from The Century Dictionary and Cyclopedia
- n. Horror.
Sorry, no etymologies found.
I suggest getting a bike you find decent enough to ride around in via Craigslist or even Freecycle - used = more eco + less expensive - then ugging it up at your nearest bicycle co-op.
Or if you're not willing to put in ugging time, just look specifically for an ugly bike when you do your Craigslist shopping.