I think this will turn out to be a bit older than 1988. The Sebring had been phased out by then. The examples that surface are mid-1980s, entry level models built in Taiwan by Giant. $40 is a good price if it has been maintained and is ready to ride but that is rare.

As a newbie to cycling, the first thing I would suggest is that you research bicycle size and fit before you even start looking. Most of the newbies that turn up are looking at bicycles that are an inappropriate size.