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How much should you spend on a good bike?

I looked at a good commuter bike today price at nearly $500. It's a wonderful bike in great shape, but by the time I add racks, fenders, and other accessories, that puts the price in used car territory. How much should I expect to spend on a good quality bicycle for a long commute (ten miles each way, but I'll probably start of driving part way).

  1. £500 wil buy a hard wearing bike that should last at least (with out abuse) 2-4 years

  2. up to $800

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