I can probably afford a $3000-5000 bike and I do ride enough to justify it. But I buy on what I call the happiness theory. Will a $5000 bike yield 10x more happiness for me than a $500 bike? If so, I will gladly fork over the dough. So far the most I've spent on a bike is about $800. I've ridden a few quite expensive bikes but they just haven't flipped my trigger that much.

If I was racing it would be a completely different story so I don't judge! Find your bliss, no matter what the price point.