If you're OK with friction shifters, you can get a used bike from the 80s for < $200 that will work well. I've got a buddy who beats me on flat stretches with h

If you're OK with friction shifters, you can get a used bike from the 80s for < $200 that will work well. I've got a buddy who beats me on flat stretches with his old Schwin World Sport (a really fun bike if you're looking for an old reliable work-horse). I happen to live in a very bike friendly city so they used bike market might not be as good everywhere. I love the trickle down effect in bicycling. I got my 2001 Trek 5200 for ~ $1000. The components are a bit behind, but I'd be happy to ride the carbon-fiber frameset for the next 10 years!