Mountain Biking - Need a new MTB, on the cheap

Never been that much of a mountain biker, and hardly ride mine at all since moving to Florida. However, going back to West Virginia over the holidays makes me think I'd like to have a new MTB mostly for some winter training, and just the occassional change of pace. I'd also like to have something that I could race at a sport level, on the rare occasion that I might do that just for fun.

However, having just spent $5000 on a new road bike, my budget is extremely limited

My current MTB is a 1986 Schwinn High Sierra, so most anything would be an improvement.

I was at Bikes Direct this weekend and they had Motebecane MTB's with Deore XT componets for under $500. I know the whole story about Motebecane road bikes. Do you guys think this would be a good enough bike for my purposes?

Never been that much of a mountain biker, and hardly ride mine at all since moving to Florida. However, going back to West Virginia over the holidays makes me think I'd like to have a new MTB mostly for some winter training, and just the occassional change of pace. I'd also like to have something that I could race at a sport level, on the rare occasion that I might do that just for fun.

However, having just spent $5000 on a new road bike, my budget is extremely limited

My current MTB is a 1986 Schwinn High Sierra, so most anything would be an improvement.

I was at Bikes Direct this weekend and they had Motebecane MTB's with Deore XT componets for under $500. I know the whole story about Motebecane road bikes. Do you guys think this would be a good enough bike for my purposes?

I'm not familiar with the Motobecane model but $500 is the magic number for decent entry level hardtails. Amongst the well known brands you have:
Kona Blast or Cinder Cone (don't remember which falls at that pricepoint)
Trek 4300
Gary Fisher Marlin
Specialized Hard Rock or base Rockhopper

All of those are decent for the pricepoint you just have to go for test rides and see which one feels the most comfortable to you.

Last summer, I was in the same boat. The Motobecane MTN bikes looked to be a good value. From what I understand the guy who resurrected the defunct name started getting decent frames and putting decent parts on them. When I was shopping I noticed that there weren't many complaints about them but there wasn't anyone bragging about them either.

I ended up considering Giant, Gary Fisher, Trek and Specialized. I bought a Hardrock because I liked the feel of it. I have also grown to like the funny shaped tubing. So I actually like the look more. I changed out the deraileurs (to XT and LX). Even though the stock ones worked fine, I like the new ones better.

Don't forget to make a list of accessories such as spare tubes, pump, patch kit, multi tool, saddle pouch, bar ends, lights, blinkies and etc. Often dealers are unable to discount bikes (due to distributor contracts) except for model year changeovers but will give enormous discounts on accessories in order to make the sale.

I'm not familiar with the Motobecane model but $500 is the magic number for decent entry level hardtails. Amongst the well known brands you have:
Kona Blast or Cinder Cone (don't remember which falls at that pricepoint)
Trek 4300
Gary Fisher Marlin
Specialized Hard Rock or base Rockhopper

All of those are decent for the pricepoint you just have to go for test rides and see which one feels the most comfortable to you.

I think Blast is in the $500 range. Cinder Cone is around $700-$750. Otherwise, these are all good suggestions in this price range.

I dont know if you would feel comfortable buying online, but if you do, there are some really nice options:

with 20% discount this bike may fall within your price range. i think this is a better choice for a race mountain bike. Scott frames are aslo well designed for fast and responsive handling.

http://www.sierratradingpost.com/p/4826,73921_Scott-USA-Mountain-Bike-Scale-60.html

there is also a cheaper option
http://www.sierratradingpost.com/p/4826,73922_Scott-USA-Mountain-Bike-Scale-70.html

I think either of these iron horses would be fast mountain bike for your price range -

http://www.rscycle.com/s.nl/it.A/id.7932/.f

or

http://www.rscycle.com/s.nl/it.A/id.7943/.f?sc=7&category=56

If I recall correctly, you're pretty tall. So, out of the ones that were listed by sherpa Peak, if the large 19" Scale 60 would fit, that'd be what I'd consider. Particularly, with an extra 20% off. I think that's the most upgrade worthy frame.

However, having just spent $5000 on a new road bike, my budget is extremely limited

I was in the same boat as you. I found a new 06 Gary Fisher Tassajara for $500.00 could not be happier. I have 3 rides on mine now and i still can't wipe the mile off of my face.

http://www.fisherbikes.com/archive/bike_detail.asp?series=trail-genesis&year=2006&bike=Tassajara