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@stormalx
i had a carbolite pug (still do but it's a bit knackered). it was actually a very nice ride and not that heavy. thing is, you don't really want to throw too much money or quality parts at one. so if you're looking to convert and you don't already have bits lying around, you might be better to look around for a reasonably priced 531 frame.
things to look for:
plastic spoke protectors, suicide levers, lugless - indicate carbolite or worse tubing, low-end bikes.
flick the tube and see if it pings/resonates - 531 will.
this site is good for identifying:
http://www.peugeotshow.com/
it's also true that on ebay at least they go for stupid money. i saw a carbolite pug sell for 150 quid. i got the 531 bike in the pic below for 100 quid on ebay last week... ok so the tyres don't match etc. but it's a nice frame so i'm willing to spend some money on it...
