That's why I like my old Schwinn Le Tour I have about $130 in including new tires I put on it and a rear rack. (more once I put fenders on it eventually)

I can't hardly justify an expensive bicycle that might get stolen or torn up unless I can somehow have insurance on it like I can a far I feel is worth having full coverage on. $300 is probably the most I'd ever want to have tied up in a bicycle myself.

Plus there is such a thing as "grand theft auto" as a crime. Even motorcycle theft is taken more seriously by police than bike theft. Bike theft usually doesn't carry much of a penalty since it ends up being petty theft, I think. I might be wrong.. and it might vary by location.

Oh and on the subject of bike locks... I got the heaviest braided steel with rubber coating one I could with a pad lock (that I could find at Wal-Mart, I needed one right then). I also have a "Club" branded one (like the steer wheel locks) but it can lead to problems with the key. Thankfully when mine did, I had it off the bike and I was at home. It uses a security type key (like soda machines, etc) and it has notches to prevent it from being removed if the lock isn't in the lock or unlock position. Well, mine did and I couldn't put the key back in. A couple minutes with a dremel tool to grind off that stupid extra notch on the key made it so I could put it into the lock regardless of the position of the lock. The lock itself is still as secure, I just had to fix the key so it can't have that happen again. It's heavier duty than any U-shackle type I have ever seen. I got it for $5 at big lots a couple years ago: