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Cycle Schemes

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By *imply_Sensual OP   Man
over a year ago

Widnes

Anyone have any experience of using these schemes to buy a bike via their salary?

Is it value for money? I didn't realise that for the first 12 months (or length of agreement) that you are 'leasing' the bike and that to take ownership, you then have to make a payment at the end based on the fair market value.

If I buy a bike at about £300-500 what kind of final payment should I expect? The website calculators give info on monthly contributions but not final payments.

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By (user no longer on site)
over a year ago

Well deduct 12 lots of monthly payments from the full price of the bike:

£500 - (12 x £...)

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By (user no longer on site)
over a year ago

All the schemes vary in how they run, the one we have used you pay for 12 months, and then you pay a nominal fee of 75 quid I think it was to then lease the bike for a further 5 years, some you pay 25 percent of the value of the bike, but if you have a good employer talk to them and the can give you the bike after 12 months as a gift and you pay a slight increase in tax that year to the value of the gift,

Clear as mud lol

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By *alandNitaCouple
over a year ago

Scunthorpe

On theory the bike belongs to your employer, they can choose what they'd charge... Some just charge an administration fee.

The real value is the tax you save. You don't pay vat on the bike(£600 - vat = £500) and you don't pay tax on the bit of your earnings that are taken out for payment. It works out at around 50% of the price of the bike that you save.

Then obviously you spend less on petrol (other fuels are available) and you get fitter and healthier.

Can't loose really...

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

I've got an old Raleigh that weighs a ton. It's a swine to peddle uphill, but if I ever decide to do a ram raid in it, I think it'll come off better than any building known to man.

You may be better looking in the second hand columns of your local paper, as a good pushbike is hard to damage.

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By *alandNitaCouple
over a year ago

Scunthorpe


"

a good pushbike is hard to damage. "

I'm not sure about that, I've got a £4 grand carbon road bike that wouldnt be too hard to break..

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts


"

a good pushbike is hard to damage.

I'm not sure about that, I've got a £4 grand carbon road bike that wouldnt be too hard to break.. "

Ah, you want what I have got. An old Raleigh, cast iron contraption that could be used to deliver an atomic bomb and would still be fine after detonation, albeit glowing

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By *alandNitaCouple
over a year ago

Scunthorpe

But then I'd have to set off earlier

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts


"But then I'd have to set off earlier "

Life has it's ups and downs

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By (user no longer on site)
over a year ago


"I've got an old Raleigh that weighs a ton. It's a swine to peddle uphill, but if I ever decide to do a ram raid in it, I think it'll come off better than any building known to man.

You may be better looking in the second hand columns of your local paper, as a good pushbike is hard to damage. "

I've got two of those - Pioneer 12 Speed. Weigh a ton but by God you can get some leg training in with them!

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By *imply_Sensual OP   Man
over a year ago

Widnes

Thanks, some useful responses there, first call will be to employer then off to the bike shop.

Didn't Raleigh makes the Chopper? Ultimate bike that could withstand anything, you could get about four people on it too.

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By *radleyandRavenCouple
over a year ago

Herts

...I think I got my road bike for about £30 second hand 10 years ago and it's still going strong...

Vince's CAR cost him £500...

- Amy. x

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By (user no longer on site)
over a year ago


"Anyone have any experience of using these schemes to buy a bike via their salary?

Is it value for money? I didn't realise that for the first 12 months (or length of agreement) that you are 'leasing' the bike and that to take ownership, you then have to make a payment at the end based on the fair market value.

If I buy a bike at about £300-500 what kind of final payment should I expect? The website calculators give info on monthly contributions but not final payments."

It is 'normally' 5-10% of the original value. I saved around a 3rd of the value of mine.

Shop around for a sale model and combined with the scheme you can get a huge saving on RRP

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By *etitesaraTV/TS
over a year ago

rochdale

If regularly commuting on it i would recommend something that will take full mudguards and has disc brakes - believe me, you need 'guards in wet weather & discs are more reliable in the rain.

Maybe one that will take a rack so you don't have to carry a rucksack.

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By *riskynriskyCouple
over a year ago

Essex.

If it hasn't changed in the last 3 years...

You choose the bike and accessories of your choice, tell your employer, fill out the forms and they will give a voucher for the full amount.

Your payments are deducted before tax. You pay 50% of the bike and the tax man pays the rest. After your final you will be asked to take the bike to the supplier for a valuation...

I didn't bother taking it and was given a year's grace. At the end of the year they valued it at about 5% of cost for a final payment.

One guy I knew sold his bike at the end of the year for more than he had paid. He then bought a better bike.

You do need to insure the bike as a separate item on your household insurance as it doesn't belong to you until the final payment has been made....

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By (user no longer on site)
over a year ago

Just ordered my new new bike, Giant Rapid 1 2014, 949.00, works out I'll be payin just over 600.00 for it

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By (user no longer on site)
over a year ago

I was confused about all this too. It's seems very complicated!

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