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IMHO: That's a lot to pay for a 1999 Aluminum bike of OK quality. That group is likely pretty used and due to be replaced. Especially if you've got no idea who's maintained it and how. The frame isn't "ready to break" though. I think that some opinions about "disposable Aluminum frames" that you read here are questionable at best. Some believe it, some (me included) don't buy it.

But: You are at least due for cables, brake pads, tires. You should be due for chain, cassette, chainrings. You might be due for wheels, BB, saddle. In other words: You'd need lots of $$$ to get as good of performance that you'd get from that new Trek.

I owned a 1999 Allez sport. A bit harsh riding and needed lots of attention to keep it running well. That was 105 and not Ultegra, so my comparison is probably moot.
 
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