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I think my real issue is that as much as I'd love some 1200gram carbon American Classics or a set of Zipp firecrests, they would set me back about a grand then promptly get fucked by the first coffin sized pothole they hit.
Anyway, even with alu it's not all about the weight-well built wheels made from nice rims on light, well put together hubs that don't need their bearings serviced every three months are a joy to ride on compared to a set of Fulcrum/Shimano whatevers.
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For sure, the way I see it, if you're buying wheels under £300, generic decent wheels around 1600 grams like the Fulcrum 5's, then great. If you go over that it's worth getting some built because they will be better for the money. Also it depends what you're using them for, I wouldn't use carbon rims for an every day bike with calipers, but would be happy to do so with disc brakes. £1k wheels have their place but it's a very specific place, like racing.
The problem with Alu wheels is over about £300 you have to spend £100 to lose 100 grams. £600 wheels are nice, but it can be hard to justify saving 200 - 300 grams over some £300 wheels.