My brother wanted a cheap and cheerful singlespeed for the commute to work. We picked up an old Carrera off Ebay at a bargain price with a few bits missing.
Not being terribly proud of the Carrera brand, the decals were removed using a hair dryer and a credit card as a scraper. The frame was then T-cut.
It needed a bottom bracket, I had a spare one knocking around my spares box. also needed a headset again ebay purchase, which was also the source for some cranks and chainrings.
Also added a Fred Salmon seatpost, bars and stem.
I have managed to fit the chain without a tensioner following a ghetto conversion with some plumbers pipe and a sprocket I had in the spares box. Its a bit tight but time will tell if its too tight!!
Just needs a saddle now, some grips (have some Fred Salmon clear ones) and some custom decals. Not sure about the stem though. May be a bit too chunky.
All told it has cost about £70!! What do you think? Can you make a silk purse out of a sow's ear?? Does the stem stay or go? What saddle would suit?? (colour and type?)

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1992 Orange Aluminium O - Project Pre 1990 Dave Quinn 531C Roadbike. Projects for other people
Carrera Singlespeed
"What a piece of junk!"
"She'll make point five past lightspeed. She may not look like much, but she's got it where it counts, kid. I've made a lot of special modifications myself."