Should I upgrade dinosaur or save up and replace?

Liebkuchen
Liebkuchen Posts: 19
edited May 2013 in MTB beginners
I have just inherited a second hand Bronx Equaliser 12 1/2" which is my first bike as an adult. Have also had 3 out of 5 classes in bike maintenance which I've found surprisingly interesting and inspiring.

Went into lbs today for a couple of wee bits including a new stem bolt as I'd been fiddling with the headset and found that some of the grooves were damaged. Manager said that most bikes don't have that type of bolt any more? Reckoned bike could be about 15 years old. When asked about price of new cassette (next week's lesson) he said that my bike would have some kind of screw in cogs instead (£20) ? Anyhow, he did do a good job cleaning the bolt for gratis as he felt it would be fine and I wandered off with the bar ends and new chain on my shopping list. Its made me think. The only spec I found for the bike currently is;

Wheel Size: 24”
Frame: Alloy 6061
Fork: Suntour suspension
Gearset: Shimano 21 speed with Shimano EZ Fire shifters, 24/34/42 chainset
Brakeset: Promax alloy V-brakes with Shimano levers
Wheelset: Weinmann alloy double-wall rims,24 x 1.95 tyres
Controls: MTB bars with alloy A-Head stem
Weight: 12.5kg

This all sounds about right. Although I think the bike's newer than 15 years as its in decent nick and is still sold elsewhere. I've already replaced the seat post for something taller, going to change chain and cassette or whatever it is next weekend. Brake pads soon, too. Tempted to replace pedals, wistfully gazing at smoother tyres as will be mainly on bike paths this summer.

As I'm short of cash, would it be possible/sensible to slowly look to upgrade everything as I can afford in order to be a bit lighter, ending with the frame since that'd be the most expensive? Or would I be better to stop buying anything more than the basics and save my money for a completely new bike in say 6-9 months? Long term, I'd like to progress onto xc trails- none of that downhill flim-flammery.

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