I got an old steel
Ribble from the local bike shop (one of the last few proper ones) a few years ago. £70, and probably another 50 on replacement parts etc.
Since then I've used it for 2 years of commuting from town to campus when I was at uni, rides around Bowland when the weather was a bit wet for my other bike, commuting from Morecambe to Lancaster in my first job, and now commuting 5 days a week for my current job.
I've done a decent amount of miles on it- I think more than on my fair weather bike, although I am relaxing my criteria for "wet days". It's got a nice look with imperfectly applied red paint, half-broken crudracer mudguards, mismatching wheels and some other bits and bobs. It's been a great bike for me, I'm quite fond of it. And I'm definitely getting my money's worth- very important as I don't have much disposable ££. Surprisingly light too.
It's got the gears on the tubes and I know it well enough to be able to change the ring without the chain dropping off and getting jammed between the rings, which happened a few times early on and blimey it takes some doing to get it out.