jdeane4, all true here - you could get a great vintage bike for $500 (or much less) if you hunt diligently. But also remember that you'll probably need to spend some of that budget after the purchase. Many (otherwise good) vintage bikes get sold not ready to ride, needing at least a tune-up, often new tires, and sometimes more. I was lucky enough to get my vintage bike for free, and then spent hundreds fixing it up. No complaints - I'd do it again, minus a few lamebrained parts purchases (curse you ebay!).

Alot depends on your nieghborhood.I ran a beater bike thread one time and people sent pics of the 1000buck bikes they got out of dumpsters. I'd keep a close eye on ebay complete bike and frame area.It will familiarize you with the brands to look for. Also check places like Discount bikes on the Internet,The prices are a little high but places like those tend to sell only quality used bikes. Another trick I,ve used is go to your LBS, hang out and let the owner know what your looking for. Some shops don,t sell used but someone looking to upgrade might be refered to you to buy their old bike.