Bite your tongue! The Schwinn Varsity is overweight, but it most certainly isn't junk that wouldn't last!
These bikes are among the most robust ever built. Even the derailleurs (which were NOT Huret) seldom give any trouble even after DECADES of abuse. I've rescued dozens of these popular machines from friends or the trash over the years and have always managed to get them up and riding sweetly with few to no parts swapped. Back to Sheldon Brown bike school for you economists!