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Been here a couple of times and you will save money. But I came to the conclusion its better when you’re all in the upper tax bracket. Benefits are less lower down the food chain and not siginificant enough to not own the bike etc etc.
when i did mine there was a) lost the bike i wanted cos it took so damn long to get a certificate b) got charged the admin fee and c) final balue wiped out the rest of any significant benefit.
wouldnt bother again. If i couldnt afford the bike or couldnt save up for it I’d just interest free credit card it with some cash back.
one big plus is money comes out of your pay before hitting your bank account so the only benefit I could see was my missis didnt really know how much the bike cost and I didnt really have to be as squaky clean abouy it!! So it made family harmony a lot easier. Other than than, tis a bit of gimmick / hype IMHO.
It worked for me as a lower rate tax payer. RRP of £3300, 12% discount applied by cycle solutions, no admin fee, no final payment. Can't remember exactly but it was sub £2k cost to me.
12% discount applied by cycle solutions, no admin fee, no final payment.
That was the deal I got too. I think the discount is offered to certain larger employers. It feels a bit snidey though, because IIRC the 12% off is only applicable if you get the bike from them (rather than a bike shop), and might possibly be just them not charging themselves the 'admin fee'. So it felt a bit naughty, however I needed an ebike (to actually cycle to work!) for health reasons, and my main other option was Ribble, who had about an 8 month lead time.
Still though, I was happy with the deal I got.
Can't remember the specific numbers but I saved over 20% when I got my Cotic last year. I mean any savings on an already reduced bike and interest free monthly payment is a win in my book.
Not sure if it's been mentioned but I always forget that you get charged VAT on the month salary sacrifice