I currently have a cheap bike I got for nearly nothing in grad school. I don't normally bike a lot, but I'm probably going to end up being unemployed for a (hopefully) short period here soon. I'd like to pick up biking for the exercise and some errands while I have the time to do so. However, I expect my biking to go back to only occasional (every few months) use once I eventually get a new job.
Last time I rode my current bike, I managed to bend the wheel so bad it hits the frame. It also needs some serious maintenance on just about everything else. To top it off, the bike frame is too large for me, it's heavy, and I live on a hill.
I'm thinking I should get a new bike.
Given that I plan to use it intensely for a few months, but occasionally thereafter, what should I be looking for? I obviously don't need the $1,000+ road bikes. But it would be good to get something light enough that I can actually make it to my house on the hill. I don't have enough knowledge of bikes to effectively use Craigslist.