umairhashmi is absolutely rite...dont buy a bike if u r a newbie at superbikes cause as he has mentioned they r now more lighter and has more power than the old ones...for e.g. i had a Slingshot Bandit 400 1993 amd its weight was 171 Kg dry !! now a days, an R1 is i think 160Kg so u see less weight means more speed and more speed means more chances to go to Heaven
bhai u can get a decent 600 cc bike for ur cousin in the range between 200-250K model 1999-2002 and ofcourse legal.
yaar same goes for u..the dealer has told u the rite prices but in the end it all dpends on the bike's make and model and performance and ofcourse looks..u have to search for the rite bike that suits ur riding in style. If u think u can handle the grunt and power, I would suggest dat u go for GSXR600..its a sweet bike with very smooth accelration and top speed. U can get it in ur proposed budget easily.