So for a bit under $5k I found:

a BNIB NP3 frame
a BNIB eTap mini gruppo
a lightly used Alpha X+a set of Omegas
a BNIB set of Zipp Firecrest 404s

I have a feeling that this combo will be faster than any stock Canyon bike.

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Next races on the schedule: none at the moment

Economically speaking, and based solely on performance, upgrading the P2 with a max cockpit and brake will give you most of the performance differences between your current state of the P2 and a new Canyon. The Canyon would likely be faster because of the wheels and integrated storage. But, that Canyon has a ton of additional advantages beyond performance.

• Awesome storage and hydration on the Canyon
  
• Integrated brakes better than best case on the P2
• Mediocre cable routing on the P2 that cannot easily be remedied
• Convenience of a total turn-key solution
• Electronic shifting
• All new stuff hedges against near-term wear and maintenance
• Hot looks

The prior-gen P2 frame model itself would probably not be hugely different than a modern Canyon, but it does have some legacy design liabilities that you cannot overcome, like exposed rear brake, tall seat stays, big gap between the front wheel and down tube, exposed cable routing, and skinny fork.

Hello,

I also have a 2010 P2.
In the last two years, I bought the Tririg Sigma stem, two Omega X brakes, and a nicer basebar... This upgrade cost me something like $600 and I now have a bike that is 99,737% as good as the best one you can buy. A Zipp Speedbox bento box looks perfect on it (you can use zip ties instead of straps and the the gear cables can be used to hold it securely on the top tube with a zip tie). There is also the XLab BTS system that can be attached to the seatpost (very convenient and rock solid). Looks good, works well.

Why would you buy a new bike when yours is amazing and can still be used? If you are tired of it, use make-up and sex-ify it.

Keep your money for other things.
my 2 cents ;-)

I have a 2011 P2 and I changed the bars last year to the Zipp Vuka Aero, Zipp SL Sprint Stem, Zipp Vuka Evo 70 extensions, and added the Zipp 2.0 Bento Box. I had to change my bars because I broke the threads on the integrated Zipp Vuka Stealth stem I had before. It's a great setup and will last until I save enough to buy a disc brake tri bike. I'm waiting on more companies to release bikes like Felt and Specialized before I make the jump.

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

I have a 2006 P2. I put on a Zipp Vuka Stealth, and have added an 808/disk (used).