Yikes, if you think you spent too much on your bike at $240 you're in for a shock to get something better for less money.

The old bike is worth what you can get out of it.

I would suggest going to a local bike shop and get properly fitted and then do them right and buy a bike from them. You will get a warranty and typically some service along with it too. My LBS I bought from does tune ups for life.

As stated above, get your budget figured out and get what you can for that amount of money. If you really stick with it and find yourself riding more and more then in all likelihood you'll find that this bike might not suit your needs in a year or two. Last year I went and bought a brand new hybrid, got exactly what I asked for, a bike with high handlebars and comfort. After about a year I noticed more and more it just wasn't cutting it. I went back this year and bought another one a step up, larger diameter wheels, more gears, a frame size larger, and disc brakes. I love it.