I rode a $600 Univega alum hybrid daily for 15 years, enjoyed it, thought it was all I needed. Then I started riding with friends. Although I rode everyday and they only rode weekends, they dropped me on the hills with their carbon bikes. On their advice I eventually purchased a new, non-current Specialized Tarmac Comp Double for $2K - that is, $700 off list. It was something of a transformation in my capable range, speed and enjoyment. Astounding, actually.

I am in no way discouraging anyone from buying a $170 bike from Walmart. A Yugo can provide the same useful transportation as a Mercedes 300D. Moreover, there is a point at which spending more money on a bike provides only incremental advantages. (There is little functional difference between a $2700 and a $9000 road bike.) But I stand by my statement: In that $170 to $3000 range, you get what you pay for in terms of, primarily, enjoyment - and the proof is in every ride.