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I have a 1992 Raleigh Talon.....

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rosborn
  
that I would like to bring up to speed. In other words, I would like to gradually update the components so that this is a functional bike. The frame is in excellant shape. I haven't ridden the bike in years (preferring the road bike side of riding) but would like to tinker with it and make it a bike that I can use while tooling around my small town and immediate neighborhood, as a change up to the road bike. The bike currently has Shimano 200GS components (shifters, front/rear derallieur, etc.). I will probably need new version of these components as well as new wheels/tires/tubes. Suggestions as to upgrading these components or just buying a new bike would be greatly appreciated.

Thanks,

Rob

Duracellis
  
Well assuming its all functional I don't really see a need to change anything. Regrease everything, give it a good cleaning, and recalibrate the brakes and derailers and it should be good to go. People got by fine with downtube shifters just fine before dual shifters were developed .

531Aussie
  
my favourite 531 frame is a 1988 Raleigh, and while it was always a great bike to ride, it's now even better with 9 speed Shimano stuff and a carbon fork.

I guess it always comes down to how much you wanna spend, and buying a whole new bikes is almost always cheaper, but if you skimp on Ebay, etc, you should ok. New wheels make the biggest difference, and STI is the best thing since lycra. :) So yeah, I suggest at least getting STI and new wheels (or at least a new rear hub). Oh, and the new dual pivot brakes are awesome!

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