Ride2work scheme

JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

Do you actually have to ride to work to qualify? My employer participates in the scheme and I really would like a nice shiny new road bike, however I don't want to ride a 60 mile round trip commute! Does the employer have to log whethe you are actually riding to work?

Cheers in advance

Jon
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swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

nope.. i got one and works 50 miles away Smile

no ones ever asked Smile

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Ariel Badger · Super Spammer Joined: 02 Dec 2006 Karma :

No, you can ebay it the next day if you like.
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swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

cant really ebay it it until its signed over to you aftre the 12 months.. you sort out a final value fee to sign it over to you.

had mone for 12 months now.. waiting for a final value fee as ive buggered up my knee and can no longer cycle Sad

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TheFoxyDuke · Nitrous Nuisance Joined: 11 Mar 2009 Karma :

Technically I suppose you could Ebay it as long as you kept up the payments.

I got my nice new Trek through this. Nobody would care if I had to crawl over razor blades to get into work as long as I showed up (note 'showed up' as opposed to actually 'working') Rolling Eyes

Good saving too. £30 per month for a year for a £650 bike. Now maths is not my strong suit but seems like a winner to me Wink

FoxyD
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swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

similar deal to me.. specialised allez sport which reatiled for about 700 plus stuff.. and it cots me 30 quid a week before tax..

i did my knee in a month after having the bike Sad

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JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

I'm looking at a Focus Road bike at£1299 down from £1800. With ride2work should get it nearer £800 Smile

thanks for the knowledge
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swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

you might struggle theres normally a max of a grand
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Rockhopper · Trackday Trickster Joined: 18 Jun 2006 Karma :

Stricly speaking if you don't use it to ride to work then you are comitting tax fraud however at the moment no one will check (unless your employer is especially keen - and some are apparently). Thats doesn't mean that they couldn't decided to start checking tomorrow though if they think that people are taking the piss a bit!

Normally there is a £1k limit becasue that the most your firm can spend without having to get a consumer credit licence (which costs a few quid). You may also find that the dealer will not sell you a discounted bike on the scheme as depending on who runs your scheme the dealer will probably have to pay a fee to them.

cagiva gezzer · World Chat Champion Joined: 17 Mar 2003 Karma :

As mentioned above.

You don't actually own the bike by the end of the 12 months. The monthly payments are to lease it.

At the end of the year your company can 'sell' it to you.
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JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

Ah I see might just stick with the bike I got at the mo and look at finance later on.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

im ok with mine as i took the bike out and cycked to work a fair few times before my knee went Sad

.. obv you cant back out of something..
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Ichy · World Chat Champion Joined: 15 Jul 2005 Karma :

Rockhopper · Trackday Trickster Joined: 18 Jun 2006 Karma :

The Inland Revenue consider 5% of the new price of the bike to be a fair market value when it comes to buying it off your company. However your employer can charge more than this if they want - best get it agreed before you start.

JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

Cheers for all the advice. Decided to save up some money and get this bike in the next couple of months...

https://www.wiggle.co.uk/p/cycle/7/Focus_Cayo_Team_Milram_Replica_2009/5360037589/
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

The Shaggy D.A. · Super Spammer Joined: 12 Sep 2008 Karma :

https://www.wiggle.co.uk/images/focus-cayo-terepsram09-med.jpg

£1,299 and it doesn't come with pedals? Who makes it, BMW?
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Barry_M2 · World Chat Champion Joined: 09 Sep 2004 Karma :

I got my bike last year on the ride to work scheme, and got another this year for the wife.

There are rules, like you 'must' ride to work on it Laughing

, it can only be for yourself Laughing

, and it's owned by the company until the final payment, at which point the company can sell it to you for a nominal fee Laughing

. So in reality its not you bike to sell until the last payment! Laughing

So, I got a bike for the wife and she wont be riding it to work. Only paid £200 for it, but it will end up costing me about £100. Our company sell them to us for a pound at the end of the agreement.

My bike last year was almost £700, but it cost me just £300 on the scheme.

Very good deal if you can do it and well worth it. Money it taken direct from your pay before tax and national insurance are deducted.

Thumbs Up

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G · The Voice of Reason Joined: 02 Feb 2002 Karma :

D O G · World Chat Champion Joined: 18 Dec 2006 Karma :

cagiva gezzer · World Chat Champion Joined: 17 Mar 2003 Karma :

Visitor Q · $25 whore Joined: 30 Apr 2004 Karma :

Jon B: Afraid of mileage

Wink

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G · The Voice of Reason Joined: 02 Feb 2002 Karma :

swanny · Spanner Monkey Joined: 05 Mar 2006 Karma :

JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

I've been road cycling for a while on a 20 year old Peugeot jobby that was a helluva lot of money when it was new. Only contemplating a lighter bike because I really fancy taking my cycling to the next level. Smile

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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

D O G · World Chat Champion Joined: 18 Dec 2006 Karma :

Understandable, and it was the same reason for me when I bought the current steed. Upgrading from a steel framed Halfrauds bike. The difference was astonishing, for less than a 1/3 of what you are proposing to spend.

I don't care though, it's your money, spend it as you see fit, I just don't see how that bike (nice as it is) will be three times better than a second hand one.

You should buy swanny's - I would, but I don't have the spare cash!