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I have an '83 Honda CM450E.

I'm having trouble figuring out the clutch adjustment. I can adjust it down until it's as tight as possible (bare minimum of freeplay), but I still hear a THUNK when shifting from neutral to 1st, and the bike jerks a bit. Is this normal? Initially I thought I might need to tighten the clutch cable, but it's not helping...

That's normal. Almost every older bike has that and most new ones too!

Aye I get that a lot too.. Just learned to live with it. However, I tend to get the occasional false neutral, while shifting gears. In which case I have to shift again with a little more "assertiveness" and the gear seats right.

I wonder if this is just age or does the gearbox need a peek inside??

K