scour thift stores, pawn shops, garage sales, dumpsters, etc. i picked up a miyata 610 for $35 yesterday. the paint and decals are perfect and lugged steel always gives me a chubby. with new wheels & tires, cog, crank, brooks saddle, blah, blah, blah - i should be in this bike for under $400. the major plus to this route you will have a bike with a good story and your snot nosed neighbor won't be doing barspins on the exact same bike.