Wow, you really got hosed! First of all i think you should name the dealer so others might not suffer your same fate. You aren't helping anyone by keeping his name a secret. As far as what decision to make, only you can make that. A lot of that depends on your financial situation. If it is fiscally feasible than go for it.
One thing you need to consider is that your current bike still has value. You just need to find someone that wants it. You could easily go on Ebay and sell it for at least 75% of your initial cost. Sometimes you can get even more than you paid for it. It is that crazy on Ebay.
