Cylcle to Work Scheme: Too good to be true

Just bunged some figures into their website's calculator and the figures took my breath away. Seemed too good to be true.

Anyone on here used the scheme? What did it cost you? What was the final payment as aproportion of the of the initial "ticket value"?

And before anyone asks..... yes, I am in a PAYE scheme and yes, my employer participates

All advice welcome

Nothing directly relating but I used to work in Halfords Bikehut and many people used this scheme, and all seemed happy.

I currently 'rent' a specialised fsr xc comp from my work.it costs 83quid a month off the top line of my salary. so basically I earn 1k less a year for the purpose of tax etc... I've not had the final payment thing (that's sept) but I think it'll be fine.

ive no complaints at all about it. gone very smoothly. has got me into biking without the big outlay at the begining! would def consider it again!

I got a cheap folder for the boot of the car plus kit, £500 total. Save about 20%ish off that, pay monthly. My final payment is about £28.

Thanks guys, most helpful. Final payment doesn't sound much, which is good news.

From the figures the I put in, it was looking like £63pm gross off salary, £43pm net on an £800 bike. So 12 x £43 net over a year. Fabulous

Anyone had any bad experiences?

I think the final payment is 5% but could be wrong.

If you do it make sure you buy all the kit you need down to the last thing as you can include it all. I forgot waterproof trousers and couldn't add them on after the event.

[SoulKiss]

Originally Posted by Jabba

Thanks guys, most helpful. Final payment doesn't sound much, which is good news.

From the figures the I put in, it was looking like £63pm gross off salary, £43pm net on an £800 bike. So 12 x £43 net over a year. Fabulous

Anyone had any bad experiences?

For 800 quid I'd be wanting it to have an engine........................

[Jayneflakes]

The trade mag for cycle retailers had an indepth review of C2W this month. There are a couple of options out there for you, one of which is done through Halfords and means you can pop in and order a £1000 carbon Fibre Racing bike and pay monthly for the thing.

Other options include Cyclescheme, set up by a bike shop I worked for while still at uni. They are basically offering a Tax Free bike in a scheme that is encouraged by the Government.

All pretty good, just find the one that is right for you.

Originally Posted by Jayneflakes

The trade mag for cycle retailers had an indepth review of C2W this month. There are a couple of options out there for you, one of which is done through Halfords and means you can pop in and order a £1000 carbon Fibre Racing bike and pay monthly for the thing.

Me's thinking next spring (still have relatively new Carrera to get fit on and ride through winter) and me's thinking "Boardman"

I am trying to convince my boss this is a good thing but sadly he tutned around and went.. I just bought you a comapny car...

I think he substantially misses the point...