I have a custom Rivendell from 2001. Yes, there is a lot of hype behind them, but I like some of the hype. My patience for all the talk about lugs, etc., waxes and wanes, and whenever I get on the Rivendell listserv or the iBOB list, I quickly realize that I am not a true member of the religious order of Rivendell. But I love my bike. It fits me. It handles beautifully. It looks nice. The price was very high, but we don't have a car, so I figured, why not? (Most of the time I'm on a Bike Friday triple with my kids, or hauling them on the Xtracycle).

That said, right before the bike arrived, I found a Miyata 710 at Goodwill for $15 that I enjoy riding just as much. Still, I've never felt buyer's remorse. When I think about another new bike, the ones I'm interested in all seem just as expensive or even more so, like the Tony Pereira Randonneur. So, I don't feel that it is overpriced for what it is.

Ideally, I'd say be happy with what you have or what you can find used, but if you want to buy a new bike, you might as well save up and buy something you really want rather than buying a lower-priced new bike and then wishing you had bought what you wanted. Just save for while -- stay away from those credit cards. I'm sure I could run up a hefty debt if I started buying on credit.