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If I were going to buy another bike now I'd seriously consider a new credit card with 0% on purchases for 24 months (the 0% usually only applies to purchases within the first 3 months), buy a bike on it, chop the card up and then make the minimum repayments (usually 2.5% of balance) and then pay the final chunk off before any interest kicks in.
Sure the cycle scheme saves you 25% (or 35% if higher rate tax payer) once you include the 7% end of hire fee (for a bike >£500) but it's a bunch of hassle and often limits you to non-sale bikes.
End of year sales can often give you more than 30% off (especially last year's models) so you've got a chance of saving more than you would with the cyclescheme and spread the repayment over a longer period. You then also don't have to worry about vouchers, end of hire fees, or even £1000 or £1500 limits. Also, you're free to change jobs and not have to buy your way out of the scheme.
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Greenbank
@croft
How much hassle would it be for me to "run" the scheme at my place of work? It is not currently being implemented and HR are funny about it all. How long does it all take to get up and running? I want a new bike...