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Don't even consider upgrading it. Either sell it whole... in parts... or keep it and ride it on veteran's day. What you'll need is a new or at least newer bike if you want to ride with a club. Check ebay for complete bikes in your area... you can get a decent alu+carbon with 105 or Ultegra stuff 9 or 10sp, with usable wheels for really cheap.
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vini vidi... bici!
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