Originally Posted by
sykerocker
In my vocabulary "refurbishing" is taking the bike apart, cleaning and lubricating, and reassembling.
That's an overhaul. You can have this done at some bike shops. They charge at least $300 for the labor.
For that price, they will not shop for period correct replacements, retape your bars, or polish the rash from your last crash. That's part of "refurbishing" a bike. And they likely won't overhaul your rear derailleur nor your pedals.
"Restoring" means disassembly, then working on fixing every individual part, replacing major parts if necessary, possibly repainting or at least a major rubbing out of the original finish, then reassembling.
Restoring is just that, bringing the bike to its its original show room condition (including paint), whether the replacement components be improvements or not.