Senior Member
Join Date: Feb 2006
Location: Sin City, Nevada
Posts: 2,886
Bikes: Catrike 700, Greenspeed GTO trike, , Linear LWB recumbent, Haluzak Horizon SWB recumbent, Balance 450 MTB, Cannondale SM800 Beast of the East
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This is only going to work for you if you get a bike that is one you will ride more than you ride your current bike. You will need to find one that is reasonably comfortable, Try out a variety of bikes of different styles before you plunk down your money. These days it takes more than $500 to get beyond the entry level bikes from a bike store. If you want one that is going to be reliable stay away from mass merchandisers. If you know anyone who is an accomplished cyclist take that person with you when you go shopping. If not, try locating a recreational bike club (not racing club) at your location and ask for advice. They will know which local bike stores are worth visiting. If you google on "bike club" and the "name of your town" one should come up.
Since you are new here you probably haven't read the many posts about how hard it is to find a new bike these days. They are in very short supply so a bike store may not even have a single bike in the frame size that you need and still be within your price range.
If you really want to lose weight you should consider monitoring your food intake and portion size. It is pretty easy to increase the amount you eat as you burn more calories riding a bike. It's a natural thing for your body to do.