Read everything you can on this forum and the one liked to the
http://www.red-racer.com site (seriously!). OEM parts and after-market parts are generally available, although expect to do some shopping on the swap meets and eBay. You can get a cover for that seat from Vintage Elsinore at
http://www.elsinores.com and Red Racer has replica plastic. You might be able to repair the current fenders with Plastic Renew. Email me and I will get you hooked up with a manual, parts catalog and a bunch of other stuff you will need. What are your plans - play bike, historic racer, restoration?