Originally Posted by VegasTriker

+1 to the idea of finding a good used bike at either a garage sale or at a second hand store. I've done well this way securing bikes for other people. A few I have kept myself to use as loaner bikes, most have been passed on to friends. You can "try it on for size" to see if the frame is the right size or measure it if you know your correct size. Most of what you see is going to be junk. The first thing I look at is the axles and bottom bracket on the bike. Anything with wheels held on by nuts or a one piece crank is bound to be not worth a second glance. Pick up the bike. If it is heavy, move on. These few tests alone will eliminate at least 95% of all the bikes you will see. In general, the lighter the bike, the more expensive it was new and the better the components. I wouldn't touch anything weighing over 30 pounds for a road bike or MTB. You can weigh a bike using a bathroom scale. If you are just going to ride on roads, stick to an unsuspended bike. There's a lot of really crappy mass merchandiser bikes with useless suspensions that don't work, add weight, and mean the manufacturer cut corners elsewhere to add useless suspension parts. One of my best finds a 1993 Cannondale SM800 MTB came from a Savers thrift store. It was dusty, the tires were flat, and it looked neglected. The moment I lifted it I knew it was special. It weighs 23 pounds. I spent a little sweat equity going through the bike completely and cleaning, lubricating, and adjusting. In about 7 years, the only thing I have done to it is to replace the tires once and repair flats. I only recently found out that the MSRP was $800. I paid $20 for it.

Many times you can find the original cost of the bike by looking up the make and model in BikePedia. It will list the original components and frame color which helps to figure out the year it was made. It lists the MSRP. If you buy off CL, look up the bike on bikepedia and also search for reviews. You will know the strengths and weaknesses of a bike from reading the reviews. They also often tell what actual people paid for the bike compared to the MSRP. You might also find out if the bike has been recalled by the manufacturer.