Question about Cycle to Work scheme please

GLASGOW1

New Member
Hello all.

Just joined the forum and wonder if I can get some information on C2W scheme please.

I used the calculator on the scheme website for and for a package price of £1,000 and as high tax payer:

On a 1 year hire it would cost me £48.33 a month + £250 ownership fee= £830 ie 17% saving which I do understand. But what I don't understand is the 4 years hire: it still says £48.33 a month (+ £70 ownership fee). Do I pay £48.33 a month for 4 years. this would result in me paying over £2,300!!!

I am slightly skeptical of the real saving as when I had a company car I was not really impressed with the effect of the crown car benefit on kind on my P11 end of year tax.


And for the scheme itself, do i need to order all the package at once (Bike, accessories, etc). ie if I forget for example to buy bike lock, can i add it on a later stage?

Many thanks for your help
 

Jenkins

Guru
Location
Felixstowe
You pay (using your figures) £48.33 per month for just 12 months, then the £250 ownership fee or £70 extended hire fee are one off payments. Technically if you go for the £70 extended hire fee, you don't own the bike until the end of this period so it can't be sold on until the four years are up.

You will also need to order everything you need in as a single package.
 

vickster

Legendary Member
Don’t forget to budget for insurance at a minimum for the period the bike isn’t yours.
As it’s a commuter, budget for full fixed mudguards and potentially a pannier rack and get a bike that takes them :okay:
Some retailers charge a surcharge for C2W which you usually have to pay out of pocket (typically 10%, sometimes higher). Depending on your scheme you may be tied to certain retailers.

Given the current shortage of most bikes under £1000, decide what you want and order one before committing to the scheme and an amount.
 
OP
G

GLASGOW1

New Member
Thank you all

"Given the current shortage of most bikes under £1000, decide what you want and order one before committing to the scheme and an amount."

Can I place the order first? ie place the order without paying?
 

vickster

Legendary Member
Thank you all

"Given the current shortage of most bikes under £1000, decide what you want and order one before committing to the scheme and an amount."

Can I place the order first? ie place the order without paying?
discuss with the retailer. You may need to leave a deposit which may be refundable when bike paid for. You could wait several months for bike tho
 
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