I would go with the fender myself. I always wanted a fender strat and once had the ultimatum to choose either a fender squire strat or a Mongoose freestyle bike (before mongoose sold out)...
Needless to say I ended up going for the Bike but to this day wish I went for the guitar. I was in the 6th grade though as well...so for me getting around the neighborhood a little easier was more on my mind. lol
As far as Peavey products are considered. I'm not generally knowledgable on the guitar end of things but I know their Pro audio ( Dj/pa ) stuff is great. I'd reccomend their stuff to anybody.