You will be best served by NOT doing anything to a Huffy bike such as this one. Most likely you will not be able to do much to this in the way of upgrading for less than $70! A crank alone would cost you nearly double that anyway! Let alone the rear derailleur likely does not have a mount that isnt a bolt on anyway (newer and upgraded rear derailleurs do not use a "bolt on" attachment). Rear Derailleur would cost about $25 just for Alivio to go 7or 8 speed. Huffy is essentially Junk and should be treated as such. You will in time realize this and let this one go in favor of nearly anything else you end up getting. You will also need a chain, new cassette, likely a rear wheel, crank, rear deraileur, and shifters. Even for the cheap components that you want to upgrade too you will still be well over the $300 mark to do it. Any bike shop will give advise for free- NOT labor! If you cant do any or all of this work yourself then expect another $150 or so just in labor. Now is that $70 Huffy really worth the expense?.....NO