Sure you can do what you want to do on a used bike. My bike is 4 years old and has plenty of miles from that standpoint, it's also used. It works just fine.
Does the bike you borrowed fit you? New or used, that's the most important consideration. Does it need a tune up or any new parts? You might want to have a bike mechanic give it a once over to see what kind a shape it's in. Some things, like brake pads and tires, are not overly expensive to replace. Other parts, like the crank, are more expensive.
Of course, you wouldn't be the first person to spend a check from Uncle Sam on a new bike. Just make sure you test ride first and choose one that feels comfortable and handles well. Try just about anything in your price range. Also factor in other expenses you might have for gear. New shorts, sunglasses, gloves, etc.
Live with intention. Walk to the edge. Listen hard. Practice wellness. Play with abandon. Laugh. Choose with no regret. Continue to learn. Appreciate your friends. Do what you love. Live as if this is all there is.
--Mary Anne Radmacher