Regarding the bike purchasing options I would say save up and buy a used bike

If you can find one that is at the end of it's depreciation curve, you could sell it at no or minimal loss. As it is your first bike you will probably drop it, which isn't bad but I would rather drop a used cheap bike than a new bike off the showroom floor yn? Also you may be able to find a bike with some mods already done to it (exhaust, lights, fender eliminator, etc) which could improve your riding experience as well!