@Hizang: Oh man. Advice in this thread is seriously freaking me out, with the exception of a few.
First of all, you can get a bike for the amount that you quoted. Granted, if you get it from a chain store or bike shop, it will be a pretty crappy bike and, most likely, a mountain bike not built for road riding. You can, of course, go to a website like Craigslist and, perhaps, get lucky. That would be my best suggestion. You can sometimes find really good deals from people who are getting rid of their old bikes.
Brands are kind of irrelevant at that price range. You're going to have to get whatever you can. The main thing to focus on will be the material. A bike made of steel will be cheapest, but heaviest. An aluminium bike will be expensive, but lighter. A bike with carbon fiber parts will be terribly expensive, but lightest. Bike are rarely made totally of carbon fiber due to the frame having a tendency to rip and tear on impact. Regardless, it would be out of your price range anyway. At your price range, you'll probably end up with a steel bike. Just make sure it's not too heavy and that it fits.
Speaking of which, make sure your bike fits. Most ads for bikes detail the size of the frame in either inches or centimeters. You'll want to pay close attention to this as a bike too large or too small is a waste of money and potentially dangerous to the health of your legs, knees, and back. Read this fitting guide http://www.rei.com/expertadvice/articles/bike+fit.html. A road bike would be ideal, but at your price range a hybrid is probably more likely. They're still great bikes, but built for endurance rather than speed. I have a Gary Fisher hybrid and it's great for getting around an urban environment and can absorb some shock when going off-road. Again, the link I have supplied will help to outline the different kinds of bikes I have described and more.
Also, don't skimp on a helmet. The only cyclists I have ever met that were dismissive of helmets were genuinely suicidal. One of them biked around with headphones, too. A cry for help, really. Don't be that guy/gal. Also, here is a helpful guide on when to replace your helmet: http://www.bhsi.org/replace.htm.
A few more things. Learn cycling hand signals: http://en.wikipedia.org/wiki/Hand_signals. They help you communicate with cars. Do this, or you will be a road pancake. Deck your bike out with lights. Flashy lights: http://www.amazon.com/Reelight-Flashing-Compact-Generator-Headlight/dp/B0017GA09W/ref=sr_1_1?ie=UTF8&qid=1334254161&sr=8-1. Brightly colored clothing is helpful, but nothing lets cars and other cyclists know your location like some bright, flashy, fucking irritating lights. The lights I linked do not require batteries, but instead attach to your wheels and are powered by your pedaling. If you plan to ride at night, get a bright front-facing light. Some of these lights are compact, half as powerful as car headlights, and rechargeable: http://www.amazon.com/Cygolite-350-Lumen-USB-Rechargeable-Headlight/dp/B005DVA37Q/ref=sr_1_1?s=sporting-goods&ie=UTF8&qid=1334254365&sr=1-1. These are all expensive accessories and do not necessarily have to be bought at the same time as your bike purchase, but I do consider them to be instrumental in keeping cyclists safe on the road. Also, the amount that you spend on them outright will be vastly cheaper than the amount you will spend on gas, insurance, and maintenance of a car during the course of a year.
To summarize, you're probably looking for a starter bike. A hybrid would be nice. You'll likely end up with the equivalent of a Schwinn, or whatever low cost alternative is available in your nook of the world. Get a helmet, a good helmet. It's your brain you need to think about, not your wallet. Get a fit. If you can't fit it yourself, a bike shop can help you. My fit cost about $15. It was worth every penny, despite what Jeff Gerstmann might say. Learn how to communicate with cars or these people http://media.il.edmunds-media.com/non-make/ns/ns_32812_717.jpg will kill you. Get good bike accessories to keep you alive.
Also, make a bike your main mode of transportation and you'll save a shit-ton of money.
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