Bike2Work scheme....will I ever own the bike?

[Sloth]

But…if my employer pays up front, in full, for the vouchers, why don’t they own the bike rather than B2W who have only administered the process, not funded it?

 

[Deleted member 26715]

But…if my employer pays up front, in full, for the vouchers, why don’t they own the bike rather than B2W who have only administered the process, not funded it?

Potentially so in the event they go bust you still keep the bike (total guess)

 

[Kingfisher101]

Some bike retailers dont do the Bike To Work, so you need to check it out OP with the place where you ordered the bike.

 

[PaulSB]

I've no experience of these schemes and feel they are grossly unfair. Having said that I doubt anyone will come to collect the bike and it will be yours. Good luck with it and enjoy the ride.

 

[Sharky]

A couple of thoughts. Got one of my bikes thru the C2W scheme. At the time, it was Halfords supplying the bikes, which wasn't restricted to their brands. The price was the then current retail price. But a few months later in the end of season sales from another source at 25% cheaper. So compare prices.

Now if you are like me, before it was strictly mine, I'd replaced saddle, BB, sprockets, handlebars, tyres and the wheels. Probably invalidated the T&Cs, but was never asked to return the bike.


Still happy with the bike, a Giant Bowery SS/fixed, after 14 years!

 

[Sloth]

Potentially so in the event they go bust you still keep the bike (total guess)

Yes but according to B2W the bike is ‘owned’ by and registered to them and not the employer (even though the employer forked out the cash!)

Some bike retailers dont do the Bike To Work, so you need to check it out OP with the place where you ordered the bike.

Already done, all is good.

 

[wiggydiggy]

This is what SHOULD happen - go read the gov guidance notes if anyone is in doubt - although it shouldn't just be a "nominal value".
The company that owns it should calculate the real value. Then you get first refusal at this price. How they calculate this doesn't seem to be clearly documented, but for bikes at the top end I've seen quite large numbers quoted.

IN PRACTICE a few companies charge the true value, and the taxman never investigates the other companies!

Ignore the word nominal, I'm probably not using the right language and don't have the old paperwork to check.

I do know we use Cyclescheme now, they charge an Ownership Fee which I checked and on a £1000 bike is £70.

 

[fossyant]

Just seen Planet X now accept all CTW providers - argh, I don't need a Titanium gravel bike as my commuter. I am resisting.

 

[kingrollo]

It's one of those rare things - that is as good as it seems.

The scheme where I work - lets you make 12 payments - then you have a payment free lease period of 5 years - after which ownership transfers to myself.

I've brought 3 bikes like this - why wouldn't you ?

 

[Deleted member 26715]

I've brought 3 bikes like this - why wouldn't you ?

Because you don't need 3 bikes, you can only ride one at once

 

[matticus]

I've brought 3 bikes like this - why wouldn't you ?

Because you don't have a permanent steady job?
And a compliant employer?
(Unless rules have changed ... )

 

[wiggydiggy]

It's one of those rare things - that is as good as it seems.

The scheme where I work - lets you make 12 payments - then you have a payment free lease period of 5 years - after which ownership transfers to myself.

I've brought 3 bikes like this - why wouldn't you ?

Because unfortunately I work from home now! As I do try to adhere to the '50% of all journeys must be work journeys' I wouldnt get much chance to ride it on leisure rides.

 

[currystomper]

Many years ago I had a bike to work folding bike, paid my installments and then forgot all about the scheme, I the left that work a year later and soon after got a bill for several hundred pounds. After a few emails and telling them they could take the bike back they backed down and I think I paid them a small amout money to own the bike. Not a disaster, but a warning to read the fine print in all these agreements.

 

[cyberknight]

our place now uses the c2w and we now have a final valuation fee which means at the 1k ballpark your paying 25% final valuation .This means your paying pretty much the full price of the bike .

 

[Sloth]

From what I can tell , I could have £2,300 of vouchers. (Bike @ £1849 and some extras)
Pay it over 12 months.
Save 33% making the total £1535.
After the 12 months, pay a one off 7% ownership fee of approx £160.
Total cost to me £1695.
Mine after 4 years.
I’d have spent that on just the bike, even with a 10% discount.