Cycle To Work opinions

[Xiorell]

Sure it's been done to death on here before but -

I've just started working for a company that does CTW scheme and it's never come up before with previous employers, wondering how well it really works
Here's the why - It's not to far to this new job, I used to cycle the same distance to my old job and am used to doing far greater distances on my leisure rides until recently, my car failed MOT and I dunno that it's worth fixing the thing, my partner drives anyway and she works a lot further from home so we could reasonably consolidate our two cars into one mutually agreeable car that she can use for work and I can use on weekends etc
Thinking about it if I bin off my car it'd save £1500 a year assuming in that year I use the bare minimum fuel and incur zero repair costs

I don't think I can jump on the scheme until March now anyway but I thought what I'd do is spend big on a full sus for personal use and then enter CTW for something more road/touring style maybe cyclocross (aint decided yet, something with skinnier tires that i'll use sometimes when not going to work)

Does the scheme work out that well? Is it ball ache at the end to pay off the remainder? Are the savings generally worth it?
The figures etc I have seen suggest it's a cost effective way of getting hold of a bike in the 750-1000 mark (which is the range I'd be looking for) but looking for opinions from those that have done it or know a lot about it.

 

[Booyaa]

If you have just started at your emplyer you should be allowed to use a flex option for CTW straight away and not wait until the enrolment window. Not quite the question you asked but hope it helps.

 

[vickster]

The amount of saving depends on your company's scheme and your tax code
Depending on what retailer you use, there may be a surcharge (Ribble, PX I think) or you may be restricted to full price only. Thus, depending, you may find it cheaper to get a reduced bike on an interest free finance deal

Ask HR for the details, as they will be personal to you

Make sure you insure the bike, if it gets nicked or you stack it, you'll still be responsible for paying for it

 

[Xiorell]

If you have just started at your emplyer you should be allowed to use a flex option for CTW straight away and not wait until the enrolment window. Not quite the question you asked but hope it helps.

Is that right?
I'll see if I can get info "from the horses mouth" tomorrow about that but, just because I am impatient, can you elaborate on that at all?
I was reading about the companies ctw option and (don't have the info infront on me now) it was saying, words to the effect of "the scheme is in march if you joined outside that you'll have to wait pal"
So there might be some other way? Handy if there is seeing as a lot of 2013 stock is being cleared

 

[vickster]

I think Adrian is asking whether the bike is for commuting, this is a term of C2W

 

[Xiorell]

Adrian/Vinkster -
What I was eluding to but didn't do good job explaining, is that I'm gonna be buying me a full-sus from my own money, for climbing the hills all over where I live and the cycle park down the road etc - but was thinking of using the CTW thing to get a bike with skinny tyres/wheels, be that full on road/tourer/cyclocross, which I would use for work
Reason being I HATE riding tarmac on mtb tyres, knobbly or otherwise - I was shocked when I swapped from a road bike to my last mtb lol

I'd use the ctw bike for going to/from work and on the times I wanna go for a ride but know I won't be hitting any offroad stuff that day

 

[Booyaa]

Is that right?
I'll see if I can get info "from the horses mouth" tomorrow about that but, just because I am impatient, can you elaborate on that at all?
I was reading about the companies ctw option and (don't have the info infront on me now) it was saying, words to the effect of "the scheme is in march if you joined outside that you'll have to wait pal"
So there might be some other way? Handy if there is seeing as a lot of 2013 stock is being cleared

Usually. On a flex benefits scheme there is an annual enrolment (usually April time) and you can also make a benefit change through the year at a lifestyle event. New employees to the company should be allowed to pick any of the flex options when they join, usually within a month of joining. It all depends on the company, a decent sized company should let you join the CTW when you join.

 

[Xiorell]

Usually. On a flex benefits scheme there is an annual enrolment (usually April time) and you can also make a benefit change through the year at a lifestyle event. New employees to the company should be allowed to pick any of the flex options when they join, usually within a month of joining. It all depends on the company, a decent sized company should let you join the CTW when you join.

yeh this sounds like what I was reading - lifestyle event sounds like phrases used.
That'd be handy if that's the case, I'm pretty much ready to sell the motor off as spares/repairs now
They use "CycleScheme" if that helps and are indeed a big company
As said I will do some enquiring tomorrow when I am in but I'm curious now lol

Also does anyone know, once you get a "yes" from the employer how long is it normally until you get the ctw vouchers?

 

[shouldbeinbed]

the usual protocol for a c2w bike is using it for a proportion of commuting during the HP period, my scheme required at least 50% of commutes to be on the C2w bike - but nobody ever came and checked.

the usual protocol now is at the end of the, generally, 12 month payment period, you can either pay a final Fair Market Value (FMV) payment that nowadays tends to be ~25% of the purchase value, so particularly if you are a basic rate tax payer, the savings aren't huge anymore. Alternately most schemes and employers now let you extend the HP for another 3-4 years to reduce the FMV to a nominal percentage for a 5% or 1 extra month payment 'admin' fee, at the end of this extended HP period, the bike becomes yours for free.

I considered c2w again recently but plumped for the simplicity of an 18 month interest free credit card and the ability to amend or upgrade as and when suits me, rather than be tied to in effect riding my boss' bike for 4 years.

 

[Xiorell]

Apparently I DO have to wait till March so I think i'll just not bother to be honest

 

[Kies]

I leased a £1000 road bike on my C2W and it cost me around £730 all told, including the £70 to "extend" the lease for another 3 years, at which point the bike will be mine.
was it worth it? yes - no way i would have spent that sort of money up front on a new hobby/sport
would i do it again? yes probably - but add some of my own money and buy a much better machine (full carbon/105)

 

[Banjo]

I looked into a it a few years ago and couldnt be bothered with it. some shops wont let you haggle any discount on C2W my method was to take out a Tesco credit card which offered free interest on purchases for 6 months. Negotiated the best deal I could get in local lbs,s stuck it on the new credit card and paid for it before the interest kicked in.

Good time to get good deals on bikes now.

 

[Julia9054]

I think C2W is great.
Got my hybrid about 3 years ago which I ride to work almost every day. The cost of the bike was split - interest free - over 12 months and deducted from my salary before tax and national insurance with a saving to me of about a third of the cost. There was no final payment and I signed something to say that the bike was now mine at the end of the hire period.
I found out earlier this year that there is no limit to the amount of times you can take part in the scheme so I am currently paying off a much nicer, less practical carbon fun-bike which I don't ride to work (I know - I'm supposed to - but no one is going to check!) I got this from Evans and it was already 2/3 full price in the sale so effectively I am getting £1500 worth of bike for around £750!
Since no-one seems to be going to stop me, I am thinking about getting a cyclocross bike when I have paid off fun-bike and retiring the hybrid.
No way could I afford any of this if I had to save up for it!

 

[ross cordon]

same here got 1000 pound carbon boardman ( which is amazing ) for 6 pound a week . there is no way I could have afforded that bike on my own

 

[Leaway2]

My company will not do it. "too much risk for the company" ?