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Ride2work scheme

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JonB
Afraid of Mileage



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PostPosted: 16:23 - 02 Aug 2009    Post subject: Ride2work scheme Reply with quote

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
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PostPosted: 16:56 - 02 Aug 2009    Post subject: Reply with quote

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

no ones ever asked Smile
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Ariel Badger
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PostPosted: 17:23 - 02 Aug 2009    Post subject: Reply with quote

No, you can ebay it the next day if you like.
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swanny
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PostPosted: 17:48 - 02 Aug 2009    Post subject: Reply with quote

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
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PostPosted: 17:55 - 02 Aug 2009    Post subject: Reply with quote

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

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swanny
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PostPosted: 18:04 - 02 Aug 2009    Post subject: Reply with quote

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
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PostPosted: 18:29 - 02 Aug 2009    Post subject: Reply with quote

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
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PostPosted: 18:54 - 02 Aug 2009    Post subject: Reply with quote

you might struggle theres normally a max of a grand
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Rockhopper
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PostPosted: 19:12 - 02 Aug 2009    Post subject: Reply with quote

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.
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cagiva gezzer
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PostPosted: 19:19 - 02 Aug 2009    Post subject: Reply with quote

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
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PostPosted: 19:21 - 02 Aug 2009    Post subject: Reply with quote

Ah I see might just stick with the bike I got at the mo and look at finance later on.
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swanny
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PostPosted: 21:20 - 02 Aug 2009    Post subject: Reply with quote

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
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PostPosted: 22:38 - 02 Aug 2009    Post subject: Reply with quote

cagiva gezzer wrote:

At the end of the year your company can 'sell' it to you.


A similar scheme was the computer at home scheme. For about £600 I had a £1000 PC. At the end of the lease I had the option of keeping the equipment for a nominal fee of £20 or pay £80 for them to come and collect it.

I suspect that the fee at the end of the bike scheme would be something similar.
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Rockhopper
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PostPosted: 21:19 - 03 Aug 2009    Post subject: Reply with quote

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.
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JonB
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PostPosted: 21:47 - 03 Aug 2009    Post subject: Reply with quote

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

http://www.wiggle.co.uk/p/cycle/7/Focus_Cayo_Team_Milram_Replica_2009/5360037589/
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The Shaggy D.A.
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PostPosted: 09:08 - 04 Aug 2009    Post subject: Reply with quote

http://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
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PostPosted: 09:43 - 04 Aug 2009    Post subject: Reply with quote

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.

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G
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PostPosted: 11:09 - 04 Aug 2009    Post subject: Reply with quote

The Shaggy D.A. wrote:
Who makes it, BMW?

Show what you know - Ford make the Foucs!

Note that my old company had a £1k (that they payout pre-tax) limit and you had to buy it through a specific shop. However that shop did offer a flat extra 20% off the RRP on any bike got in the scheme.
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D O G
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PostPosted: 15:20 - 04 Aug 2009    Post subject: Reply with quote

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

http://www.wiggle.co.uk/p/cycle/7/Focus_Cayo_Team_Milram_Replica_2009/5360037589/


It's your money Jon, but as a first foray into the roadbike world that is excessive, and a fair amount of cash (although not for a new roadbike).

I cycle a fair bit (although not as much as I used to), and am still using the Specialised Allez Comp I bought on fleabay in 2005, when it was already used. I reckon the frame is over 10 years old now, and the components about half that. It's only just getting tired.

It cost me £400.

You would do better to either get a cheaper roadbike on the ride to work scheme, or get a second hand one from ebay for a fraction of its new cost.

There are tons of virtually unused bikes on there where people have bought them new, then realise that its too much effort/takes up too much time to use them regularly, so that when they go to play cycling at their local group ride they get blown out of the water by the 60year old on his 20 year old steel framed 'racer' with non indexed gears.

Like I said, it's your money though.

How tall are you? I may be interested in it when you give up in 6 months - I'll give you £500 for it. Razz
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cagiva gezzer
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PostPosted: 18:02 - 04 Aug 2009    Post subject: Reply with quote

Barry_MC21 wrote:
it's owned by the company until the final payment,



See, i've wondered what happens if you get a bike on the scheme and it breaks during the 12months. Do YOU get it fixed, or do you hand it back to your boss and say YOUR bike has broken. Please fix it or get me a new one?
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Visitor Q
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PostPosted: 18:35 - 04 Aug 2009    Post subject: Reply with quote

Jon B: Afraid of mileage

Wink
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G
The Voice of Reason



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PostPosted: 19:03 - 04 Aug 2009    Post subject: Reply with quote

cagiva gezzer wrote:

See, i've wondered what happens if you get a bike on the scheme and it breaks during the 12months. Do YOU get it fixed, or do you hand it back to your boss and say YOUR bike has broken. Please fix it or get me a new one?

You get it fixed. Similarly, if it gets stolen, it's your problem.
Note that you /should/ pay for the bike at the end of the term too; look into this and check what your company offers. Mine initially verbally said £1, then later said 'a fair market value, being 40% off RRP or something. I did a load of research to show fair market value usually actually meant 5% of the purchase price.
I was looking to buy a second bike on the scheme, but we argued about this until I left. I never got charged in the end. I had already bought a second hand bike, as suggested, at relatively better value than on the scheme.

Personally, I don't see the point in expensive road bikes unless you're competing. And even then, it's all about you being fitter, rather than something like downhill, where there's a lot of 'skill' (awaits flaming) involved which a better bike will enhance.
If you're just riding around, it really doesn't seem to make /that/ much difference.
A while ago I got a second hand cyclocross bike that cost £1300 or so to build for £400. Needed about £100 spending on it, but when I actually get around to that, I've got a decent very light and tough road bike for a pretty reasonable price (and having entered a cyclocross race on it, I'll admit it is nice having a lighter bike when you're chucking it on your shoulder every couple of minutes Razz.)
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swanny
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PostPosted: 20:54 - 04 Aug 2009    Post subject: Reply with quote

Damofo D.O.G. wrote:
Jon B wrote:
Cheers for all the advice. Decided to save up some money and get this bike in the next couple of months...

http://www.wiggle.co.uk/p/cycle/7/Focus_Cayo_Team_Milram_Replica_2009/5360037589/


It's your money Jon, but as a first foray into the roadbike world that is excessive, and a fair amount of cash (although not for a new roadbike).

I cycle a fair bit (although not as much as I used to), and am still using the Specialised Allez Comp I bought on fleabay in 2005, when it was already used. I reckon the frame is over 10 years old now, and the components about half that. It's only just getting tired.

It cost me £400.

You would do better to either get a cheaper roadbike on the ride to work scheme, or get a second hand one from ebay for a fraction of its new cost.

There are tons of virtually unused bikes on there where people have bought them new, then realise that its too much effort/takes up too much time to use them regularly, so that when they go to play cycling at their local group ride they get blown out of the water by the 60year old on his 20 year old steel framed 'racer' with non indexed gears.

Like I said, it's your money though.

How tall are you? I may be interested in it when you give up in 6 months - I'll give you £500 for it. Razz


i might be selling my 2009 model specialized allez sport for around that price.. its only done 18 miles before my knee popped Sad
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JonB
Afraid of Mileage



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PostPosted: 21:25 - 04 Aug 2009    Post subject: Reply with quote

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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D O G
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PostPosted: 21:41 - 04 Aug 2009    Post subject: Reply with quote

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!
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