I had a GMC Denali for about a year and I put around 1000 miles on it. However that was only $100.00 and I have since upgraded to a real road bike. If you are looking into spending that kinda cash, you are better off looking online on a craigslist for a used bike or buying something from bikesdirect. Just my 2 cents on the GMC make which isn't a road bike but rather a Mountain bike that they put drop bars and cyclecross wheels on.
Even though $400 isn't much money in road bike dollars......I'm shocked they cost that much. Someone locks one on the street near my apartment and I had a look once and it really is garbage.....even by the stardards of bikes that people lock to street posts in the city.
I agree craigslist would be a better alternative. It's generally a good idea for new riders to buy new, because the bike shop can help with size ect, but I doubt any bike shop that sells these things would add value.
Sorry about the bike snob tone of my post but seriously those are junk. Riding junk isn't necessarily bad if it gets you on the road but you shouldn't need to pay $400 for that.
I have to agree with the others. For $400 you should look into a used bike via CL or eBay. Or, as tommyrhodes suggested, consider something like a Varsity and have a bit of cash left over for a helmet, tires and some good (e.g. KoolStop) brake pads.
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