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Bikes frames are made of six different materials. The stiffer the frame, the easier it is to peddle. The following is from the least stiff to most stiff frame:
1. High Tension steel, the wonder material of 1900. Had the Titanic been made of High Tension steel, the Titanic would have survived the Ice Berg do to the flexibility of High Tension Steel. The down side of this flexibility is that while High Tension steel bike frames are easy to repair, they absorb a good it of peddling power do to its flexibility. Most cheap bikes are made of High Tension Steel.
2. Chrome molybdenum (Often called Chrome-Moly or Cr-Mo) is a much stiffer steel frame material. Often called the wonder material of the 1930s. Not as easy to repair as High Tension Steel, but a lot easier to peddle do to its much stiffer frame. High Tech bikes of the 1930s till today are made of this material.
3. Aluminum. This was the wonder material of the 1980s when Cannondale solved the problem of how to repair an Aluminum frame if the area where the rear wheel attached to the frame breaks. Prior to Cannondale, if that part went you have to junk the whole frame. Cannondale discovered a way to make that part removable from the rest of the frame, so if it broke, all that was needed is to pull the old part out and put in a new part. The part is kept with rest of the frame by very tights tolerances. Aluminum is even stiffer then Chrome-Moly so is even easier to peddle. Aluminum has greater strength at the same mass as steel, but at the same mass has much greater volume, thus Aluminum frame bikes tend to have thicker frame parts then other materials. Like Chrome-Moly Steel frame still a very good frame material, the following frame materials are all much more expensive for only a marginal improvement in frame stiffness (Remember Stiffer the Frame the easier it is to peddle the bike).
4. Magnesium. Not used much today, has a brief time in the 1980s. Stiffer and thiner then Aluminum, its one great fault was you could catch it on fire in an accident (and the Fire would be a Metal Fire, all it needed as Oxygen to burn, till the whole frame was gone). Magnesium is still used for certain parts but NOT parts that can be subject to a lot of heat if dragged along the road bed.
5. Titanium, the wonder material of the 1990s. Even lighter then Magnesium. thiner then steel, lighter then aluminum or Magnesium, with a temperature rating equal to steel (Almost impossible to catch of fire). Also 3-4 times the price of Aluminum, but its stiffness is NOT 3-4 times that of Aluminum. Most Titanium frames were made in China as titanium became cheap when the Russians stop building high speed jets that needed Titanium. Now not as cheap as it was in the 1990s and even rarer today then it was in the 1990s.
6. Carbon. This is the wonder material of today. As expensive as Titanium but can be molded into any frame since it is NOT a metal but a resin. Mostly seen on high end bikes bought by people who what the stiffest frame they can get. I do not believe it is cost effective for most people but if you want the little edge over other bike it is the frame to get (starting at $2000 just for the frame).
Given the above the bike you look at appears to be Aluminum, if that is true it is a decent bike. My only problem is the rear suspension. Such Suspensions are popular among off road racers for they permit the bike drive wheel to stay in contact with the ground more then a "Hard Tail" bike. My problem the rear suspension tends to undo the stiffness you get from a solid frame bike of the same material.
My point is the frame is decent and thus I would look into keeping it. The components are probably junk and needs to be replaced. Improve components would make the bike easier to peddle (I recommend getting Shimano XT components, Shimano's XTR are like Carbon Frame bikes, XTR components cost twice as much as XT parts, but are NOT twice as Good. XTR are designed for that person who wants an edge no matter the price. Thus unless you are Racer of bicycles, XT parts are good enough (I would also look into SRAM Parts, generally as good if not better then Shimano parts).
One comment on Shimano parts. Shimano sells various levels of bike parts, from racing quality down to some of th worse junk you ever saw. LX parts are not bad, XT are the most cost effective, XTR over priced for marginal gain (Yes I recommend XT parts more then the higher or lower price parts). I do NOT know what parts your bikes has, but I suspect some Shimano junk. Look into getting new wheels and drive train (and other parts) and if you are unwilling to do that, the bike is NOT worth keeping no matter how good the frame is.
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