We have a bike co-op where you can go down and pick out a bike from the ranks (this is where the university and police send the abandoned bikes) and "build" it - get it working - with help from the volunteer staff.... ends up costing about 150 for a good bike, though you have to wait for a fresh lot to get a road bike (except this one really cute one... if I wanted road I would do it myself.
Hybrids are much cheaper and you can get a pretty light one... I put a few thousand miles on my hybrids each year.



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