Just yesterday an older lady came to my shop with an old Jubilat 2 folding bike, almost the same as this one:
She complained about "weird sounds from the rear wheel"
Literally everything was wobbly in it - headset, BB, wheels, everything. When I took apart the front wheel the balls from bearing fell out, and both of the cones were almost gone.
The rear wheel was the same, except, that the bearing was compressed flat, and from seven balls only two remained in place. She was riding with a wobbly BB for so long, that the cup expanded the frame, and when I pulled out the axle the cup just fell out from the frame.
The chain was so extended (and rusty) that when took my measuring tool it just stopped on the next link (yes, the chain was expanded in almost a hole full link).
This is how at least 75% of bikes aged 20+ years look in Poland. And remeber the the most important thing - I live in Warsaw, the Capital City, were older bikes are like 35% of all the bikes you see on the streets. If you go to the more rural parts of the country, you can see bikes in much worst condition. It's a typical thing here - "It's a bicycle, it's simple, what can brake down in it?", and most of the people come to shops for service when it's far too late.