In 1970 Schwinn was the Second most known name in the world (American Airline was Number one), by 1992 Schwinn was Bankrupt and the name was sold off as one is its few assets of any value (Bad management did in Schwinn, it was one of the first companies to out-source overseas, and found out that out-sourcing just opened up your distribution system to the people you out-sourced to and sooner or later such people will start to compete with you and put you out of Business and that is what happened to Schwinn).
Today Schwinn is just the name Huffy gives to its slightly better bikes (And the bikes are all made in China in one big bike factory). My brother works for Toy-R-Us and says the components on the Schwinns are among the best he sells, but none of the components are top notch (For that you will have to go to a bike Shop).
Saying the above, Such Schwinns are a good $250 bike. It is a good starter bike for someone who wants to get some exercise in. Is it a Trek or Cannondale? NO, but the domestic made Treks and Cannondales start at about $700 each (Treks sells cheaper bikes, but those are also made in China).
One last Comment, most bikes stores will repair ANY BIKE, even ones sold by the big box stores. Furthermore if you stay biking you will want to upgrade your bike. If the frame is good, it is easy to improve the components later on. I went to the the Schwinn's Web Site and could NOT find "Schwinn Ditch", it may be an older discontinued style. You need to check if the frame of the bike is Aluminum or Chrome-Moly Steel (It will say one or the other if it is). Both are good frame materials. Chrome-Moly was the wonder material of the 1930s (Most high end bikes till the 1980s were Chrome-Moly). Aluminum was the wonder material of the 1980s and 1990s (Carbon is the latest craze as a biking material, but such frames are $1000s of dollars and out of your price range).
If you see no writing and it looks like a Steel bike, it is probably "High Tension" Steel. "High Tension Steel" was the wonder material of 1900, had the Titanic been made of it, it would NOT have sunk. "High Tension Steel" is a very fixable material, but that is its strength and weakness. Being Fixable High Tension steel is easy to fix, but also being flexible it will INCREASE HOW MUCH ENERGY YOU HAVE TO SPEND PEDALING. Chrome-Moly Steel and Aluminum are "Stiffer" metals and thus easier to pedal (Through harder to repair, but do you really want to repair the Frame to a $250 bike?).
I do NOT see you getting a better price if the bike is Chrome-Moly Steel frame. If it is a High Tension Steel bike I would avoid it and spend the extra money on a Chrome-Moly or a Aluminum Frame Bicycle.
Other thread on this topic (From the Bicycle Forum):
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=324x1566http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=324x1209http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=324x1217#1220The DU Bicycle Forum Itself:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=324