Originally Posted by ts103706
I'd like it to ride around town and some longer back roads. I intend to put a rear rack and paniers on it. There are some pretty nast hills, so a nice gear assortment would be nice. My budget is about $400, but I would like to go a lot less than that if possible, and vintage is always cool.
Your general choices would be:
1) "Road bike"
a bike with 27" or 700c wheels, drop bars, generally built for efficient riding on road. You should avoid racing bikes, and look for either a touring bike, or a sport tourer (the vast majority of vintage road bikes would be classified as "sport tourers."). The reason you want to avoid racing bikes is because their geometry isn't conducive to long rides with panniers; both touring bikes and sport tourers will be much better suited for that, plus they will have wider ranger gearing.
2) "Mountain bike"
Many vintage mountain bikes will also have geometry conducive to the type of riding you want to do, with wide range gearing. Plus, you can get some really decent vintage mountain bikes dirt cheap. Any of the Trek 800 or 900 series bikes from the 80s or 90s will be very high quality, and will easily fit within your budget. Avoid any bike with suspension, it just wastes your energy for road riding, weighs too much, and requires maintenance. Will have 26" wheels. For road riding, you can change the ubiquitous knobby tires for commuter slicks, and voila, you've got a road bike. Sort of.
3) "Hybrid bike"
Will fall somewhere between a road bike and a mountain bike, with the 700c wheels of a road bike, and the flat bar, upright riding position of a mountain bike. Will be perfectly suitable for the type of riding you want to do.
4) "Cyclocross bike"
A road-type bike adapted to racing offroad. Will have 700c wheels, drop bars, but more relaxed geometry than a racing bike, and room for fatter tires. Totally capable of handling potholes in town, touring down long back roads, or riding cross country. Will be more expensive than your other options.