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Cycle to work end of scheme payment
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The scheme you quoted as using offers this yes, it's the same with all C2W schemesMatt_22 said:Is there an option to keep renting after a year?
1) Pay the bike off in full (lose savings) and take ownership
2) Extended rental for 3-5+ years (fixed fee / deposit depending on scheme) after which the bike is written off and becomes yours so you save money
3) Return the bike to the scheme or companySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Per MacPingu's comment, you typically save 33% or so on the bike cost due to the reduction in tax you pay via salary sacrifice, the deposit/extended rental takes a bit of that so it usually works out 25% saving effectively.Matt_22 said:The table above is for a £380 bike. At £31.67 a month for 12 months. So that equals roughly £364 payed back. Doesn't seem much of a saving. Unless I'm wrong.
For some bikes it's not really worth it e.g. if a shop has 30% off an older model and you can't use C2W voucher on it but if buying a new bike with current spec gears etc it often is.
Also grammar pedant alert - it's paid not payed!Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thank you so id likely pay £22.8p a month for the bike?0
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Option one would be pay the bike off in full? At the end of the lease?Nasqueron said:
The scheme you quoted as using offers this yes, it's the same with all C2W schemesMatt_22 said:Is there an option to keep renting after a year?
1) Pay the bike off in full (lose savings) and take ownership
2) Extended rental for 3-5+ years (fixed fee / deposit depending on scheme) after which the bike is written off and becomes yours so you save money
3) Return the bike to the scheme or company0 -
It says this when I typed in to get a voucher for £380
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What are you querying on the screenshot Matt?0
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It says that I agree for £31.67 to be taken from my salary. But is this not the case as I wouldn't pay the vat on the bike?0
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Also does anyone have any idea how long the letter of collection takes to come?0
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I have just signed up to get a student discount as I have a college email address I can get one. This offers 9% off the value of a bike. I may just go with this. So then own it
And don't have to pay any large charges if leave. Or paying off the value of the bike at the end of the scheme.0 -
You'd pay whatever your scheme says you will pay. My last one was £1000 / 12 taken out before taxMatt_22 said:Thank you so id likely pay £22.8p a month for the bike?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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