My son is aged 4 and loves his balance bike. I would recommend one as a first bike. I'm still trying to persuede him to move onto his proper bike with pedals and stablisers.
balance bikes are clean, light and look good.
the one thing that put me off them was the lack of hand operated brakes, something I wanted to instill into ours as soon as they started.
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At 5 years old, my boy can't get his head around taking off the stabilisers.. Wife got it down to 1 but it seems the other one is like a false 'safety net' in his head.. he rides like a demon, uses the brakes well etc. etc. but just can't get that other stabiliser off.
He's riding a Concept Bikes 'Skunk' (that was originally his Sisters but it is a boys bike).. no gears and fitted with v-brakes..