I'm looking for a little advise on how much I should spend on a commuter bike. The local university protective services has 4 police bikes up for silent auction, and I am wondering how much I should put down on the one I want. I believe its a Trek 2001 model, Shimano something (I only know road components) and seems to be in working order. There are cosmetic scratches here and there, but that doesn't bother me. I am on a budget, but I wouldn't mind spending a little more considering the money is going towards the campus protective services. Plus, I would really like to have a bike now (getting frustrated w/rip offs on craigslist). I was thinking 102.01 could win the bike for me (bids start at 75$). They advertised the auction fairly low key, and it seems that very few people know about the auction. Am I far off, should I spend more?

And yes the bike fits me (well enough for my purposes).