Spending WAY too much is all in the wallet of the individual. I recently acquired a 90's Cannondale 3.0 road bike in great shape for free! I then promptly spent over $800.00 on it in the form of new tires, wheels, brakes, downtube 6 speed shifters to Claris 8 speed grupo, bar tape, etc., etc...
Did I spend WAY too much money on this bike? It is a gift for my Grandson so I actually don't care what anyone thinks about what I spent. It is a much better bike because of the money spent on it and my Grandson loves the bike and actually rides it.