End of My First Cycle2Work Scheme

[BSRU]

Last years Cycle2Work scheme has ended and they have given me three options.
1) 7% of original value, £70 to hire it for three more years then take ownership of it.
2) 25% of original value, £250 to take ownership now
3) Return it at my expense.

For me it is a no brainer, option 1 .

 

[SquareDaff]

That'd be the option I'd go for!

 

[BSRU]

That'd be the option I'd go for!

Certainly makes a nice saving from buying a bike without a C2W voucher.

 

[400bhp]

Only question I would ask: Can you buy another bike in the interim period?

 

[BSRU]

Only question I would ask: Can you buy another bike in the interim period?

Yes, I purchased another C2W bike a couple of weeks ago and they state during the three year period there are no restrictions on obtaining a C2W voucher again.

 

[400bhp]

Yes, I purchased another C2W bike a couple of weeks ago and they state during the three year period there are no restrictions on obtaining a C2W voucher again.

 

[Hicky]

Option 1, and another bike please

 

[TheJDog]

I just don't believe C2W gives you a good saving. It's a nice way to spread the cost over a year (then all the additional monies they keep asking for), but compared to the discount you could get on an older model bike it's ultimately not good.

 

[BSRU]

I just don't believe C2W gives you a good saving. It's a nice way to spread the cost over a year (then all the additional monies they keep asking for), but compared to the discount you could get on an older model bike it's ultimately not good.

I bought an older model, a bought the 2010 version rrp was £1350 reduced to £900 because the 2011 version, with new paint job and lower spec, had been released. Although £100 was added to cover the 10% taken by the C2W scheme provider. Still a sale price £1000 I only actually paid about £700, which includes the £70 for option 1, so effectively almost half the original rrp price.
Also the payments were nicely spread over the year and directly taken from my pay, which made it easier to convince my better half.

 

[400bhp]

I just don't believe C2W gives you a good saving. It's a nice way to spread the cost over a year (then all the additional monies they keep asking for), but compared to the discount you could get on an older model bike it's ultimately not good.

You are comparing apples with pears. Plus you can still buy a previous years model on the C2W. It all depends on how the system is adminstered at your workplace.

Mine for instance uses Evans. I can price match/buy last years model/buy a sale model or whatever with the voucher.

I pay 58% of the voucher price, plus an savings I can make on choosing the bike. Edit that, just remembered I get 10% off the voucher price, so end up paying 52%

 

[BSRU]

Option 1, and another bike please

I have a while to think of what to buy next year and how to convince the wife five bikes is OK, although one of the current four maybe replaced.

 

[TheJDog]

I bought an older model, a bought the 2010 version rrp was £1350 reduced to £900 because the 2011 version, with new paint job and lower spec, had been released. Although £100 was added to cover the 10% taken by the C2W scheme provider. Still a sale price £1000 I only actually paid about £700, which includes the £70 for option 1, so effectively almost half the original rrp price.
Also the payments were nicely spread over the year and directly taken from my pay, which made it easier to convince my better half.

Doesn't the C2W scheme explicitly disallow the purchase of sale-price bikes? It did when I got mine. So you must have a good relationship with your shop. But for most people this is probably not going to happen.

I also have a moral problem with the tax-free purchase of multiple C2W bikes. Just pay your bloody tax.

 

[gambatte]

Doesn't the C2W scheme explicitly disallow the purchase of sale-price bikes?..

That was one of the extra bonus' I spotted when it first came out. Its the asking price, not the list price.

 

[TheJDog]

That was one of the extra bonus' I spotted when it first came out. Its the asking price, not the list price.

I feel like a right idiot, then

 

[BSRU]

Doesn't the C2W scheme explicitly disallow the purchase of sale-price bikes? It did when I got mine. So you must have a good relationship with your shop. But for most people this is probably not going to happen.

I also have a moral problem with the tax-free purchase of multiple C2W bikes. Just pay your bloody tax.

Both my C2W bikes are used solely for commuting to work and nothing else.
It means I do not need to drive to work wasting essential resources and adding to congestion/pollution.
As well as having the bikes I also spend lots on things for them which are taxed at 20%, which I would not buy if I did not have them and I have spent far more on the extras than the bikes themselves.