There are some good deals in older bikes out there. I picked up an early 90's Miyata touring bike that was made for Backroads touring company. The bike says "Backroads Chimayo" so nobody thought it was anygood. Full LX drive train and barend shifters in excellent condition, rear rack and seat pack. I paid $100 for the bike. I've swapped the stem, recabled the bike, put on new brake pads, a Brooks and fenders, and that's it. I'll need a new wheelset soon, but I've probably only put $300 into the bike total including the purchase price. Like I said, there are good deals out there, but getting a bike that had a great drivetrain, 135mm spacing, and was an older tourer was pure luck. If you've got time, you can look around, but as a data point I need to get a new bike for my wife and I think we're going to go with a Volpe or something similar. Most used touring bikes seem to run at least $300 and would require upgrades. By then we'd be better off just getting a new bike with the specs we want, etc.