What difference will a newer bike make?

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Sep 24, 2012
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I'm new to cycling (generally new to exercising period). About a year ago I started running on a regular basis. I've really been enjoying it. Lately though, I've wanted to branch out a bit and try cycling.

Instead of spending a lot of money on a nice rode bike right off the bat, I picked up a 30 year old Motobecane. It's been a couple months now and I have enjoyed riding it.

What difference will a newer bike make? Right now, I'm comfortable on a 20-25 mile ride at around 15-16mph. Given a similar effort, what speed difference would I likely see with a new bike? Obviously, the quality of the new bike makes a difference. I guess, that is also part of my question. Where does the law of diminishing returns come into play when buying a bike?
 
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