The $695 bikes at the bike shop are the low end of what they offer.
That's a mystery; particular to your shop -- good bikes start cheaper than that.
I've lost four bikes or more in ten years. [...] break it due to my own overweight, or see my investment go down the toilet because it's stolen
Buy used. Seriously. A used bike is 1/2 what a new one costs, and even despite reasonable wear and tear is an infinitely better bike. And even a 10 year old quality bike is still a quality bike. And if its got some deficiency, odds are it can be fixed.
For I've got a 2003 brodie brute.
http://www.brodiebikes.com/201...
I paid $450 for it 4 or 5 years ago. That bike would be maybe $250 bucks today (?), but its still an infinitely better bike than anything you'll get at walmart. (8" front & rear hydraulic disk brakes, 130mm front suspension, hard tail) I've taken it down Whistler).
I've since added a Norco Team DH (also used) for stuff like Whistler.
http://www.norco.com/archives/...
Had that one 2 years now. Paid $600 for it (SRP is $5900 -- no idea if anybody ever actually paid that much for one, but it gives you an idea where it fits into the 'hierarchy' of bikes.) Its a downhill monster.
But that's beside the point; I've got no plans to get rid of the brute for riding around with the family. Its a fantastic bike. And even the brute is huge overkill for anyone looking for just a basic mountain bike for riding around town / bike paths / trails.
A good starter bike from a real bike shop, 4-10 years old on craigslist in good condition is well within your price range and an infinitely better bike.
So if I come into your bike shop for an adjustment, please do spare me the "you're gonna spend $600 on that piece of crap before you're done with it."
Its not that you are going to spend $600 on that piece of crap, its that it will continue to be a poorly adjusted piece of crap no matter how much you spend on it.