Originally Posted by
ptle
With that much money I'd look for good deals on steel downtube shifter bikes. Look for Centurion, Bianchi, Trek, Nishiki, Giant, Fuji, Miyata and any other name brands. I typically stay away from Schwinn, Huffy, Murray, and other cheap bikes. Schwinn makes some nice bikes, but most of them that people post are crap.
Downtube shifters usually indicate a higher quality bike than one found with stem shifters. Also, if you don't know anything about the bike ask people in classic and vintage. They can give you a quick answer. When looking at the bike, check to see if it's in good condition. Don't get a rusty bike. Buying a bike with dry rotted tires, cables, and chain could cost you $100 to repair, and wouldn't be worth it unless you could DIY and get inexpensive parts to repair it.
Excellent advice!!
make sure the tire hold air, slight rust on a frame is not a big deal- but rusty chains will probably need replacement.
Take the bike for a quick cruise and see if it tracks straight, shift through all the gears and if the brakes work. Hold the bike and spin the tires to see if they're straight, or if they wobble.