I started commuting on a (as I later realized,
youth-sized) $179 Schwinn mountain bike from Target. A little more than two years ago, I bought my Bianchi Eros for less than twice that, and have only put a couple hundred more into tires, lights, pedals, and other things for it. It has reliably taken me across Iowa three times, and to work and back numerous times.
I'd be scared to ride a $3000+ bike -- that's what I paid for my last car!
- Scott