Expensive Commuting

Jontydog

Ok I live approximately 7 miles from my employers and up until now we have been getting a bus token from them that gives us £6 off a weekly ticket which means we only pay £13 a week which was fine up until 1st January when the last 2 local buses were taken off due to lack of use. This meant I had to get a lift home which is another £5 a week which takes the total up to £72 a month to travel to and from work. Now the tokens are being withdrawn it is going to cost £96 a month in travel expenses I will begin to struggle. I am toying with the idea of buying a little twist and go moped but can't get credit with my bank and don't want to go down the "payday loan" route as I have already had problems with them. Is there any other way to get a loan of around £1000 to buy a 2nd hand scooter/moped all the gear to go with it my insurance CBT and tax?

thanks in advance

Ultrasonic

Could you cycle? If money is that tight it might be worth considering, particularly in good weather.

Have you done some sums on the moped option to see how much money it will save you once you've factored in the purchase price, tax, insurance and learning to ride?

fivetide

The other alternative - a few hundred on a decent bike. Could you ride to a bus stop, cut the bus journey in half and on good days, just ride all the way there?

Cycrow

ever thought about a push bike ? can buy them pretty cheap and wont cost you anything else to run it.

dont get a payday loan, especially if you cant afford it on your next payday, and if you can afford it, just wait until you get paid to buy it

Jontydog

cycling is fine on the way there as its all downhill but on the way home after a 10 hour shift its a bit much.

As to the finance side I have worked out a £1000 loan over 5 years in most places is around £27 a month and the fuel would then be about £20 a month which is half of what I would be paying and I would have something to show for it not just a bus ticket. Insurance for the 1st year is around £108 which I would pay off with the loan tax is £15 a year CBT around 135 if you use their bike or £120 if you use your own.

Wh05apk

Electric powered bike?

Ride it downhill to work, use the power home?

Something like: http://www.halfords.com/webapp/wcs/stores/servlet/product_storeId_10001_catalogId_10151_productId_906779_langId_-1_categoryId_211566#tab3

Probably lots around with little use being sold for peanuts?

motorguy

Wh05apk wrote: »

Electric powered bike?

Ride it downhill to work, use the power home?

Something like: http://www.halfords.com/webapp/wcs/stores/servlet/product_storeId_10001_catalogId_10151_productId_906779_langId_-1_categoryId_211566#tab3

Probably lots around with little use being sold for peanuts?

+1

I'd consider an electric bike.

duchy

How many employees ?

Would your employer consider a loan (bit like a season ticket loan) deducted monthly from your wages ? (likely to be over a shorter period though)
How about a cheaper bike ? Was the one you quoted new or second hand ?

If others are in the same situation - some kind of more formal car pooling system ?

Ultrasonic

Jontydog wrote: »

As to the finance side I have worked out a £1000 loan over 5 years in most places is around £27 a month and the fuel would then be about £20 a month which is half of what I would be paying and I would have something to show for it not just a bus ticket. Insurance for the 1st year is around £108 which I would pay off with the loan tax is £15 a year CBT around 135 if you use their bike or £120 if you use your own.

So I make that £68.50 per month vs. your £96 per month figure. That ignores running costs for the bike, but I assume these will likely be low. You mentioned a weekly bus ticket in your first post - I assume there aren't monthly tickets which are cheaper? There usually are. Or are buses now completely out of the question, I can't quite tell from your first post.

Back to your original question...

...but can't get credit with my bank and don't want to go down the "payday loan" route as I have already had problems with them. Is there any other way to get a loan of around £1000 to buy a 2nd hand scooter/moped...

First of all, under absolutely no circumstances try to use a payday loan style company for what you intend to be a long term loan. Even they wouldn't suggest this is a good idea.

You say you've had problems with this sort of company before, do you mean in terms of missing payments? If so this could well be why your bank refused you a loan I'm afraid, and could also prevent you getting credit elsewhere. Wish there was a magic answer for you but fear there isn't.

Are you able to save any money at all at the moment? Could you cycle even in the short term to try to save up some more (and get fit!), to either buy a cheaper moped, or to make it easier to get a loan for the remainder you'd need.

angelil

You certainly need to think of a long-term solution regardless of what job you may do in future (i.e. if you continue with this employer, change jobs in the next five years or so...) as to be honest around £100 a month is fairly standard as a commuting cost. I'd second the suggestion of a push bike or electric bike.

james_joyce

Just to clarify, have you just taken a month as being 4 weeks?

Obviously it's a bit more than that, so £24 a week is actually £104 a month, although of course you'll have holidays which bring the annual cost back down again.

Have you included the cost of helmet etc in the main cost of the moped?

Could you get a folding bike which you could ride to work then put in your colleague's boot on the way home? If so it may be worth paying them more than £5 a week for the lifts!