Cycle to work scheme

Weird_Nev · 29 September 2011 at 10:29PM

Have a look at Wiggle.co.uk or Evans.co.uk and see what deals they do.
I bought a Cycle scheme bike 2 years ago, a very nice £550 fixed gear bike. I Paid around £33 a month for 12 months, I got some accessories I needed thrown in too. However, that same bike was £450 6 months later, and is now avaiable for £400 as last years model!
I bought a £999 mountain bike a few months back from Wiggle.co.uk, outgoing model in the sale reduced to £599 but I also got 5% off through Quidco.

The second bike actually represents better value for money, being as I've owned it outright from day one and it's "more bike for the money".
Hunt hard with your discount voucher, online codes, quidco deals etc and see what you can get.

alexlyne · 30 September 2011 at 10:27AM

From what I have heard (rumour only), the schemes that are tied to particular shops take a 10% cut of the sale of the bike - which is why you can't get another 10% discount.
I'm lucky that I work for an employer who like to do everything themselves. Therefore I just bought my bike on my company credit card - and by doing this I was able to negotiate a 10% discount at the shop in question as they would be no worse off than if I had bought through an official cycle scheme.
I'm not overly sure of the discounts - the Gov don't make it easy and different scemes/employers administer it differently.
My bike was £650, of which VAT was subtracted making 536.5. I pay this over 18 months, making 29.15 per month (apparently) from my gross pay, which reduces my take-home by 19.80 (I'm 20% payer). I therefore pay 356.80 over the 18 months. After the 18 months is up, I have to pay 21%+Vat of the bikes ex-vat value to be able to keep it (This came in a bit before I got my bike, and my employer thought it prudent to take the Government's 'advice'). This amounts to an additional 135.
So my bike which would have cost 650 will actually cost 356.8+135 = ~490, which is around 25% discount.

I believe I am entitled to let my employer loan me the bike for longer and during that time the % at the end I have to pay decreases, but I'm not sure if I have to continue paying the same rental fee during that time.