Hastings Intermediate student Jacob Hansen went to school on his new bike on Monday, but he returned home with only a broken padlock after it was stolen from the school grounds.
The 11-year-old had spent three years saving for his mountain bike and was devastated, his father Allan Hansen said.
"He used to go to Parkvale School and wanted a bigger bike but the rule in our house is you don't get a bike until you go to High School.
"But he was determined to save the money to get a mountain bike."
Last year, Jacob made the Hawke's Bay football reps and to help bump up the tally, Mr Hansen said they gave him $5 to $10 every time he scored a goal, and by November last year he had enough money in the bank.