Not when you can get decent discounts and 0% finance from many retailers on the same bikes. It was a good scheme where the employee did save money, but changes to the scheme meant that was no longer the case.
Cycle Scheme working out more expensive?
- Thread starter Nick1881
- Start date
Not when you can get decent discounts and 0% finance from many retailers on the same bikes. It was a good scheme where the employee did save money, but changes to the scheme meant that was no longer the case.
You still save money, ok it's not as much as before, but it still works out cheaper than normal finance even 0%
Man of Honour
And the bigger savings can be had on the more expensive bikes.
So if you had last years model which cost £1400 for £1000, you could pay around £666 for it and then around £80 to keep it for another 3 years when it then becomes your property.
Having C2W on my £279 Carrera would have been pointless.
Associate
Granted you can get these deals if you shop around however you cannot say the scheme is a rip off as you only ever save money. There may also be those who cannot get interest free credit due to their credit rating score for example. It very much comes down to what is suitable for each individual.
Dimple for some it still might be worth getting a £250 bike on the scheme. Not everyone has that cash in their pocket. The monthly payments would be minimal and the extension deposit (final payment) will only be 3% so you'd save a slightly higher percentage than that of a £500+ bike.
Yeah I don't know why anyone would use it on £279 carrera lol but I got last years specialised allez elite for a good price to start then the obvious savings from c2w so it worked out for me quite well
It's a shame they changed the scheme. In it's original version I got a £1000 boardman hardtail, stripped it, sold the forks and frame on ebay for the same amount the whole bike was to cost me. Purchased a much better full suspension 2nd hand frame and some new forks for £1000 and basically had a £3500 full sus mountain bike (ok the frame was a year old) for £1k total 
Remember that the scheme is there to encourage cycling to work, not "how to save money"
It's also there so that the employers can say "ohh - 45% of my workforce cycle to work" - "were really green company" etc etc.
It's all a load of nonsense really but it does allow people to buy a bike with monthly deductions from their wage without any hassle.
Also for higher rate tax payers it's still very good scheme, just not as good these days for basic rate.
It's also there so that the employers can say "ohh - 45% of my workforce cycle to work" - "were really green company" etc etc.
It's all a load of nonsense really but it does allow people to buy a bike with monthly deductions from their wage without any hassle.
Also for higher rate tax payers it's still very good scheme, just not as good these days for basic rate.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Isn't that like helping with the floods in February using a plastic cup?
Nobel but fundamentally a waste of time?
Soldato
Carrera? Specialised? Eww, who are you people! 
Or they know that commuting across towns is often quicker by bicycle.
Most cyclists I know don't do it for the environment. It's for fitness or money saving or for the reason I posted above.
Or they know that commuting across towns is often quicker by bicycle.
[TW]Fox;26479339 said:
Most cyclists I know don't do it for the environment. It's for fitness or money saving or for the reason I posted above.
Soldato
- Joined
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People moan about loop holes that allow tax avoidance. People still moan when the government shut them.
As others have already said, the scheme used to be really good - but then HMRC screwed it. Just before I was about to sign up.
In the end I took a basic 'salary sacrifice' interest-free loan from my employer and bought my bike outright. Combined with the fact I could get a better overall deal buying an out-going model from an online retailer that didn't participate in the scheme. I tried to buy from my LBS, but he said it's not worth it for him and I'd have to pay full price for the bike as well.
We should be closing 'loop-holes' for mega-corps and rich *****, but a cycle-to-work scheme for the rest of the population is hardly a 'loop-hole'.
In the end I took a basic 'salary sacrifice' interest-free loan from my employer and bought my bike outright. Combined with the fact I could get a better overall deal buying an out-going model from an online retailer that didn't participate in the scheme. I tried to buy from my LBS, but he said it's not worth it for him and I'd have to pay full price for the bike as well.
We should be closing 'loop-holes' for mega-corps and rich *****, but a cycle-to-work scheme for the rest of the population is hardly a 'loop-hole'.
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Deleted member 66701
D
Deleted member 66701
Just looked through my docs - bought a Trek FX 7.6 bike in June 2012 - £900 rrp reduced to £800.
