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For small stuff(water bottles, cages, tubes, etc...) I buy locally. Prices are not that different and if you go to the shop a lot they will usually cut you a discount. Even for some more expensive stuff such as pedals(or other items you may not be able to install yourself) I will recommend people buy locally. Reason being is that you buy something, such as pedals online for 80 bucks for a $120 pedal. Now you need those installed and a shop would probably charge 20-30 bucks to install them. Then you need your bike fit adjusted slightly for the new pedals which would be another 20 bucks. So now you are into those pedals for the same price as in the shop. If you just went into a shop and bought them they would install them for free and re fit you to your bike for free as well. Having a relationship with a shop or 3 does not hurt because you are ALWAYS going to need something last second before a big ride or if you see their shop truck at one of these riding events and they know you they will cut you a deal or again, give it to you for free.

I basically only buy tires and clothing online because both items are generally half of what shops charge for the same item. And with the clothing you can get WAY higher quality than most local shops carry for way cheaper.
 
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