If you've ever ridden like a newer chinese moped, the power here should be comparable on the lower end. Top speed should be around 25 or 30, depending on the distance of the straight away, gear ratio, and the amount of courage you've got. At 30mph those cruiser bikes will begin to shake and rattle and it will scare you the first few times you ride it (still scares me, and i've had mine for over a month).
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If you're concerned about the bike busting in half and killing you, here's what you can do. First of all, check your fenders (especially the front one) and make sure the mounts are kind of beefy. If you see them start to crack... not good. The motor vibrations plus the fact that your going 30mph over bumps and sewer drains on something without suspention can tear them apart, but you'll definitely want them for riding in wet weather.
Then work on the wheels themselves. Make sure the bearings are greased (especially if you hear a lot of squeaking or clicking coming from them). Usually if they aren't just obviously giving you a problem, they're fine. It also doesn't hurt to check if the wheel itself is balanced, but little tiny tweaks in it probably wont give you that much of a problem. One thing you don't want to find, though, is broken spokes.
Finally, check the chain itself. Is the crank on the wheel perfectly balanced? Is the chain straight, or kind of twisted? Does it have enough grease on it? And does it have good tension? You should be able to wiggle that chain about 1/2 or maybe 3/4 of an inch or so up or down. The upper and lower parts should not be able to contact each other.
Oh, and it doesn't hurt to make sure the motor mounts are secure & all those bolts are tight. I've actually had an instance where the front mount bolts came off completely and the motor swung to the left about 45 degrees.
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As for the fuel, I always do 32:1 once it's broken in. Different people will recommend different things when breaking it in, but just do what makes you feel comfortable. You can also go to like a Honda/Yamaha type of powersports shop & get some synthetic performance 2-stroke oil, and I believe you can run that a bit leaner. But that stuff is like 10 or 15 dollars a quart.
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Carb spit could be either a tuning problem or an air leak. You can actually purchase a nice Dellorto carburetor to replace it for around $75 or $100, just measure the intake (millimeters) & get one to match. Dellorto is the type of carburetor they make for most higher-end European mopeds like Puch and Tomos. Get one with an adjustment screw to fine tune it a lot easier. Even if it doesn't turn out to be your problem, you'll still be happy you got it if you plan on keeping the bike for very long.
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A trip to Walmart will get you a mirror about 3 times the size of that one. But yea, mount it on the left side so you can see the traffic, not the passing mailboxes.