£ per mile for your bike

[glasgowcyclist]

Looking pretty spiffy considering it's age and heavy usage.

Thanks, those shots were taken in2013. I've recently stripped the bike for a full rebuild, and cleaning up some minor pitting under the BB etc.

 

[MichaelW2]

My 11 year old commuter bike has done around 40,000.
Purchase price + upgrades + spare parts total around £1500.
1500/40,000=0.0375 or thrippence per mile.

For comparison, an annual bus ticket for my Fine City is £650.
11 of those is £7150 which at similar milleage is 18 pence/mile.

 

[cosmicbike]

I have no idea. The commuter I guess saves the most, a Boardman CX for £700 in 2014 which has 14,000 miles on now. Costs in tyres/chains etc, but saves a fortune in diesel and car park charges. Mind you, feeding the engine isn't cheap.....

 

[numbnuts]

Cost = priceless
everything else there's Mastercard

 

[AuroraSaab]

When your bike is also your hobby you have surely saved even more as you might have spent the money on another hobby, like drinking or loose women (or loose men).

When I add up what we have spent on our Saab restoration it is now likely in excess of what we could have bought one in better condition for, but as doing it up is a hobby I don't mind so much.

 

[Slow But Determined]

You need to factor in the extortionate price some cafes charge for coffee with fancy names!!

 

[Hicky]

How about the time saved by commuting by bike vs car....I save half an hour....ps my bike cost is 35p per mile atm and dropping based on purchase price alone.

 

[rugby bloke]

You need to factor in the extortionate price some cafes charge for coffee with fancy names!!

True, I have without doubt substantially increased by coffee and cake in take over the last 12 months !

 

[sleuthey]

46p a mile sounds a heck of a lot - but it assumes your bike has a value of £0 and has had no maintenance costs.

It is. That's because the OP has used his purchase cost not the depreciation. Say the bike could be sold for half what it was when new, the correct sum would be
(£1300-£650)/2800=£0.23 per mile.

This assumes no maintenance or overheads.

 

[slowmotion]

When riding 4000 miles per year, I reckoned it was costing me about 8p per mile, excluding the capital cost of the bike. A surprisingly large proportion of that was for wear and tear on pretty basic cycle clothing.

 

[MichaelW2]

It is. That's because the OP has used his purchase cost not the depreciation. Say the bike could be sold for half what it was when new, the correct sum would be
(£1300-£650)/2800=£0.23 per mile.

This assumes no maintenance or overheads.

From an accountancy/stocktaking point of view how long does a bike take to depreciate to zero? Do you always count a resale value?

 

[Sixmile]

Just by what I've logged on strava and not taking into account the current value of the bike or the maintenance...

Specialized Crosstrail £475 - 6081miles = 12.8ppm (app. 5 years old)
Boardman URB approx £520 - 561miles 92ppm (app. 3 months old)
Voodoo Fat Bike £200 - 850miles = 23ppm (11 months old)
Cube Peloton £420 - 5734miles = 7ppm (3 years old)

 

[Ming the Merciless]

Shouldn't this be £ per smile?

 

[Sixmile]

From an accountancy/stocktaking point of view how long does a bike take to depreciate to zero? Do you always count a resale value?

Going by the cycle to work scheme, the bike has nil value after 5 years.

 

[sleuthey]

From an accountancy/stocktaking point of view how long does a bike take to depreciate to zero? Do you always count a resale value?

I would guess for push bikes the "reducing balance" method applies rather than the "straight line" method so the depreciation would be exponential thus the value will never reach zero. Eg £1000 bike worth 500 after a year, 250 after 2 years, 125 and so on. Then in 20 years it gets chucked in a skip as it's value is less than repair cost. This is just a wet finger in the air.