Being a student means I only really have space and money for one bike, so I wanted to build something that I could commute on and also go on longer day rides or 2/3 day short tours. Singlespeed bikes are perfect for around town but I live in Yorkshire and it's extremely hilly in places. It also had to be very cheap! So I bought a Peugeot from Retrowagen, swapped some bits around, built a rear wheel with a 3sp SA hub (gearing is 67" top, 55" middle and 37" low - not as good as a derailer but lower maintenance, rugged and very quick to change to a fixed gear which I occasionally ride (just swap wheel and chain)). It cost about £150 altogether (half of which was decals and powdercoat). It needs a decent rack - once I've practised brazing enough I will make a steel one and permanently braze it on there (no more P-clips or swaying beer crates).