I'd agree with that, if you compare it to a high-end or even mid-level vintage bike. But those are not easy to find or cheap. If you can afford a mid-level bike from your LBS, you'll be better off. But even the entry level bikes will give you good service for a good amount of time. As for finding the $40 high end tourer...that's not an everyday event. You're in the business of searching out deals on vintage rides. The OP may not have that inclination. I'm relatively new to the vintage bike market, but in over a year of some pretty intensive searching at yard sales, estate sales, thrift stores, etc, the best I've found is a Miyata 310, which was an entry level bike.

What I've observed is that the high-end vintage bikes available are NOT cheap, and then they usually require a complete overhaul on top of that, which may be beyond the OP's resources.