This guide should give you some idea on what to look out for when buying a complete bike.
The essentials to look out for when buying a complete bike.
100% 4130 frame: Hi-tensile steel frames with only one or two chromo tubes don't last and tend to crack or snap at the first sign of 'real' riding. Eg. a few sideways landings... Hi-tensile also weighs more than Crmo.
100% 4130 forks: Same applies here. Most of the higher end forks have a 1 piece steerer which is also a must, this is a creates a stronger and stiffer fork.
Sealed Hubs: Un-sealed hubs often cause trouble if not regularly maintained. Especially unsealed cassette hubs.
Axles: If your planning on using pegs, 14mm for the rear is a must. The front axle is rider preference, 10mm is strong enough for most people. If you don't fancy grinding, 10mm front and rear is a good choice but uncommon on complete bikes.
Bottom Bracket: A unsealed bb often gets dirty and becomes un-smooth if not maintained. The most common now are 'Spanish' and 'Mid'. Both can also be know as 'push/ press fit'.
Headset: Most complete bikes now come with integrated headsets which don't really cause any trouble at all even without maintenance after a year. Generally integrated headsets are sealed or semi-sealed anyway. Not much of worry here if installed correctly.
Cranks: Most of the bikes now come with 3 piece cranks as 1 piece cranks are now long gone. However some bikes do still come with poor crank sets. The 'pinch bolt' style cranks are a good one to avoid on complete bikes. You should be aiming to get 4130 arms and a 48 spline chromoly axle. The 48 spline axles have proved to be the strongest so far. They also don't wear out as quick. This doesn't apply to aftermarket cranksets as they differ in quality, materials and design.
Bars: You should also be aiming towards full 4130 bars. Even if they are a lower quality bar they will withstand allot more abuse than a Hi-tensile bar.
So the main rules are, 4130 tubing throughout, sealed bearings in many places as possible and do your research. Spending less than £250 won't get you very far, to the shop perhaps? £350 is the amount you should be looking to invest in your new bike. It will go along way and should last you.
Fancy colours should be last on the list, as well as large bars, pivotal seat and micro gearing. If your planning on upgrading within a few months then you could probably skip a few of the main pointers above.
It's also wise to put back a bit of the money you allocated yourself for the complete bike. Why? You might need some tools that your Dad hasn't got lying around the shed. Your hands may not take kindly to the grips they provided you with. Them slick street tyres may not be suited to your riding style. The same could apply to the pedals, chain and brake.