A child's riding vehicle can be quickly reconfigured between a balance bike configuration and a pedal-powered bicycle configuration, suitable for children of different ages, without removing any parts to be stored separately. The pedal crank arms can be repositioned on the crank and the pedal axles can be pivoted so that in the balance bike configuration: the pedal crank arms are positioned adjacent to one another and generally upward; the pedal axles are pointed mostly rearwardly but also slightly inwardly rather than extending transversely side-to-side; and the crank arms and pedal axles are telescoped in. The result is that in the balance bike configuration the pedals and crank arms are compacted and folded out of the way so as not to interfere with the child riding the vehicle.