Originally Posted by
agent pombero
I recommend spending the money for a new bicycle at a LBS. You can get some quality rides between $500-1000 if you scout around. The benefit of buying new is obvious: it is new, less likely to break or fail right away, you have built up a relationship with the shop owner, etc. The other biggie is that it will most likely be far more enjoyable to ride than any $250 vintage bike you find on CL.
Tho OP's budget is $400 and preferably less.
I think if you have some basic mechanical skills and patience you can find some pretty nice bikes for under $250. I bought a Univega road bike with Shimano 600 components for $75. It just needed tires. I also bought Bianchi Project 3 for $125. It was really dirty but otherwise in great condition. It had the Shimano thumb shifters that people really like. Both have nice lugged chromoly frames. The Bianchi in particular was a unique bike for its era and a blast to ride, - sort of an ancestor to the modern 29er.
A couple of years ago I sold an 80's Peugeot road bike that was just about immaculate for $270. Also had a Rockhopper that Andy_K mentioned which I sold for $170.
I think it might be hard to find a vintage high performance road bike for $250, - those tend to command a higher price. The Peugeot road bike I sold was more of a lower-middle range bike in its time. The Univega I have (my wife's actually) is a sport-touring model. Some very nice components but not a high performance bike.