I used the above pattern to build 2 of them for my 2.5 year old twins... they love them and have great balance now.
Here's how mine turned out: http://dl.dropbox.com/u/113513/bikes.jpg http://dl.dropbox.com/u/113513/bike1.jpg http://dl.dropbox.com/u/113513/bike2.jpg
I broke-even in price, it cost approx. $60/bike which is what it costs to get a similar "elmo" bike at target: http://www.target.com/Elmos-Beginner-Bike/dp/B00155X3UI
If you're going to break the bank, it's going to be b/c you couldn't find cheap wheels. This is where I went wrong, since I spent about $11 per wheel at home depot. I later found them for $4 at a smaller local hardware shop. ;p
What better gift to your child than something made with your own hands and on your own time.
What better gift to your child than something made with your own hands and on your own time.