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Jung
Same experience here, over a longer period of time though which helps a bit. That's why I can't bring myself to change bikes from the R80/7 and SH300 which are both ratty sleeper looks. I'd love to have something newer with bells and whistles but last time I did that it got nicked.
It's a shame that the only bikes that survive in London are the ones that no one else wants and are already cosmetically a mess. Basically what M_V said, give up having nice things on the street.