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Cycle To Work
#1
My firm are finally doing a Halfords cycle to work scheme.
They've set the limit at £500.

I'm looking for a winter hack 'cos the Cube is like cheese in the winter!
They got a 2012 Fury for 329. What d'ya fink? Any good?

As I was typing I just thought; wonder if they allow other brands to be part of the scheme???

Any one else done a Cycle 2 Work before?
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#2
Well I have, but be careful. When the lease preiod is up (normally 12 or 18 months). You have 3 choices.

1. return bike
2. pay a fee and keep the bike, I think the tax office set this at about 17% of the initial cost.
3. Rent the bike for another 12 or 18 months, by which time it is effectively worthless and you get it for a very small fee.

My company don't let me do option 3, so it actually works out not really any better than an interest free loan. Make sure you know what the final costs will be, my bike was 575 and cost me pretty much that, by the time I paid 18 x £21, then 175 to own the bike after 18 months :x
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#3
I was looking into these but my company only do an option to buy in to perks like this once a year (in December). In the end I picked up a £600 bike from Evans on 12 months interest free which was £60 deposit and 11 months at £45 per month. I'm paying full price but this is very affordable. I was put off by the idea that you faff about for a year and then the bike isn't yours. I guess most firms that offer this scheme will be pretty open minded about how much you buy the bike from them at the end of the scheme (I think mine pretty much gives you the bike after you've rented it for >60% of the cost) but it needs more investigation than I could be bothered with.
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#4
Quote:I guess most firms that offer this scheme will be pretty open minded about how much you buy the bike from them at the end of the scheme

Unfortunately it is not the choice of the company any more. HMRC have defined the buy back costs depending on the age of the bike. From memory it's 25%, 17% and 12% for 12, 18 and 24 months respectively. Cycle scheme get around this by extending the contract for an administration fee (for 5% of the original purchase price) which takes the contract out to 4 years when the buy back is 5% of the original cost.

This is what I did when I bought the Cube and only actually owned it last year.
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#5
I got my roadie on C2W in June, and my hardtail in July 2009 also on C2W.

The 'end of lease fee' thing is actually the income tax you would've paid on about 40% of the initial value, so on a £500 bike you might pay about £40.

However the usual option is; you simply keep the bike at the end of that 12 months & pay nothing!
Your company officially owns it until you either pay the outstanding tax or it's value is negligible. That fee also drops every year, so after 2 years it may just cost you £20 in total.

My £1000 C2W voucher for the hardtail cost me £560 in total in 2009-2010 & I've not paid a penny since.
The £1000 roadie costs me £56/month, which will be £672 in total, still a good 30% discount Smile
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#6
"However the usual option is"

Thats a very big however. Depends on which company you work for mine didn't do that so I ended up paying full price. You really have to find out how it is going to end before entering into the agreement.
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#7
I have just got one on the Cycle Plus scheme from work and at the end of that i pay £5 and its all mine. You can use it in any shop as well.
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#8
Here are the rules. It is not the companies choice how much they charge at the end of the contract. The rules change in 2011 or 2012 I think. Scroll down for the final payment table. The way some companies get around this is to extend the contract for a one off payment (ie. the contract might be extended to 4 years for a single payment of 7% of the original purchase price).

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#9
Deadpool2e Wrote:I have just got one on the Cycle Plus scheme from work and at the end of that i pay £5 and its all mine. You can use it in any shop as well.
Please don't tell me you've got a road bike too! Wink
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#10
nope, will put a pic up once its here tho Wink
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