My first bike (the one I'm riding now) wasn't particularly cheap--an entry-level (low-end) road bike. She's not a perfect fit, and I doubt she'll ever be. I do love her, though. I'm finding that as I ride more, I learn about what I actually want my bike to have. One day, when I have the money, I'll upgrade.

Your bike doesn't have to be expensive or flashy to be fun.