Bike Fit Suggestions - Trek 2.3

Gonna bump this for some general opinions. Everyone I have spoken with has indicated that a 54cm is too small for me and I would probably be more in the range of a 56 cm. A friend offered this Trek to me for $500 which is about the most I can afford at this point. So here are my options:

1. Buy the Trek and just deal with it being slightly small and continue to ride and train;

2. Return the trek to my friend and be without a bike until I can possibly afford something which may not be until next summer, so no riding and no training until then; or

3. Try to find something on craigslist which is a 56cm for $500 which isn't terrible (although I think this may be pretty difficult because that is a pretty low price).

there are still options I believe on that bike.
Does seat go much higher ? Stem seems to be short ? No spacers ?

There are things that can be done to make that bike "bigger"

Here is the info on that bike, page 86 gives you the geometry.

http://www.vintage-trek.com/Trek-Fisher-Klein-Lemond/2010trekroad.p...

On the home page of this site they give a fit guide.
http://www.competitivecyclist.com/

I have found that if you take the time to do it(not long) this fit guide puts you on good fitting bike. The main dimensions to look at being the effective top tube length and the stand over height. If these 2 bike dimensions are in the range the fit guide tells you, the bike will fit pretty good. That does not mean it fits now. It means it can be tweeked for you without much difficulty.

I know you are crunched for money, however if the basic frame is too small you are not going to be happy with that bike for long. You may be now because you do not know any better, but body parts will start hurting, you will not be comfortable. You will either stop riding, or go spend money on another bike.

Friend of mine bought a bike the same way (it was a 60) he was never comfortable on it. Soon realized it was too big, a couple years later bought another bike (used again), this time bought a 56 and guess what it's too small. he went to a fitter with it AFTER he bought it and the fitter told him it was too small. He is still riding it after 3 years because I think his wife would kill him if he tried to buy another.

Take your time buying a bike, most people make the mistake of rushing into it and have one within a couple weeks. When I bought my tri bike I spent 7 months to buy it.

Thanks guys really appreciate the help. I will take the measurements and work with the fit guide and see what I come up with. I definitely don't want to rush this, but I just don't want to be without a bike because that would effectively mean no training and no racing. I have a few more months that I can probably borrow the Trek, so I do have some time. I just don't see finding many good used bikes for $500 or under....or am I totally wrong lol.

I have been riding it for a couple months and the only real complaints are with groin numbness which I figured was just due to the saddle, but I guess it could be fit issues, correct?

I could definitely raise the seat post more, but I had adjusted it to what I believe should be my saddle height. Would the typical calculations not hold true if the bike is small or is just raising the saddle one of the ways to accommodate a smaller frame?

the bike is too small when you have 3 inches of spacers and 200mm of stem and there is 1/2 inch of seat post left in the seat tube :-) I am exagerating.

there is a "perfect" fit and there is reality of having a bike. A balance can be found.
Not sure what model it is but for example I sold a 56cm Gaint TCR (alu with carbon fork and seat post) with full Ultegra for $700 cdn which is less tha $600 US.