Join Date: Aug 2005
Location: Durham, NC
Bikes: Trek 720 hybrid; 2007 Specialized Tricross Comp
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Looks like a good bike to start with to me. The components are about as basic as you can get, but it's sturdy, has a decent range of gears, and most importantly, looks cool. Actually the most important thing is to take a test-ride on one. Take a good long ride and make sure it fits what you want. I couldn't tell from the picture if it has rear dropouts for putting racks on and such, but you may just want it for recreation anyway.
I will warn you about riding to lose weight. It is great exercise, but I find I'm a lot hungrier after riding. It's important to replenish what your body loses in the workout, but it's a fine line between that and overdoing it. If you enjoyed riding bikes years ago, you will love it again. It may take a little while to adapt to that exercise so don't get discouraged if it doesn't seem as fun as when you were 12 years old. Congratulations on deciding to adopt a healthier lifestyle. That was probably the hardest part.