Velo Mule

It always depends. If you want something new and shiny and the lastest stuff go for a new bike. You should be able to get good money for a Long Haul Trucker if you sell it. If you love the bike, and just need a few upgrades and refinish to make you satisfied go for that. It may be a couple of hundred dollars for powder coating. And a couple of hundred for upgraded parts.

My former co-worker would often sell his older bikes to fund newer bikes. Not brand new, but a level up. That worked for him and allowed him to try out a variety of bike brands, frame materials, disk brakes/rim brakes, carbon rims and different drivetrains.

If it me, I'd probably just touch up the paint, change the brakes and the bits that are worn. We all have different budgets and views on our hobby that are different than anyone else.

So, I think it is a good idea since you are on the fence to ask here. You should get some good input. What do you dream about when you dream about a bike? Whatever that is, is the direction to go.