Big gifts for the second child?

I need some help, dads. I have two boys, ages 8 and 4. This year we’re getting the 8yo a nice new bike for Christmas. The 4yo isn’t ever going to get a nice new bike for Christmas because he gets the hand-me-down bike, which so far has thrilled him. But we’re not wrap it like it’s new and try to sell him on it being a gift.

And it’s like this for a lot of toys in the house (which we already have too many of). The second child doesn’t need a lot of new things because we have lots of old things in great shape. Plus, the 4yo is at the age where he just wants to copy his older brother and doesn’t have vastly different interests of his own. Still, we find a lot cool smaller gifts that fit.

But this year I just don’t know how to balance out a big new bike with something comparable for the little one.

Any suggestions? How do you handle this, parents with multiple kids?