Leasing a New Bike.

[Cycleops]

I see in my usual email from Evans they are asking whether you would be interested in doing this. Much like leasing a car you'd pay a deposit and monthly payments for a fixed period and then return the bike or get a new one.

Anyone think this is a good idea and be of interest?

 

[Joffey]

Interesting idea that.

 

[Deleted member 35268]

Blimey

 

[sight-pin]

I had that pop up viewing their site the other day, "yes i would think about it" was my reply or something like that.

 

[CanucksTraveller]

I'm not convinced it's necessary for bikes except maybe as a transport enabler for the lowest earners; I can see the appeal around cars - For anything decent they're extremely expensive things, and a change every three years for a fixed monthly fee could be attractive. But with bikes, you can often get 6 or 12 months interest free credit and then it's all yours.

 

[biggs682]

Seems like a fair idea

 

[sight-pin]

I'm not convinced it's necessary for bikes except maybe as a transport enabler for the lowest earners; I can see the appeal around cars - For anything decent they're extremely expensive things, and a change every three years for a fixed monthly fee could be attractive. But with bikes, you can often get 6 or 12 months interest free credit and then it's all yours.

I think it was saying you can change the bike every 18 months, depends really on the monthly cost and if they stick any of them balloons or whatever on the end like they offer with vehicles (although i think that's only if purchasing?) would be the main issue.

 

[Profpointy]

Don't see leasing bikes as making any kind of sense. If you can't afford to pay cash for a £1500 bike then buy something cheaper ! If bike is maybe £500 then the business costs of a lease scheme are going to be disproportionate, so again cash is best.

Cars are slighlty different as the industry is more geared round finance, especially for business customers, and you end up with bulk bought (by leasing companies) cars being cheaper than retail price of 2 year old ones. That said I buy older cars for cash, but leasing can make sense

 

[froze]

Very bad idea, you would never own the bike and you would just keep paying for eternity like renting an apartment or house, in reality who needs a new bike every 3 years? that's silly, no, that's insane. And just like cars I'm sure they'll nitpick every tiny bit of damage and charge you. In the long run, actually in a very short run you'll end up paying a lot more for the bike(s) than the person that buys their bike. This sort of thing appeals to low income people, which is why you find furniture and appliance rental stores in low income neighborhoods along with payday cash places.

You can't make any changes to the bike; and how will they depreciate the value of the bike as miles roll on? I wonder if they'll install some sort of GPS system to keep track of the miles? They can then charge you for additional miles that you go past a preset limit.

If you can't pay for some reason, they'll want your bike and ruin your credit. So now what? try to find some other sucker who will take over the lease payment?

You might as well use your money to wipe your arse with! Lets say customer A leases a bike that cost $5,000, and customer B buys the bike new for $5,000. Customer B could either sell the bike and take the money and buy another or keep the bike indefinitely, customer A can't sell the bike because it's not theirs, if they decide to keep it indefinitely they have to buy the bike a SECOND time! Leasing, or renting, is 100% liability.

Read this, it's about car leases but it's the same thing; see: http://www.moneyunder30.com/why-you-should-never-lease-a-car

 

[Hill Wimp]

Apart from the tax break and the fact you can't return it that is effectively what the cycle to work schemes are and thousands of people do that including me on a fixed rate for 12 months.