Is this bike salvageable? I have an old Peugeot Vagabond. It's been sitting out in the New Mexico weather for more than a few years. I'm wondering if it's worth trying to fix up, or if I should just go get a new bike?

I tried to get the chain off (yes, with a chain tool), but it's not going to come off without considerable effort. Both sprockets are very rusted. And the derailers. I know I'll need new cables, brake pads, cable tube things. I'm pretty sure the rims are still true-ish, but I'll probably need new bearings. The handlebars also are significantly stiff when turning. I'm thinking the only thing still salvageable is the frame.

Ask for more pictures if needed.

(Please suggest appropriate tags. I tried.)
It might be salvageable but the cost of:


new chain ($10)
new tires and tubes ($25)
rear cluster (maybe; $20)
new brake cables and pads ($10)
new derailleur cables ($10)


which is the minimal repair, is going to be around $75 in just parts, that’s if you get the dirt cheapest versions. If any of your bearings or hubs are seized, you’ll need to rebuild them which isn’t expensive in terms of parts (just bearings and grease), but is labor intensive and requires special tools. 

You’ll quickly get to the price of a good used bike if you have to pay labor and even if you do it yourself, you’ll quickly rack up a bill. 

I’d sell the frame to someone who wants to rebuild it and already has all the parts — or find a donor bike with a cracked frame that you can steal all the parts from.