Cycle to Work: what you need to know
Cycle to Work: what you need to know
We all know that quality reliable electric bikes don't come cheap and sometimes all that highly priced gear can put you off.
After careful consideration of our customers’ needs and feedback we are thrilled to announce the YourE-bike partnerships with CycleScheme UK and Bike2Work. By joining these Cycle to Work schemes you can now save on the original price, which means that your e-bike dream is even closer to becoming reality!
What the schemes are
A Cycle to Work scheme is an interest free loan for both you and your employer. We are now proud to be partners of CycleScheme UK and Bike2Work (add website links here).
To boost e-bike sales, tackle pollution and congestion of big cities whilst helping commuters switch to healthier and more green journeys, in June 2019, the UK Department for Transport released a revised cycling scheme. The new guidance waived the £1,000 cost limit, giving employers the freedom to set their limit at any value to suit them. As to be expected, the e-bike market saw a spike in sales as many decided to use the scheme to get their hands on one.
Which scheme to choose
So how can you save and spread the cost of your electric bike? How does it work? What provider to choose? We'll help you understand more about the scheme and what's on offer.
There is no real difference between the two as both work on the same government guidelines. Choosing either one will mean a saving between 25% and 39% on the gear’s overall value. However, different employers might be partnered with one scheme or the other so you want to check that first before deciding which to use. If you really like an e-bike in our catalogue for example, but your employer is not partnered with one of these two schemes, why not recommend them to join? It could end up being a win-win situation for both you and your employer.
How it works
Start browsing our catalogue and pick your bike and all the accessories you need. If you want to check how much you can save and how much your monthly payments will be, both providers’ websites feature a calculator. Once you are happy, you can apply for the scheme of your choice.
Your employer will then need to review the application and once approved you will receive an e-certificate or voucher, which you can exchange for the gear you picked.
For the first year, you pay back in the instalments as shown on the hiring agreement. Payments are taken from your salary by a salary sacrifice, which means the amount is deducted from the gross salary so you will end paying less tax and national insurance. At the end of the hire period (which is usually a year) you are presented with three options:
- