Hmmm...my opinion, the best place to get rid of it is to return it where you stole it from, and then turn yourself into the police and tell them you're, and it's important you quote me exactly here when talking to them, but tell them this. "Officer, I'm a pathetic piece of juvenile trash and I request that you lock me away for a while before I go out and steal another $60 item because it suits my fancy. I realize that a bike isn't exactly prime property officer sir, but I doubt I'll ever see enough cash in my lifetime to purchase one, so the likelihood of me stealing another one is very high."
After telling him that, follow the advice given and ta-da, you have a best answer.