I hear your story. I was in the same place as you. Looking at not riding for 20 years or so until kids are grown. Take a minute and think about that. Be sure that you will not regret or have any resentment over that decision, because it can be an ugly thing to keep locked up inside and can be unhealthy for your relationships.
A lot of guys go "all in" when news of kids are on the way. It is very admirable. Yet, many go too far and give up who they are. There was a commercial on tv not long ago with a grandson and his grandfather on the front porch. The grandson was playing with his toy Harley Davidson bike. The son asks his grandfather "Grandpa, you had a Harley!?" His grandfather grinds his teeth and says, "No, I bought vinyl siding instead." It is true for alot of guys.
I have riding in me. I need it. I thought giving it up was the right thing to do when kids were on the way. Every spring I would find myself depressed, and I knew why. I thought about riding almost as much as... well, you know what.
In the past five years, I have had three friends, one brother-in-law and one friend's wife all pass away. All with families. All with life on hold, that they were someday going to start living. Some died of sudden illness. Some from work place death. All were under 42 years old. If you asked any of their family left behind, "would you have asked or wanted him or her to give up what they loved knowing they were going to be gone when they were, would you?" None of them would say yes. No one is garanteed to be around long enough to read the end of this post, never mind 20 years. If you give up something, make sure you can give it up forever. It usually means changing who you are.
I was able to bust my ass. Commit to being a great Dad and Husband. Take care of the important things. I saved a couple of bucks a week. paid off my truck, car, van. Got to the point where I was going to buy the Harley I wanted. I was going to put 5K down on one and have $350 payments for 5 years and was ready to do so.
Then another thing tends to happen with age, family and kids. You become wiser. Not only wiser, but you tend to see things more clearly and tend to not give a damn what other people think. I sat down one night after working and thought about what I was going to do. I was going to buy that bike I had wanted for 5 years. Now I had three kids. The only thing stopping me from driving down to the dealership right then was that monthly payment looming over my conscience. Why did I want a bike I asked myself. It is undescribable why, but if you have the same thing in you you know what I mean. Why did I need a $350 monthly payment? I... I... I... DON'T! For me it was clear. I need to ride. To hell with how cool other people might think I am. I need to ride for me. I found my R* with 970 miles on it for 5K with no payments. Done. I believe yours is already paid off free and clear.
As for the risk of riding with kids, That is a personal decision. I did a lot of unscientific reseach on local accidents while debating wether or not to get my bike. Every time a motorcycle accident was reported I found out specifics. Come to find out, almost every one was related to the clown on the bike not the bike itself. Either drinking and riding, speeding, reckless riding through traffic, stunt riding on highways, like some post on here, riding triple digit speeds or 65 in a 30 type stupid stuff. Being a family guy puts a lot in perspective. I don't drink and ride, I wear my gear, I don't speed or drive recklessly. I want to ride, not speed so I get to my destination sooner? What sense does that make?
At this point I have three kids, I coach all their sports, basketball, baseball, softball, flag football, they are in cub scouts, girl scouts, karate classes, swimming lessons, church classes, on and on and on. I don't get to ride as much as I like, that is obvious. There is a sense of calmness and comfort is just knowing or seeing the bike in your garage. Knowing it is there waiting for you. Even if it is just once a month. It is part of me. If I needed a couple of bucks, I would sell my truck and buy a beater for 500 bucks before I sold my bike. As far as the AC compresser needing to be replaced, that stuff never ends. Probably before you replace it something else will break down on you, That's life. Probably get a flat tire on your car or need repairs on the roof. Who knows. Giving up something you love for something like an Ac compresser is a tough road to travel. There will always be an "AC compresser" or "vinyl siding" to buy in life, is all I am saying.
I am not telling you what to do, I am not telling you how I feel is right for everyone. Everyone has their own life to live. Everyone has their own challenges to overcome. All I am trying to express is what I have come to know as truth for myself. I needed to ride. I needed to ride for my soul. That in turn makes me a better father and husband. The day I see that somehow I neglected my kids or wife, the bike goes, no second thoughts. I do have my priorities straight. Being a complete you, makes for a complete relationship with your wife and kids. Think about how many people say, "my wife" or "my kids could always tell how much I wanted to ride..." What that is really saying is, "my family could always tell something was missing from my life..." Believe me, that is not healthy for your family to see or feel or for your own sanity. If selling your bike is simply for the couple of bucks you get from the sale, that money will be gone long before the end of this riding season. That little bit of cash will truly make no difference in your life for the next 20 years. Be honest with yourself about if the couple of bucks is worth how you are going to feel until the next time you get to buy a bike, if ever.
Another point to ponder... This is almost a unique problem for American's. We force this type of decision on ourselves because we really do have it good. Many, most, places in the world look at bicycles, mopeds, motorbikes or motorcycles as the primary mode of transportation. We consider them toys. Riding my bike to work a couple of days a week can save money.
Whatever you choose, thinking it over and being honest with yourself is the right way to handle it. If you do that, whatever your choice, it will be the right one. Good luck.