MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
as the title says, rate it or hate it? I think I'm right in thinking the credit limit is about £1000 for a bike, which is more than enough for me. really confused as to whether you own the bike afterwards or is it just rented off your employers
Yep.
At the end your employers own it and sell it to you at a discounted rate.
Overall you'll get a bike cheaper than you would if you just went out and bought one. Not a huge amount cheaper but it's still cheaper.
They are not selling it to you.
At the end they do.
Get a quote first, I did and found I was going to save 22% on the £1000 bike. When you take in to consideration my employer would've made me pay the Government recommended 25% + VAT (iirc) keep the bike, it wouldn't have been such a good deal.
Also bear in mind some shops will not sell discounted bikes through it and you choice could be limited. If you get the bike you want it is all well and good.
i was thinking of doing the deal mainly because buying a bike in one lump sum is pretty hard for me to do what with bills and women 🙁 this seems like a no credit check "loan" from the very thieving company i work for. i wouldnt mind buying the rest off them at the end. what bikes would you recommend to look for within the budget?
i have a problem with my bike being to valuble to leave outside the offices so looking for a cheap but reliable secondary, any ideas? 🙂
Your right to think of it as just a way to get an interest free loan on a nice bike.
In reality as everyone has said you dont really save that much. i think i will save just under £200, still better in my pocket.
You should get the option to lease the bike for a further 3 years at a cost of about £80 in total, after that its yours to keep.
Be aware that they DO NOT have to sell it back to you but in reality they will.
Go for it get yourself some decent wheels.
I bought my first MTB this way in May and i probably would not have bought such an expensive bike if i was paying cash.
^^^ what Steve says up there.
cheers steve for the info! what bike did you get? i'm thinking of a HT but not sure as i'm more used to riding FS. would like a bike i can "modify" too when the needs come to do so!
Also bear in mind some shops will not sell discounted bikes through it and you choice could be limited.
That's only the case if you're using one of the commercial scheme operators such as Cyclescheme.
Have a look at the figures for your company's scheme to see if it's worthwhile. Also, think twice about entering the scheme if you don't expect to stay with your employer for at least the initial hire period, as you'd then have to pay the remaining payments without the tax break.