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@The_Hundredth_Idiot
I've just done the sums myself and gone OTP.
Always meant to buy an old 70s/80s road bike and "fix" it. I'd keep all the old bits so I could always make it geared again in the future if I wanted.
But a decent (i.e. paint good, decals intact) old bike goes for a lot these days and I couldn't find one that seemed a reasonable price once I'd taken into account the cost of new wheels, chainset and so on (e.g. probably new BB and headset).
So, thanks to eagle eyed GA2G on the definitive OTP thread, any day now Triton Cycles will be delivering me a brand new Paddy Wagon for £350. Not sure I could have made up a decent fixie for that price. Cheers, GA2G!
For now, I'm just dipping my toes in the fixed water. So an OTP like the Paddy Wagon will suit me just fine. In the future, who knows?