Ride2Work Scheme (Evans Cycles)

Shamrock · 28 Jul 2011 at 14:40

Hi,

I'll be moving to London very soon and my company is part of the Ride2Work scheme through Evans Cycles. Has anybody got a bike through this scheme and can you comment on if it is worth doing? I do currently own a bike, but feel like I should take advantage of this to get a tax-free bike. I understand though that the bike isn't technically yours until the very end unless you pay a fee?

Thanks

EDIT: Also, could anyone offer advice on using a MTB for general commuting? I mean, I realise it would not be as practical as a bike specifically designed for road usage, but to be honest I dislike the look of road cycles and would prefer to get a nice mountain bike through this scheme. I currently have a 'Specialized Hard Rock Sport Disc 2010'.

[DOD]Asprilla · 28 Jul 2011 at 15:13

I've not used any of the cycle to work schemes, but everyone I've spoken to has no complaints as they are getting a discounted bike. Yes, you pay a fee at the end, but ti still works out cheaper than buying it yourself.

Commuting on an MTB? I would say it was fine, but it depends on what your commute is and how long you want it to take. Most of London is pretty flat so weight won't be an issue and if you lock out any suspension and put narrow slicks on it then it should be tolerable.

SDK^ · 28 Jul 2011 at 17:46

The Cycle Scheme is pretty straight forward, although once the final payment is taken into account, the savings aren't 50% as maybe advertised.
The final payment for the bike is detailed in the table below - You can defer ownership of the bike for up to 4 years to reduce it.

So, if you buy a £1000 bike the final payment after 4 years is £70

I've commuted on both an MTB with road tyres and a road bike. Using a bike designed for nothing but roads is clearly the faster and better method which is what I would recommend. I would only buy an MTB for commuting if I was planning on using it offroad a lot more than on road.

:: EDIT ::

Plus you may want to read this just published : http://www.bikeradar.com/news/article/vat-to-be-charged-on-cycle-to-work-bikes-31162

Shamrock · 28 Jul 2011 at 18:08

Thanks for the replies. So you wouldn't commute on your Enduro or FSRxc?

That Allez Elite you have looks pretty sexay, but I just find MTBs (especially your ones!) more aesthetically pleasing than road bikes. Pretty happy with my Specialized so far, but it was only £400. I'd like something a bit higher-end and this Ride2Work could potentially get me a £1000 bike for a lot less.

According to that link it won't come into effect until 2012 so that might give me a bit of time to decide.

teulk · 29 Jul 2011 at 04:01

SDK^ said:
The Cycle Scheme is pretty straight forward, although once the final payment is taken into account, the savings aren't 50% as maybe advertised.
The final payment for the bike is detailed in the table below - You can defer ownership of the bike for up to 4 years to reduce it.

So, if you buy a £1000 bike the final payment after 4 years is £70

I got a bike last year for £1000 and only paid £50 as my final payment after a year - 25% of £1000 = £250, My Tax rate is 20% - 20% of £250 = £50. Good deal.

SDK^ · 29 Jul 2011 at 16:57

teulk said:
I got a bike last year for £1000 and only paid £50 as my final payment after a year - 25% of £1000 = £250, My Tax rate is 20% - 20% of £250 = £50. Good deal.

The new rules (table above) came into affect from 31st August 2010

teulk · 29 Jul 2011 at 20:28

I made my final payment in April 2011.

SDK^ · 29 Jul 2011 at 21:10

teulk said:
I made my final payment in April 2011.

Yes but i'm guessing you joined the scheme before 31 August. The new rules only apply to people joining the scheme after that date

teulk · 30 Jul 2011 at 01:21

Yeah april 2010, however the letter i got from my employer stated the final payment was £250. It worked out as only £50 due to the employer classing it as a "benefit in kind" or something like that, if it had not been classed as that then i would have had to pay £250. I have also got another bike this year and as far as i am aware the same will apply next year when i make the final payment.

iamtheoneneo · 31 Jul 2011 at 13:53

My work ditched the cycle to work scheme as I was causing issues supposedly....they did introduce their own loan scheme though for bikes which was good.

Shamrock · 31 Jul 2011 at 14:04

Is a really nice hardtail MTB gonna be that bad for commuting? Just eyeing up some on Evans now and it's making me drool.

Saytan · 31 Jul 2011 at 17:37

if you're using it for commuting, forget aesthetics, you want the most effective tool for the job.

for a short-medium commute this is usually a hybrid. for a longun, a tourer is best.

either will be much more enjoyable to ride on road than even a hardtail with slicks, and a lot faster and less likely to get nicked too.