First let me introduce myself. I'm a newb to the whole dirt scene, but have been riding on the streets for a while. My son has been begging for a dirtbike for a cpl years, so I finally broke down and got him one for Christmas this year. After doing some research, I decided that a pw80 would be the best bike for him to learn on. Being 8 yrs and old 4'6" and 83lbs....50's would just be to small for him. Not to mention he is a James Stewart fan and loves Yamaha's. After searching for a while, I found a 2006 about 2 hours from the house. Price wasn't bad, $600, but I knew if I took cash and held it in the mans face, I could get it cheaper than advertised. Well, when we arrived, the bike looked better in the pics than in person. Bike was dirty, not filty, just needed a good bath. Brake lever was bent, decals were bubbling. All of these were easy fixes, so I knew I would use them to my advantage. So I asked him to start the bike so I could take it for a spin. Bike was hesitant at first, but eventually fired up. He said it had been sitting for a while, so I figured it was just cold...(I have read they are cold natured). After letting it warm up for a bit, I took it for a spin down the driveway. Shifted through the gears fine, but died as soon as I let off the throttle. Another advantage for me. So we talked a bit and I told him I really wanted it, but with all the issues, I just couldn't justify it. We finally came to a deal and here is what I walked away with for $500. A 2006 pw80, Thor Aftershock chest/back protector, new decals for the bike and a new GYTR air filter (doesn't fit the bike) but oh well...

Let the bike sit for a few days till I had time to tear into it. Stripped it all the way down to the frame for a good bath. Removed the carb and cleaned it all out. Low speed jet was clogged, causing the bike to stall when letting off the throttle. Changed all the fluids, cleaned the air filter and replaced all the decals. Bike looks great and runs like a CHAMP!...Took the exhaust restrictor out to see what this bike will do...and it really hauls. I'm more than happy with my purchase and can't wait to see my sons face Christmas morning.

I was exactly where you are a year ago.
They're great bikes. I highly suggest reading the "PW80 Questions" thread. It's long, but I think everything you need to know and more is in there.

Might I suggest an N-Style Team Yamaha of Troy graphics kit? Well worth the $50, on eBay.

If you find you need parts, feel free to ask in that thread, somebody's got one. But most stuff is available on eBay too.

The Yamaha of Troy kit sucks. I had to replace the kit within days because the tank decals bubbled horribly as it's a skin on top of the actual adhesive. They were kind enough to send me another one...same thing.
I cleaned the life out of the tanks with brake cleaner, then even acetone, to ensure no oil, etc. and still the same effect. Pretty disappointing...both times, and especially at that price for stickers.