You can buy a brand new bike for $395.
http://www.bikesdirect.com/products/...iragesport.htm
I know you'll get a lot of hate on bikes direct bikes on this forum but have faith. I've had this bike for two years now and ride it every weekend. It has turned out to be MUCH more reliable than my LBS giant. Coincidence? Yes, i'm sure it is but honestly don't worry about the quality of the bike.
Also if you want to spend the $700 on a bike which you would have to do at a bike shop, you could get a Tiagra/105.
http://www.bikesdirect.com/products/...ventnoir_x.htm