I think we have different definitions of shitty bike. I could go to Kmart and buy a $120 AUD (€73) brand new bike. It has 2 wheels, pedals, a handlebar. Sometimes they have bells. You can even make it go forwards if you try hard enough.

If I go to Gumtree (our classifieds app), there's literally free bikes or ones for* as low as $20:

Mountain Bike. In working condition, has back brakes and rides straight. The gear shifter doesn't work, but just leave it the desired gear.

If I go to an actual "bike shop", their cheapest bike is $400 AUD (€243), which is close to your listing.