It's a tough call for sure! I would probably sway towards hanging at home and riding though. For me I'd much rather hang with my friends and party I think. Although this will be my 3rd christmas and new years away from home, and I don't really miss it to be fair.
Even though the trip is free would it really be worth it to see the same old tourist spots with people your not too fussed about being there with. Maybe if you really wanna go then get out there one year and see what you wanna see with a couple of people your gonna have a good time with.