Hi Vanessa,
I know exactly where you're coming from - I'm 5' on a good day
Whether or not you'll fit into the smallest WSD bikes will depend mainly upon your relative leg/torso dimensions. There are a bunch of online bike fit calculators that will give you a clue. I can't say which one of them is the best - some people think that the online calculators are set up more for guys, or hard-core roadies - but I still have found it helpful to use them for reference. Wrenchscience.com has one that's very easy to use.
If you try an online fit calculator, the measurement to hone in on is the effective (horizontal) top tube length. (Wrenchscience combines this with stem length, but others will spit out the top tube length for you.) The shortest ones out there for production bikes are around 48-48.5 cm (Terry 16" bikes, Cannondale WSD 40cm, Trek WSD 43). If you need shorter than 48, like me, then the choices of production bikes are not so great.
So, as briefly as I can summarize:
--If your ideal top tube length turns out to be at least 48, there are WSD bikes out there that may fit you well. Look at Terry, Cannondale WSD 40, Trek WSD 43 because these are among the smallest ones out there. If you can get up to around 49-49.5 top tube, then there will be even more WSD choices.
--If less than 48, then there are a few directions you can go.
First is to use a really short stem (something like 5 or 6 cm) to compensate for the top tube being a bit longer than it should be for you. Some people don't like how this affects the steering, however.
Second, consider a high-quality kid racer bike - these are significantly smaller than WSD. Felt and Orbea make ones with 24 inch wheels. Specialized has an Allez Junior, but they put regular sized wheels on it, which I don't think is smart. There are some more obscure but good-quality brands like Javelin and Argon that also make kid racers. The major disadvantage of going with a junior racer is that the quality of components is usually not so great, and it would be expensive to upgrade. However, there are also advantages - kid racers usually have short-length cranks (150-160) that you will never find on a WSD bike.
Third, and this is what I eventually did - take your time to search around for special-sized used bikes. There are some older models, such as the Miyata Pavea, which are junior-sized. If you look really, really hard, you might even find a custom small size, which is what I eventually ended up with.
Fourth, if you have enough money and can justify the investment, get a custom bike. If you're just starting out, you're probably not in that situation. I'm certainly not there myself yet.
Fifth - this is one I've seen online, but don't know that much about. Convert a mountain bike frame into a road bike. Mountain bike frames are already set up for smaller 26-in wheels, and they have much lower standover.
Good luck finding the right bike for you - the search may be long, but it will be worth it in the end!




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