First, it's hard to buy a bad Centurion; they're sturdy, well-made units. That said, this model is near the bottom of their product line -- high-tensile steel frame, steel wheels and chainrings, low-cost derailleurs and components. Personally, I wouldn't give more than $100 for it, but then again I saw a Schwinn Varsity on the SFBay CL for $400 today, so what do I know?

If you've got a $200 budget, I'd keep my powder dry and keep watching CL; something better should turn up before long.