I own an '86 Trek 400 Elance, which shared the same frame as the '86 Trek 500. I was cycling through a series of used bikes to find a commuter and this one was the clear winner of about 5-6 bikes...and still is my current commuter and light touring bike. This one looks to be of similar vintage judging by the markings and look of the lugs, etc. It is a road bike with a bit of a relaxed geometry, which is nice. Has a very nice Reynolds 531 (check sticker on bike frame) steel frame with Cro-Moly forks and stays. I really like the bike. Note, during the mid-80s, Trek would offer the same frame as a touring frame (520), sport frame (400 Elance), and a tri frame (500)... but the components were a little different. If you can get the serial number of the bottom (bottom of bottom bracket) you can look up exact year and model of bike on vintagetrek.com. For that price, the bike should be in good shape (although prices vary by market). Do the usual checks of used bikes to make sure there is no damage.