on flashy wheels?  You’ll see what we have in mind when we bring you the next entry: The Murphy’s Law Project — Part D[esign].

[Editor's Note:  All kidding aside, this segment is really meant to produce a general guestimate of the overall cost of this project ... sure you could buy everything online from the "Discount Direct Warehouse Fort", or from your crazy cousin Tony who sells parts from the back of his '86 Lincoln, or pick through the discards at your local community bike coop ... but we are looking for a good quality geared bikes with fenders and the ability to ride at will.  At the heart of it, we hope that you will consider first buying from the friendly folks at your local bike shop.]