Noted in Ecovelo - Planet Bike Grasshopper Fenders
Not exactly cheap, but very beautiful on certain types of bikes and functional.
Over the weekend I had an email from a regular reader who decided to ditch the family second car in favor of bikes. They ended up with his and hers commuter bikes and a dedicated cargo bike which cost about half what they got from selling their old 15 mpg pickup. They figured they should sell now before gas is $5 a gallon and came to the conclusion they don't use it very much and could rent one when they really needed the utility.
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