Cycle to Work Scheme

[rsscott]

Has anyone here purchased a bike using the Cycle to Work Scheme? I'm looking to add an article on the main site and would like some real life experiences to quote i.e timescale from start to finish, willingness of employer to participate, who fulfilled your order, any problems etc..

 

[Jed]

Wish i'd known about this earlier. How does it work?

thanks
Jed

 

[flecc]

Here's the government gen on that Jed.

 

[Jed]

Thanks Flecc.

It says that it is possible to keep the bike at the end of the load period by purcashing the bike at market value. How on earth do you establish that for an electric bike !

thanks
Jed

 

[rsscott]

I read somewhere yesterday that the market value is 5% of the purchase price. I'll dig out the link and update this post.

Thanks Flecc.

It says that it is possible to keep the bike at the end of the load period by purcashing the bike at market value. How on earth do you establish that for an electric bike !

thanks
Jed

 

[flecc]

Possibly difficult because of the small market in them, but dead easy to fix it at a very low level. The arguments would be, 1) The battery has had it's life and that was 25% of the bike's price. 2) Fast developing technology means the design is defunct so only has notional value anyway.

Added Note: Russ's figure just seen very much lines up with what I've posted.

 

[aroncox]

Yes I bought my Torq using this scheme, it was very easy I just filled in a form at work, bought the bike, showed them the recipt and now they take £100 from my salary every month until it's been paid back (minus the tax - which is the saving). They told me they don't want it at the end so even though technically it belongs the them in reality it's mine forever.

Has anyone here purchased a bike using the Cycle to Work Scheme? I'm looking to add an article on the main site and would like some real life experiences to quote i.e timescale from start to finish, willingness of employer to participate, who fulfilled your order, any problems etc..

 

[rsscott]

SlimTim has asked whether we can have a Cycle to Work FAQ which is a great idea. For now I'm ressurecting this thread for peoples thoughts and opinions which I will then collate into an FAQ.