is it worth buying a new bicycle?

I'm riding a bike i got from the tip. it is an old steel bike. It goes fine, and i've had no troubles with it. i have a route around a lake i like to ride, 20k's. i'd like to begin riding either longer, more often, or both. These new bikes look great, and are very light. Should i care? would it make any noticeable difference? Also, what about the cicyle clothes i see everyone wearing. Are they showing off, or is there an actual advantage?

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