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new bike or old bike?

I haven't gotten to ride much anymore, since having kids, but I recently injured my knee and have been riding my bike as part of the rehab. Now that I'm actually using my bike again I'm wondering about an upgrade.

I'm riding a Vitus 979 that I swapped wheels/gears etc over to a 7 speed configuration years ago when I was actually riding it. It's fine, the frame fits me, but the front chainrings are slightly bent and I live in a hilly area and wouldn't mind some extra gears to help out my weak legs.

I saw a Litespeed Teramo with Ultegra 9 speed for sale locally for $1200. Then I started looking at new bikes....

Anyway, my choices are

1) buy wheels and derailleurs etc again and upgrade my current bike.
2) Buy Litespeed Teramo for $1200 or thereabouts
3) Buy new bike with disc brakes and modern tech for similar money
4) Other

What would you do with my money?
 
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I ended up getting a used Litespeed titanium bike with 9spd ultegra.

I took it on a maiden voyage yesterday and did the same route I had taken on Monday with my old bike. I was 1mph approx slower over the distance. Not the situation I was hoping for.

The new bike is a little lighter, but right now has a 12-25 rear cassette, instead of 12-28 on my old bike. This made the hills a little slower. Also. the crank arms are shorter on the new bike, and I'm contemplating going longer.
 
I ended up getting a used Litespeed titanium bike with 9spd ultegra.

I took it on a maiden voyage yesterday and did the same route I had taken on Monday with my old bike. I was 1mph approx slower over the distance. Not the situation I was hoping for.

The new bike is a little lighter, but right now has a 12-25 rear cassette, instead of 12-28 on my old bike. This made the hills a little slower. Also. the crank arms are shorter on the new bike, and I'm contemplating going longer.
Not the trend. Recent reading has everyone, tour pros included going w shorter crank lengths. Give your new bike a chance!! Depending on the condition, hope you like Ultegra, it's hard to kill..works good for a long time
 
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I double checked and the cranks are identical! A mistake was made during initial measurements with pedals on and a regular tape measure. Should have just read the numbers on the crank!

I had the cassette swapped today for a 12-27, so that puts me very close to the old bike.

So far I like the shifting, so no plans to replace the Ultegra. Although I would be interested in a way to get slightly easier gearing. I understand I can't change the cassette without changing the derailleur, and to change the front ring I have to do both chainrings, not just the small one. Or I could make my leg muscles stronger I guess...
 
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My speed increased with the 12-27 gears, but not by much. Both the old bike and new bike are measuring very close on mileage, I have to check the time and see if they measure consistently.

But as it stands I was 3 1/2 minutes slower over 1 hour on my first ride, then 3 minutes slower after I swapped the cassette.

I took another ride today and was again slower over a different route than I was last time I rode it on my old bike. I swapped my saddle from the old bike over before todays ride to eliminate another variable.

I guess since both odometers are measuring very closely, the time could be off. Otherwise, I'm slower on a lighter bike with almost identical gearing for some reason???
 
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You have a wonderful legendary bike, I think you can make that bike work without having to buy another bike...if you want to avoid buying a bike.

You don't need to go faster, you just need to pedal with less pressure on the knees. One of the best ways to do that is to go with shorter crankarms, the shorter the crank arm the shorter the "step". Sort of like climbing stairs one step at a time vs two steps at a time, one step at a time is easier.

You can also get a wider range freewheel, but you have to be careful doing that because you have to consider the rear derailleur, a short cage derailleur will not work with a wide range gear ratio.

You can also get smaller chainrings.

Start with the cheapest change first, then see if you need to move on to the next cheapest thing.