From your name I will assume you are in AZ. I am currently in Colombia and it is cheaper to fly to Bogota than Panama City from Phoenix. I'm taking a flight back from Bogota to Mesa for 264 bucks on Spirit Airlines in two weeks. And Mike at Motolombia will have a rental bike for you in Bogota when you land. I didn't hear of anyone who rented a bike while I was in Panama. Not that they don't exist.
But the riding in the Colombian mountains is epic compared to Panama. Plus the women are beautiful.
Just some ideas.