[1speedbike]

You definitely need a new tire. But the rim can be fixed for very cheap, if you want to even fix it at all. It really depends on you... were you going to go for a new set of rims eventually anyway? If so, then why not do it now? Seems like a good time, and you can save the rim repair for later. But you should definitely get a new tire. How is the wear on the other tires? If they're low you can just get rid of them but if they have decent tread life then it's your decision to make. I know a lot of stock tires get sold in the sales sections on this forum, and there is always a market for them, so you could always sell them and make back some money while getting some new decent tires.