If you like lugged steel bikes with traditional geometries, you just can't 
find a new bike in the <$500 price range that compares to the golden age 
70's and 80's (and early 90's bridgestone) bikes out there.    There were 
some seriously high quality steel frames made back then.    I have a few 
vintage bikes in my stable, and it sometimes amazes me that they were at 
one time, in my lifetime, standard fare at the bike shop.    

I agree that you don't want to spend a lot on a rig in need of major TLC, 
but there are tons of 20+ year old bikes that have pretty much never been 
ridden.   One of my best bikes is one that was made in 1983 that I picked 
up several years ago, and which has served me well for those years and tens 
of thousands of miles of transport.   Now, it only fits 28's with fenders- 
   but has similar geometry to a Rivendell, rack and fender mounts, high 
quality steel, unbelievably nice shaped and filed lugs, and terrific ride 
characteristics and comfort.   I love riding that bike, and in about a half 
hour will begin putting another 30 miles on it.

BUT I also wholeheartedly agree with EricP.     If you want a 700c bike 
with better tire/fender clearances (larger than 28s)-  and this is a 
fundamentally important feature to those who are accustomed to larger 
tires-   vintage is definitely not where to look (unless it's an early 
Rivendell Allrounder or something unusual).      

Matt

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