Univega bike?

Saying you bought a Univega is like saying you bought a Ford.
Doesn't really mean anything unless you consider model, level of equipment and condition.
And how it'll fit your intended use and your body size.
If the bike is too small, too big or simply too wrong for your kind of riding, it's not a good bike for you regardless what you payed for it.
Chromoly only says its a steel frame. One notch up from Hi-Ten( high-tensile).
About the only thing that can be said offhand is that - as opposed to department store bikes - this one will most likely be worth to repair when it breaks.

30 bucks is a fair price for a functioning, old tenspeed but first of all, do an online fit calculator to see if it is the right size for you.

Second, stuff could need replacing that will drive up the price beyond the acceptable range for just some old bike. Are the axles and cones good? Old 12 speed bikes with freewheels were especially hard on the rear axle. Sometimes, the seat or handlebar foam can be dried out. The rims could be worn from braking. The chain or freewheel could be worn; learn to check chain and sprocket wear.

Pricey originally? It's too hard to tell because they made low end to high end bikes and without a model we couldn't begin to guess. And then whether or not the bike has it's original components...this is more important with higher end models.