cycle to work scheme

VeNT

VeNT

VeNT

Soldato
Joined
9 Jan 2003
Posts
21,158
Location
Cornwall
A change in job location has tempted me to invest in a new bike (not made out of wrought iron and rivets would be nice.) and have been looking at the cycle to work scheme.

has anyone done this and if so how did it work out?

I've read that you're only really "hiring" the bike for 12/18 months and that at the end of the contract you have to buy it anyway? did anyone have to do this?

any advice would be brilliant, I'm not a higher band tax payer so wouldn't be saving as much but I think it could be worth it!
 
I'm on our companies cycle to work scheme. Yes technically it is a hire agreement, normally for 12 months. At the end of the hire period, you are given the option to buy the bike for a nominal fee which is normally £5 or so. So it does still work out as a good deal. I got a 650 quid voucher and have to repay 500 quid or so and can repay that over 12 months.
 
Best off asking in the Sports Arena for advice on bikes.

With the Cycle Scheme, you choose whatever bike you want, up to £1000 (though you can buy more expensive and pay the rest on top. You aren't really hiring or leasing the bike, you are buying it, as the cost is taken monthly from your pay cheque, tax free.

Provided you aren't intending to leave the company you work for, or loose your job, then you don't really have anything to worry about. If you intend to leave or get fired, made redundant whatever, then any payments left to make would have to be paid off, as technically the bike would still be property of the company if you didn't.
 
We offer this, but its a salary sacrifice scheme option - so you basically buy the 500.00 quid bike, invoice employer, to which they begin deducting.. 45 quid (or whatever) pre-tax from your wages until your bike is paid off. Then its yours to keep.

I'm actually thinking about doing it too - i live in Reading town centre and my office is only at Green Park so makes sense.
 
Ive done it, and you have just reminded me to get my bike assessed! Oops!

I spent £850 on bike, helmet, lights and roofbars. You get it cheaper, and as said, you really are purchasing it, but under the guise of a hire scheme.
 
Got me a £1000 bike for £600 ish. Even though the company still technically own the bike, they don't really care and would probably ask for 1 pound if I left now that its all paid off out of my payslip.

Im tempted to get a roadie as well on it :D
 
Ivan Drago said:
Buying a £500 quid bike or go to Halfords and get one for £150?
Click to expand...

Buy cheap, buy twice and you get what you paid for.

I have always bought bikes around the 150-200 quid mark, but after buying my Giant CR-Zero I realise what a mistake it is to buy crap bikes. They fall to bits waay to easily, I have killed a fair few bikes myself due to poor crank bearings, while this Giant has a fair few hundred miles on it and is still going strong.
 
Ive done probably over 800 miles (Garmin Connect is reporting 675.01 miles) and my Specialized is still going strong! And I haven't even serviced it, which I should really get round to doing!

Edit:

Actually, that would be 600 odd miles plus. I forgot that I had taken the Edge 305 skiing with me a couple of times, so that has added a few miles on top! :D
 
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how much was that in the end?

also does anyone have insurance for their bike and what does it cover/cost?
 
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I don't know about MTBs and such by Specialized make great road bike frames and they don't offer any worse value for money than any of the other major manufacturers.
 
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