Originally Posted by AlanG .
That surely is true but there is another factor. The cost to overhaul an old bike at a shop can be too much. And even the cost of basic maintenance might discourage some. Whereas for those of us who are knowledgeable, it is no big deal to keep our bikes in shape ourselves. Those who have "good" bikes are likely to keep them well maintained even if thy have to take them to their LBS. And if they took care of these bikes and did basic cleaning, lubrication, and adjustments, some of those parts might not have worn out.
Likewise I am good at fixing most things around the home. But it is easy to understand that someone will buy a new $15 toaster rather than looking for a repair shop that would have to charge more than that in order to stay in business.
Actually I disagree. I have a small collection of 6 80's era road bikes and they cost nothing to very little to operate. One of the bikes bought new in 84 I have has over 150,000 miles on it and not one problem other then your normal tire, chain, freewheel wear out, rim wear, haven't had one major component failure. The most expensive wear out item has been the rims that last about 30 to 40k miles. About once every 5 to 6 years I take the bike in for an overhaul, just to make sure I haven't missed anything, and the most it has ever cost me was $125 due to needing cables that I thought didn't need them but had them do it anyway, otherwise it usually cost $90 to 100.
If a person has rudimentary mechanical skills they can learn how to work on most things on their bikes because their very basic in their design, especially older bikes. The only real problem with older parts is finding parts for them should they break, but E-Bay is full of people selling older stuff and a lot of it is unused brand new condition; the only real expensive parts are the top of the line models of Suntour, Shimano, Campy, and more rare stuff like Zeus, and Huret. I replaced a Shimano BioPace ring gear on a 86 Nishiki Olympic that I found brand new on E-Bay for $22. One of the reasons I'm retiring the 84 Trek is because it has all Suntour Superbe components and the ring gear is needing replacement again and on E-Bay a NOS ring gear is over $100. So there's an example of high end component cost vs mid level cost. Keep in mind though that gear clusters, chain rings and chains last longer on older bikes by at least 3 times longer then newer bikes due to wider chains and thicker gears. The average new chain will last 3 to 5k, the older wider chains 15 to 18k miles.
New bikes are actually more expensive to own then older ones. If a Ultegra briftor goes bad just one will cost you over $250 and Dura Ace over $300. So just because you have a newer bike doesn't mean it's going to be cheaper to repair, usually due to a newer bikes complication it will cost more then an older bike not less. I also know a lot of people that ride newer bikes and their costs to keep them going have been substantially higher then even my Superbe equipped bike! Some older bikes come with 27" wheels like my 85 Schwinn Le Tour Luxe, but I haven't had any issues finding great quality tires for it.
The only time your going to run into an expense factor on an older bike, besides the mentioned higher end replacement components, is trying to switch the bike from freewheel to cassette. Then you have to justify whether or not the expense is worth it. Personally I see no need for anyone to want to make the switch because 14 gears is plenty for most people. However I know one friend who make the switch and said it was far cheaper then buying a new custom lugged steel frame bike and getting the modern components on it, now he has a retro looking bike with modern stuff. So I guess it depends on your perspective.
I can't even find a place anymore to fix a toaster, and a $20 toaster would cost more to fix then replace. I would rather spend $60 bucks for a repairable toaster then $20 for a throw away! My front loader washing machine motor went out after just 8 years of use, the appliance man said it cost me as much to fix it as it would be to buy a new one! Sorry but that's just sad commentary on our society. Even Consumer Reports has downgraded their life expectancy on appliances over the years due to smaller energy effcient motors, and those smaller energy efficient motors are not saving us enough energy to pay for itself because they don't last long and they cost a lot to replace.