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Check with trek. They have a program where you can trade in each bike as they outgrow them. This has worked well for us.
Second this ^
I think we paid $250ish for the 16" precaliber at our local bike shop. It is built exceptional well. We're planning to pass it down to my son's younger siblings and have no worries that it will last.
Additionally, shop your local bike shop and not the mass markets. Ours will service and refit the kids bikes each year at no cost. Plus like others mentioned they'll likely take one of their bikes as a trade in. I think ours gives you $100 regardless of condition if it's less than 3/4 years old.
Option: buy the Woom upCycling membership to save 50% on the next Woom bike (bought within 2 years of the prior purchase), refunded to you when you ship the old bike back to Woom. The old bike gets refurbished and donated to help kids in need; meanwhile, the upCycle membership stays in effect for the lifetime of your child as they use Woom bikes. If you value cycling as lifestyle, appreciate quality bike builds, and want to support a smaller company that does good for the community and its employees, Woom hits the mark.
Check your local bike shop. They probably have decent used bikes.
Walmart has a good variety of bikes in the 12-16" range for under $75. On the plus side, if you buy them in store they are preassembled. Kids outgrown things like bikes fast enough to not justify paying ridiculous prices.
Even if you find one you like it may still have training wheels on it. You just need the right size wrench to remove them.
I got my daughter a Specialized balance bike which was also a little more expensive for a balance bike, for a pedal bike I got a $60 16” on amazon. When she’s not outgrowing things every other month I’ll look at getting something nicer.
Rising Star
Good local bike shops have “grow with us” programs. Check them out.