Treadmill question

First, I’m not sure if this should go here or IMHO, so mods, please move as you see fit!
Okay, here’s the story: We are looking for a good treadmill that can accomadate both walkers and runners, we would prefer it to vary incline but that isn’t a necessity, and it must be about $500. Now that last one there is the big problem. Are there any good treadmills that would fit our needs for that kind of money? We definitely want an electric treadmill, not one of those that you power yourself. There are potentially 5 of us that will be using it, all of us of varied heights and weights. So Dopers, I turn to you for your help!

I shopped around for a treadmill recently and got the impression that treadmills that cost $500 or less new are junk. In fact, the treadmills that cost less than $1500 seem to be questionable investments because they have little resale value (many are sitting in garages unused).

Have you tried looking for a good quality used treadmill? (Maybe a $1500 treadmill for $750?)

Also, I ended up buying a $900 elliptical excercise machine. They are cheaper than treadmills, not so hard on your feet, and they take up less room than a treadmill (which can take up a lot of room.)

bought one of the Proform’s listed on the Sports Authority site. There are several for around $500, and that’s about what mine cost. Just remember when you bring it home, it sounds louder than it did in the store. Not too loud though.