Advantages: Very durable. It doesn't look like it will tip over easily, keeping the bike secure. You can daisy chain as many bikes as you like, making multiple bike storage easy and compact. Folds away when you want to store it somewhere or take it with you. Lighter than expected, it only weighs a few pounds. Each will fit any size bike with any size tires/wheels with no modification required. The same rack fits my 29er or my road bike, just mount it directly on top. Cons: Your tires need to be inflated to keep the bike from falling over. It's okay if you use your bike regularly. However, if you store it for some time and the tires lose air, they may fall off (if they do). Also, the lever's locking knob can be a pinch point if you're not careful about what you're doing during setup.
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