Edit....
@SkipdiverJohn has just posted a photo of what looks like my bike, although I don't recognise the gate
That is a 1997 model Pioneer Jaguar, almost top of Raleigh's range at the time. Only the 21 speed model had better spec, but I actually prefer the 18 speed version because 6 speed freewheels are cheap & plentiful and the deep blue colour is nicer, IMHO. It's a good comfortable ride, and you could probably even use it as a Tourer if you wanted.
The second hand route with a decent quality 90's hybrid sounds great but I would not have a clue regarding what to look for nor what models to select.
Think of bikes as a steel frame with a load of components bolted to them. The frame is the most important bit in terms of material, geometry and sizing - because you can't change anything about it.
Hybrids generally had very similar, if not identical mechanical parts to the MTB's of the same era, the main difference being having 700c wheels not 26". Just like current bikes, component spec mostly varied with price, according to the target customer market for each bike - but most of it is still interchangeable regardless.
If you buy a Raleigh Pioneer, Falcon Explorer, any of the Trek 700 series models, or a Ridgeback, you are not going to get a bad bike in any case. It boils down to mechanical condition, and personally I have found a lot of bikes don't actually get ridden very much once bought, so it's quite possible to pick up used examples that may be over 25 years old yet still be cosmetically and mechanically in virtually as-new condition, but at a tenth of their new price.