Buy one of those kits for $125. It will have all the tools you will, and I suspect many which you won't know what they are for, but will need as you get into the more advanced mechanics.
The flip is buying tools one at a time, but it is more expensive and more likely to be missing a tool when you need one. Recently I realized I didn't have an ISIS crank puller, just the older style, and I was not able to complete a repair for a friend...
tools you might have already in your home:
metric hex wrenches
torque wrench
Phillips and flat head screw driver
bike specific tools:
crank puller (check out this one, to avoid sanjuro's problem: http://www.parktool.com/tools/CWP_6.shtml )
bottom bracket tool
cable cutters
chain tool
black and red spoke wrenches
cassette lockring tool
chainwhip
pedal wrench
Beer! A stand goes along nicely with tools, as well. Makes it easier to work on your bike. Don't forget a bleed kit too, if you have hydro's.
It's pretty easy to get all the tools you need to fix a bike at home, they aren't too complicated. I just gradually built my set up, buying whatever tool I needed for whatever job i was doing.
Inbred has a good list going there. I buy mostly Pedros stuff myself, but Park and Pedros are both excellent. Other things that are useful:
Small ruler with both metric and English measurements
Hammer
Socket wrench with assorted sockets
Box cutter/knife
Big adjustable wrench
Zip ties
Hacksaw for cutting bars and seatposts
Big tub of Park bearing grease (that's an important one)
Needle nosed pliers
tools you might have already in your home:
metric hex wrenches
torque wrench
Phillips and flat head screw driver
bike specific tools:
crank puller (check out this one, to avoid sanjuro's problem: http://www.parktool.com/tools/CWP_6.shtml )
bottom bracket tool
cable cutters
chain tool
black and red spoke wrenches
cassette lockring tool
chainwhip
pedal wrench
I agree, that last kit looks pretty complete for a beginner bike mechanic. You'll be able to do almost anything to your bike with those tools and some more general household tools (hacksaw, hex wrenches, etc.). It'll be well worth the money, I've probably spent well over 100 bucks on individual park tools yet I still don't have a crank puller......
Don't buy crappy tools. The combination of their crappiness and your inexperience will result in messed-up tools and messed-up bike parts. Buy "Park", buy for life. Get a stand right away. You live in WA so you must be near an REI. Take their "total bike maintenance" class. Don't force anything and don't expect perfection.
FYI: you can put a dime on the end of your std crank puller and use it for ISIS. I don't recommend doing it all the time, but it works.
Deforms the dime a bit too.
You can also use an Isis crank puller on std bb's. Simply pull out on the floating head and unscrew it (yes they are threaded in, you'll be surprised). Then use it without the head on it. Again, I don't recommend doing it all the time, but it works.
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