Actually, my shoes and bed were cheap too so I don't even live by my own standards! Whereas biking is my hobby as well as main form of transportation, so it's something I'm happy spend a little more on from time to time.
In all seriousness I would try to source some unwanted cranks from somewhere before dropping on $75 on a new bike, if you don't have a backup bike, I'd pick up the TREK anyway, as if you have any mechanical faults your not out of action too long. I'm always looking for an excuse for a 'new' bike too ;)