Cyclescheme - worth it?

[grellboy]

I just got a Tarmac sport for 1120 reduced from 1500 paid the 120 and put the rest on a cycle scheme voucher seems to work for me

Can you tell me more? Which retailer did you get it from and did they add 10% like other retailers do to their sale bikes?

 

[Willam]

not that any LBS would ever do this of course - but hypothetically...

Suppose you are buying a £950 pound bike and £50 of accessories (helmet/lights/safety-related clothing/whatever). Total £1000.

I can imagine a situation where the bike could get discounted to 800, and the accessories were overpriced to 200. Same total. Makes no difference, does it?

Until you remember that the “final payment” is a percentage of the “bike price”, not the “bike + accessories” price...

I did hear rumour of someone who paid £200 for a pump.....

not that any LBS would ever do this of course

Isn't the final payment based on the value of the bike at the end of the period rather than the cost at the start?

 

[Dirtyhanz]

I got the Tarmac from the bike factory in Chester sold as advertised I think I come out quit a bit head bike should be 1500 I got it for 1120 1000 on the voucher which cost over the year about 700 then a final payment of about 90 at the end of the year so all in will cost me about 900 can not see how i can loose

 

[bruce1530]

Isn't the final payment based on the value of the bike at the end of the period rather than the cost at the start?

Yes, but that value is calculated on either 4% or 7% of the original bike cost. So for a 1000 pound bike it would be 70. But if your original purchase was 750 bike and 250 accessories, the final payment would be 52

 

[annedonnelly]

My employer has just started a cycle scheme. I did one before and saved about 1/3 off the price. This scheme is the actual Cyclescheme. Has anybody got recent experience of buying a bike for the top limit of £1,000 with this method and if so would you recommend it, what with the 7% final payment etc.

Is the 7% at the end of the first year? I got £1000 via Cyclesheme and there was an option to complete after 12 months or wait for three years - with a reduced final percentage. Can't remember the actual figures. The bike's a Brompton so no chance of discount on the retail price.

 

[bruce1530]

You pay the 7% as a "deposit" at end of year 1. Bike then is owned by cyclescheme for 3 years, who lend it to you.

At end of year 4 you keep bike and forfeit deposit.