My gross salary sacrifice amount was £66.67 a month, which amounted to a net monthly payment of £38.67. Over the 12 months I paid £464 in total.
Last June I made an "extended hire deposit" payment of £56 to cyclescheme and if at the end of three years (from last June) I choose to keep the bike (which I will), cyclescheme keep the "extended hire deposit".
So, I've paid £521 for an £900 rrp bike (or 42% off if you prefer), with the added benefit of having an interest free and credit check free loan in the interim.
Sounds like a pretty good deal to me.
My gross salary sacrifice amount was £66.67 a month, which amounted to a net monthly payment of £38.67. Over the 12 months I paid £464 in total.
Last June I made an "extended hire deposit" payment of £56 to cyclescheme and if at the end of three years (from last June) I choose to keep the bike (which I will), cyclescheme keep the "extended hire deposit".
So, I've paid £521 for an £900 rrp bike (or 42% off if you prefer), with the added benefit of having an interest free and credit check free loan in the interim.
Sounds like a pretty good deal to me.
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Soldato
example...
£450 bike + £100 extras = £550
20% tax 12% NI = £177.59 savings
monthly payments before tax = £46.25
monthly hire payments ( take home pay ) = £31.45
Extended use deposit = £16.65
total saving = £160.94 ( £216.44 for a 40% tax payer )
Anyone saying the scheme isnt worth doing doesnt have a clue
you couldnt go into a shop and buy that kit at that price and have interest free for 12 months.
prove me wrong please?
£450 bike + £100 extras = £550
20% tax 12% NI = £177.59 savings
monthly payments before tax = £46.25
monthly hire payments ( take home pay ) = £31.45
Extended use deposit = £16.65
total saving = £160.94 ( £216.44 for a 40% tax payer )
Anyone saying the scheme isnt worth doing doesnt have a clue
you couldnt go into a shop and buy that kit at that price and have interest free for 12 months.
prove me wrong please?
Soldato
I found a better solution when looking for some bikes a couple of years back:
You want a bike, say £1000?
It's 2014.
OK, so find the bike you want, then find the 2011 or 2012 model of said bike on a website which is selling old model stock (plenty do) and it'll be £500-£600 max.
I paid £400 for my wife's bike in 2012. New model was £850 and spec was exactly the same. I bought the 2009 one.
Quite often, the only difference seems to be the styling - so enthusiasts would know it was older model but who cares about that?
Maybe I just got lucky at the time, but there were quite a few bikes like this available where you got it for 50% because the colour/style of the frame was 3 years old! Actual technical spec and materials used were the same, or almost the same (not a noticeable difference in performance to any but a pro)
Stick this on an 18 month 0% purchase credit card and you have your interest free loan. even better one actually because you just pay a 1 off fee 18 months down the line, meaning that money is invested so even better.
You want a bike, say £1000?
It's 2014.
OK, so find the bike you want, then find the 2011 or 2012 model of said bike on a website which is selling old model stock (plenty do) and it'll be £500-£600 max.
I paid £400 for my wife's bike in 2012. New model was £850 and spec was exactly the same. I bought the 2009 one.
Quite often, the only difference seems to be the styling - so enthusiasts would know it was older model but who cares about that?
Maybe I just got lucky at the time, but there were quite a few bikes like this available where you got it for 50% because the colour/style of the frame was 3 years old! Actual technical spec and materials used were the same, or almost the same (not a noticeable difference in performance to any but a pro)
Stick this on an 18 month 0% purchase credit card and you have your interest free loan. even better one actually because you just pay a 1 off fee 18 months down the line, meaning that money is invested so even better.
But you can put a sale bike on cyclescheme so you'd save more than banging it on an interest free cc
Only if the limited shops sell it.
Man of Honour
Why do a lot of posters think you can only buy the latest model on C2W?
Like Mr Moon says, buy an old model on C2W and save even more.
I was offered the £849 new version or last years model at £699 so I chose last years model and used the £150 for accessories.
Soldato
Why didn't you go for the year before's for £500?