short explanation, no, you've done wrong by your son. Long explanation, you are now in the process of teaching your son some very valuable lessons in life.
1: you get what you pay for.
2: Shiny isnt always good.
3: China has an infinitismally varying degree of the interpretation of the word "quality".
4: Atomik have no scruples whatsoever.
5: You want your money back, the customer is always wrong.
6: You should have listened to your wife, and bought the Motovert.
7: Atomik bikes are like 19 year old cheerleaders who've undergone plastic surgery. sure they look good, and they're cheap to entertain, but there-in lies the extent of their substance.
8: Atomiks can be similar to "classy" women, in that they require a lot of maintenance, and they break down a lot.
9: You should have listened to your wife, and bought the Motovert.
10: Most importantly, you dont need to spend a million dollars to have fun....
Jokes aside, yes, the Motovert would have been the far better purchase for your son. Motovert are generally regarded as a much higher quality pitbike than anything offered by Atomik. Motovert also have some semblance of morals, when it comes to aftersales service.
Having said that, a properly set up, and well maintained Atomik will be a better bike than a poorly maintained Motovert in poor condition...
What it will teach your son, is a good maintenance schedule, and that if you look after something, even a cheap something, you will get a good life out of it.
There are several threads on the correct set up, and maintenance schedules required for pitbikes in the "How-to" and "Tutorial" section of this site, which you will find horrendously helpful.
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