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@TM
The way Iook at it:
Ratbike - loved and well looked after but used and abused, battlescarred porn....
Beater - (typically) something you can leave locked up without worry about too much, maybe thrown together from the parts bin for not alot of money. A fun bike that may not be aesthetically pleasing in a traditional manner, but is a hoot to ride.
Of course, there is some crossover...
I don't know where new bikes covered in stickers comes into this though.