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Keep or Scrap???

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I'd swap the tires and the chainring out and give the bike to charity or sell it to someone who just needs a bike to ride. Those bikes are no beauties but they can ride very well and are useful for some things. Try riding it, you might be surprised.
 
I have one, Its a CRUISER ALLOY SS. They’re a sweet rider and has the classical Schwinn style. Frame,handlebars,stem,seat post and rims are all aluminum! You can’t beat that for a comfortable ride and light weight.
 
Thanks everyone for the great feedback. It's nice to get others' perspective on things. As neglected as this bike is, it rides really nice. You got me thinking...due to the fact I've got way too many projects on my hands and I bought this on the cheap, I may slap on some newer tires, do a quick run through and donate it to the local homeless shelter. They always have a need for good bikes.
 
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