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Condundrum: Restoration vs Renovation

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Do what makes you happy. That’s why it’s called a hobby. Enjoy the process, accept the fact that you will be very quickly upside down with it going the resto route, put way more time in the project than you thought, learn from the CABE and then ride it like you stole it! Oh, and it will be guaranteed that another project bike will surprisingly present itself and then you will be well on your way to be a hopeless bike collector, over-run with boxes of spare parts, a large collection of original “display” tires, and a depleted bank account. Welcome!
 
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I went through the same conundrum within the last year. Being a car guy I understand both scenario. I own an all original 1961 sports car & am currently building a late 60’s pickup to my liking since it wasn’t all original. My bike had been repainted by the previous owner, so it wasn’t original an longer. That opened the door for my creativity. I think it turned out fantastic. On the other side of the coin I picked up an original paint Higgins. I am going to clean it, so all the maintenance & then keep it a “rat” bike. Enjoy!

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I love the bike hobby and have fun doing it. One of the main reasons I like it is because it keeps me off the couch and my mind busy. If it weren’t bikes it would be something else. Do what you want and whatever you can afford. If a bike is all original keep in mind that it’s only that way once. Most original bike projects I’ve started are too far gone so it doesn’t matter. There are some projects that you can remove the re-paint and expose the original. I did this to a 39 Hawthorne and repainted the drop stand and fender brackets. Talking about a Diamond in the Rough. The original red was under that nasty silver. Most importantly have fun. JimRoy
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I would rather have something that is both presentable and comfortable rather than 100% original.
I'd rather have nice looking paintwork in a color (or two colors) that I really like even if it isn't factory correct.
I do not keep anything with weathered dog-doo looking original patina. It is just not my thing.
Yes, if somebody is seeking something specific and really old, and I have seen it somewhere, I will alert them to where to go get it.
If it is free, and I know a friend (or a friend of a friend..) who is seeking that particular weathered ancient dog-doo looking 100% original or mostly original bicycle, I will load it in the car if I'm not driving the two seater and then I'll give the bike to my friend.

I realized a long time ago that you can realistically only have so many bicycles, cars, boats, houses, sets of golf clubs, guitars, motorcycles,..... ,and you should concentrate on that limited number that is nice enough to make you the happiest. I certainly enjoy restoration projects and customization projects but again with those I do limit them to perhaps maybe one or possibly two at any one time. It keeps me focused and motivated in completing the project within the timeframe I had established. If I become disinterested in a project and make no forward progress within six months for whatever reason, I will sell, donate or otherwise get rid of it. From my perspective, I view this as fun and certainly as a hobby, rather than viewing it like the CPA Comptroller of a manufacturing concern. This is what works best for me, but as my wife has always said to me for decades, you know you are both creative, weird and really organized which is way beyond normal weird. I have to have organized materials, and an organized plan and a relatively uncluttered work and storage area in order for me to get my best results. The way that I look at it is that it is something that will be at least nice enough or why even bother if it will still have the appearance of dog-doo. Original is great if it also looks really good but original with "weather beaten patina" is the look that it deserves to be set out on the curbside trashpile on trash pickup day. I realize that this is just my opinion and that others can have differing opinions and not be wrong. That is the point----------there is no right or wrong----------decide what makes you the happiest and do that. It is your bike and you'll be riding it and having fun with it. Sure, if you're buying or otherwise obtaining a particular collectible bicycle (or whatever collectible automobile or item, etc.. ) you should be aware that certain deviations from stock original could potentially lessen the resale market value. For example a 1965 something like a Ferrari 330 GT and a something like a 1965 Corvair convertible.............................. with modifications and changes to the 1965 Corvair could make it worth way more than an otherwise a very nice condition all original 1965 Corvair.
Now if you had a '65 Ferrrari or a 1965 Yenko Stinger, you'd want everything completely original.

Above all, you should remember the old Burger King ad slogan from the mid-Seventies: "HAVE IT YOUR WAY".
If you aren't having fun, you're doing it wrong.
I see a red bike and I don't necessarilly want to paint it black.............................but maybe I wanna paint it some other color...
 
This is just my opinion. I look at the rarity of the bike first. Are they difficult to find? Can they be easily found in good or very good original condition if I wanted one. Second I look at its completeness. Is it missing hard to find parts? Will it cost too much to restore it? After you ask yourself these questions then look at what yo intend to do with the bike. I just went through the same thing with a 1964 Cycle Truck. Due to some rust issues and the wheelbase being to short I have decided to modify AND restore it. The only thing that won't be original when I'm done is the wheelbase. Excuse me, it will be back to its original look, but it won't be original. Its only original once.
 
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T, I went through the same thoughts when I purchased my first old Schwinn last winter. I quickly realized I wanted a vintage bike that brought back memories of my childhood, was fun and comfortable to ride and still had the qualities of the original bike. So i opted to keep original paint / pantina , wheels, and went with a more compfy saddle, longer seat post and apes. I still completley disasembled , cleaned , greased , rebuilt hubs and wheels , etc all the while thinking about the peolpe and mechanics that this bike had been in contact with through its long life . Couldn't be happier !
In your spot I like option #4!!!!!
Now lets see some pics bro !!!!!
 
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