I'm looking to get into velodrome racing. Any tips on classic track bikes? What makes and models should I look for? I'd like to keep it under $700 for the first one, then possibly spend more if I take to it. I haven't really seen any track-specific bikes on CL, so would eBay be a better option?

Got the Penrose bug, eh. If you can find a decent older frame with horizontal drops you can build your own. Might be a cheaper route and allow you to decide if Mr. Bumpy Face is for you. But then finding a frame like that in StL is a bit difficult. Ebay may be your best option or put out a WTB in the sales forum here. Our members can be generous and reasonable when selling.

At your price point, you should look for one that fits, forget C&V.
Subtract $200 to $300 for possible wheel work and tires.
Consult on the gluing of those for Velodrome work, no clinchers.

In my view you will be looking for a modern TIG welded frame that is velodrome specific. No braze ons for brake cables or water bottle cages, reasonable geometry. So, avoid 75° head angles at this point. I would be looking for a conservative machine, later you will understand what you need and are capable of exploiting.

Good suggestion. The world is full of DIY Varsity conversions, but I'm not sure if I can tell a real hack job from good work when I see it.

Can't help. But I love your user name.

Go on Stlbiking.com and ask around. There is a velodrome forum and also a WTB forum. If you have not done so already, go out to Penrose when they are racing, intro yourself and ask around. Good bunch of people there. If you find something, get some pics and post with a request for help. Here or stlbiking.com.

Given that you have a maximum price in mind, and that you have the idea that you want a classic bike rather than something new, I think this is more a question of what can you find, rather than what you are looking for. So I would suggest you cast a pretty wide net for bikes in your size. Ebay, of course; but also anything else you can think of. The best deal will be a repainted frame that the seller can't identify with certainty.

That's how I got mm frame, which was on ebay wth dreadful 1980s paint and decals that were clearly not right, so I was the only bidder. It took me a couple years to figure out what it was. Eventually someone saw the photos and said "oh, I used to have one just like that, it's a Claud Butler Olympic Sprint."

Good idea. Thanks.

Thanks. I was not aware of this site.

Plenty of people race clinchers on the track. Vittoria makes a pista clincher.

They've all be been crashed, repeatedly.

Join a club & go to the Velodrome for the "Intro" series and see if it's for you.

A lot of good equipment gets handed-down/up in a club, classic or modern doesn't matter it's what fits that counts.
The Zeus that I bought "back when", only lightly wrecked from a teammate, was sold to another teammate who raced it for several seasons more.

-Bandera

This is an excellent suggestion as Penrose does usually offer "loaner" bikes early in the season for just that purpose. Season is pretty much over this year AFAIK. Forgot about the loaners.

I used a Motobecane Grand Record for my first track racing. Worked well and got me into track racing till I found a real track bike.

Ive seen more than a few 'starter' Gitane track bikes. Made from Hi-ten steel, lugged and complete with tubular tires, track crank etc. Usually 200-300 price range.

There's a really nice Romic track bike, full campy on eBay at your budget.

And then there's this.

Plenty of foolish people in the world.
I would not want to have a puncture on the track and try to ride that out safely down the banking.
I have done so on a tubular, and there while it is hairy it is doable.

I think a C&V track bike is eventually locatable, the key word is eventually. Waiting months in the hopes to locate a decent example could easily happen.