I'm 18 and I own two new bikes (an mtb from lbs and a motobecane from ebay/bikesdirect). I was given a peugeot by someone since I emailed someone on craigslist saying that I was looking for a 'beater' campus bike. They just gave it to me since they'd found it in a dumpster or something and it's a beautiful bike.

Good luck with your bike! Let us know how it goes. Heck, worst comes to worst, repair your old bike and sell the 'new' one on craigslist. Tell your parents to arrange that!