Should I upgrade my bike or buy a new one?

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I have a Giant 860 Mountain bike,that is about 14 years old,I would like to upgrade it but I am not sure weather to upgrade or buy a new bike.I'm on a low budget though as I'm 16 and have limited funds,I ride almost daily 15-20 miles a day and have put a couple thousand miles on the bike in a year.I was thinking of upgrading from the 7SPD to a 8-9 speed,what components would need replaced?Such as rear wheel,rear/front derailleurs,cassette,chain,and possibly a crank.Is it worth it?Could i fit that into my budget plus the few tools i will need?If you could recommend a website with components etc. and what type of tools i will need.I'll give the best answer!Thanks.

 

[Trevor L]

It will cost much more to upgrade than to buy a new or second hand bike with the spec you want.