It seems that everyone's getting on the Tour de France peloton hype now that it's under way. It's always great to see new people getting into the sport, whether it's for commuting, recreational or competitive cycling. Above all there's the health benefits and you get to have a great time on your bike. Since the OzB community has saved me lots of money, as well as seeing many of my mates interested in taking up cycling, here's some money saving tips for newcomers:
Before buying
If you're thinking of buying a road bike from your local bike shop (LBS) now, don't. Clearance happens during late spring/early summer. You'll get a much better deal when they're trying to get rid of the current year models (but for first time cyclists, 2nd hand might be more value for money). The later you buy, the more room you'll be able to haggle. At the same time, nothing's there to stop you from walking into a bike shop right now and purchasing your dream machine.
Ask for a test ride and size you up. Standard procedures apply, like "I'll think about it" and don't be afraid to walk away and go back later. Ring up a few LBS and check their prices to give you more leverage. However, there's a delicate balance between getting the model (and the correct size) you want and the number of available stock. I got mine when there is only one left in the country (pure luck or true ozbargainer?) — after calling all of the dealers of a particular brand in the state, one rang back days later saying that they found it from another dealer interstate, so you know the pre-haggle price couldn't be much lower.
After that, ask for a package deal to throw in accessories such as pedals, helmets, shoes, bidons (bottle cages), lights, pumps, locks and if you fancy a bike computer/GPS, saddle bag and some tools. They add up quite substantially, so make sure you get only what you need and have a budget in mind.
Buying your first kit
It might be a good a good idea to buy from your LBS to get the right fit. That includes jersey, bibs, gloves and socks (though any sock would usually suffice). After that it's up to you, LBS or overseas. Sizes differ between brands.
Don't fall for marketing
Two of my mates who work at LBSs (a real local store and another's a franchise) have told me about their marketing blitz… They've recently been hiring more sales assistants for the TDF hype. There's gonna be a lot of ads on print, online and tv… they'll make you feel like a pro on your couch! Some have events like watching a few stages of the TDF in the stores at night, dinners and night rides etc, all designed to get you spend more. They will upsell and will show you claims about how much lighter, stiffer, more aero, R&D bla bla bla. A lot of stock bikes come with base component to keep the sticker price low, but they want you to upgrade before you even ride home. A few grams less will cost you $$$ more. It's absolutely needless until you have built up the strength to climb and want to go competitive. Just stick within your budget.
Online shopping
If you read around there's been a lot of discussion about shopping from overseas retailers. Components, accessories and kits are significantly cheaper abroad, provided that you're willing to wait for about 2 weeks for shipping. These stores usually have good discounts (via min spend coupons advertised on the store's front page) towards the end of the TDF, and another clearance towards Q4 when the three grand tours come to an end. When shopping for kits just take note the particular style/size may be low in stock. Shipping is typically free above a minimum amount spent. Buying bikes and kits online isn't always cheap if you get the wrong size and have to return the item.
Use Frugalrouleur.com to compare between these stores though sometimes things won't show up due to the stores not entering the item names exactly. Sometimes I get slightly used components on eBay for less than half price because the sellers simply didn't want them any more.
Bike maintenance
Learn the basics from more experienced friends or online. Usually that'll solve 95% of your problems. It's quite often cheaper to buy the parts and fix the problem yourself. Just a disclaimer that if you DIY, without expert knowledge, proper training and confidence, messing up your bike will be more expensive and more time consuming to take it to the shop to have that fixed. You are also responsible for your safety and warranty issues. Look around, Bicycle Queensland (I assume other states have something equivalent) and/or many LBS offer free basic maintenance workshops (at the same time they'll try to sell you some tools). Queensland's TMR give out free puncture repair kits, maps and those ubiquitous orange backpacks at several cycling advocacy events including the annual Ride to Work Day.
Cleaning your chains - the $0.75 duster pan set from BigW is excellent to brush off the dirt on the cassette and chains. Get a chain cleaner (those blue ones) on eBay for a few bucks. Ones in LBS go for $$$. One litre dishwashing liquid for $1 at Coles/WW (or sometimes when it's really dirty - turpentine) works well as opposed to some special blend degreasers that costs $$$. Cleaning the drivechain regularly can prolong the lifespan of said system.
If you do have to take your bike in to get it serviced, make sure you get the exact cost for parts and labour on paper. Again, ring up a few stores and see which will give you the cheapest labour. Once I had a store that didn't bother tightening the chainring and crank bolts (yeah the entire cranks could've fallen off) and charged me double for labour. Also take note that like some dodgy car dealerships, they want you to change parts long before they even need replacing by claiming that something's not right with it, usually complemented with a horror story. Have a trusted and experienced friend to check it out. Read online for typical parts mileage.
Tyres
Really. Get decent tyres. They're worth the money. Conti's GP4000S or Michelin Pro 4 Service Course. Not some fancy "tubeless" tyres the shop wants you to buy. Cheaper tyres don't last long, aren't grippy enough in the wet/cornering and easily get punctured.
Locks
Get a decent solid D lock and a cable with a loop on both ends. E.g. Kryptonite. Learn how to lock it properly — google Sheldon Brown's method. Nothing's worse than a stolen bike. Jot down your frame serial.
Glasses
Any sunnies as a newbie would do, they're there to protect your eyes from the sun during dusk/dawn, and more importantly from debris. I've got a pair of adidas that costed $$$, but recently snatched up a pair of Bolle safety glasses (I think they're called the Sidewinder). Seriously, they're so cheap (~$13 on eBay) but works well, looks good, lightweight and I couldn't care less. Comes in clear, ESP and smoke. The former two are good for winter rides. Only downside is that it doesn't have anti fog coating.
Finally got your bike?
Clock up some experience and skills with shop rides and friends. Some bike shops charge for beginner shop rides (seriously?), but most don't. Just rock up and introduce yourself. Obey the road rules and cycling etiquette. Don't give cyclists stigmas for running red lights. Have coffee and some food before you leave home, because quite often after shoppies they take you to cafes, and every now and then these $5-$10 all add up.
I once saw a sales rep chatting to a new guy (who had an old bike) asking him if he'd like to upgrade his bike whilst doing a river loop shop ride. I thought that's a bit blatant… When attending these rides, quite often you'll see many bling bikes. Don't feel the urge to upgrade if your friends or the sales have better bikes. Reps pay staff price and prey on insecurity. Don't think that you can't keep up with the group or something… they'll wait for everyone on shop rides. If they drop someone they're losing customers. Bikes can only do so much; it's all down to you and your legs. So keep training.
Don't ride in the rain, unless you're paid to do so. No need to display how badass you are. It's easy to crash and burn in the wet and get back home (or to work) with a frozen and s**tty face. If the route is safe, ride to work. There's even more incentive to do so if your work has a safe place to lock up the bike and/or showers.
Use Google Maps (check cycling friendly paths), Strava, Ride With GPS to discover new routes.
Got questions?
If you find this thread helpful but have something in mind, feel free to ask. I just don't like people getting ripped off by LBS especially at this time of the year.
Edit: revised Finally got your bike section, bike maintenance, don't fall for marketing
some great tips.
Agree with buying a bike later in the (calendar) year. Bought mine in October last year - was a 2011 model carbon frame bike with 105 gearing for $1750. RRP at launch was $4K, 2012 models were being run-out at $3,200.