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Until you decide where your cycling interests really are (long distance
touring, racing, off road, etc.), I would recommend a "sport touring"
bike. The angles are not quite as steep as racing bike, but livelier
than a full blown touring bike. In that price range you should be
able to get something really nice, and I would think that even for
about $300 you could get something good. Some things to avoid when
shopping around would be steel rims, and the brake extension levers
that allow you to use the brakes from an upright position. At the
range you are looking at I don't think you'll find any of this stuff,
but who knows. Depending on where you ride, you should consider
the the gear ratios. There are some steep hills around and having
a wider gear ratio might be useful. Pushing big gears is an invitaion
to have knee problems. Dealers can probably substitute rear clusters
for nonimal fees providing the derailleur has enough capacity. I'm
not sure what I use for gearing but I believe I have a low of about
40. I find that adequate for riding in hilly Worcester county. I
seldom use it but its nice to know it's there.
Some of my favorite brands are Trek, Miele, Shogun, Miyata, Cannondale.
I would probably stick to a double butted tubing (steel), although
I believe you can get some aluminum frames for that money. I cannot
recommend particular models. Comparing brands is like comparing
Fords and Chevies. I feel they all make nice bikes; compare and
pick what you like best.
Its more fun riding with other cyclists, so I would recommend joining
a club. There is probably one close to where you live and other
readers of this conference could supply the addresses.
Good luck in your shopping
DS
Look for braze-ons for the water bottle cage.
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