Bike to work Scheme

villa2010

Hi All,

Does any one know any thing much about the bike to work scheme?!

I work in the public sector for a college is this scheme available has anyone had any experience of buying a bike from it?!

Many thanks.

gazzak_2

Hi Villa. I looked into this at my own workplace and the sticking point for me was the buyback price after the year is up. I was told that a "nominal" fee would be requested if I wanted to buy the bike outright, but that nominal fee wouldn't be known until the end of the year.

For that reason, and the fact that I had to buy the bike from certain shops only, (with the same bikes much cheaper available online), then I decided to buy it myself.

No brainer.

villa2010

gazzak wrote: »

Hi Villa. I looked into this at my own workplace and the sticking point for me was the buyback price after the year is up. I was told that a "nominal" fee would be requested if I wanted to buy the bike outright, but that nominal fee wouldn't be known until the end of the year.

For that reason, and the fact that I had to buy the bike from certain shops only, (with the same bikes much cheaper available online), then I decided to buy it myself.

No brainer.

I thought they pay for half of the bike for you though and then the rest can come out of your pay packet?!

WestonDave

Its barely worth doing since the scheme was revised. The original scheme was a bit as Gazzak described except the "nominal" fee was I think 5% of the original price - i.e. virtually nothing. They then tightened that up so it had to be a much more realistic residual value of a 1 year old bike (so in effect you were paying for the price less tax during the year and then paying a hefty chunk again). I think now you can't even buy the bike out - it goes on residual rental.

That's before the schemes rip the bike shops off for admin fees so you get list price rather than any discount that you'd get for cash and its not really worth doing any more. The only reason to do it is if you can't afford the upfront cost of buying the bike outright.

Clowance

No Boris outside London though. I had a look and would much rather buy a second hand one for virtually nothing as theft of bikes is common. OH had an expensive bike and chained up in town and the front wheel was stolen - and this is far from a crime ridden area.
Try ebay/gumtree.

villa2010

Still dont really understand it - They claim you can get up to 42% off?!

topbargainhunter

I don't think its worth it either. You get tax relief on the cost of the bike, you pay instalments on it for a year and then it's still not your bike. You have to continue to "rent" it, or pay a lump sum to own it outright. I think it is only any use to someone who can't find the cash to buy the bike themselves.

villa2010

topbargainhunter wrote: »

I don't think its worth it either. You get tax relief on the cost of the bike, you pay instalments on it for a year and then it's still not your bike. You have to continue to "rent" it, or pay a lump sum to own it outright. I think it is only any use to someone who can't find the cash to buy the bike themselves.

How do you get tax relied - Its probably quite obvious!!!

do you know if you get servicing involved with that and what happened if you no longer like to rent the bike