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Are bikes back in stock? The best bike at that price point might just be the bike you are able to find. Last year lead times were like 4 months for that price point .
I wouldn't recommend WalMart bike in general. At 500 you will be able to get entry level from the big brands like Trek,Giant and so on. Trek FX 1 or Trek 820 I would recommend if you can find them at a local bike shop.
Following! I am looking for this specific scenario.