I remember our Earth Action Council's guidance on bicycle buying ca. 1970. They recommended European road bikes between about $100 and $150 (Peugeot UO-8 and Raleigh Super Course were two favorites), while advising against Japanese bikes at that price point. "Some Japanese models, such as the American Eagle Semi-Pro, may be good, but in general you have no assurance of high quality." As others have mentioned in the thread, the quality of Japanese bikes rose dramatically during the 1970s, across all price points. At the top end, those with big money still insisted mostly on Italian bikes with Campag. components.
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069