My old bike, at its time, was a very good one. It was a ten-speed manufactured in the early 1960s with a hand built thin walled, lugged, steal frame. I asked Ed, my local bike shop owner, if it made sense to rebuild my old ten-speed into an urban commuter. Absolutely he said. He put Nick, a college aged young man, in charge of the project.
My old red Rudge was reborn with upright bars, a classy and comfortable leather saddle, new rims and rubber, new chain and bearings and a slick 8-speed internal hub. Here is a sensible example of the proper economies of scale. It wedded my household economy, the stuff at hand, with economy of my local bicycle shop. The $400 give or take that I could afford on a bike (mostly give in this case, but in that range) were dollars spent in my community and largely remained in my community.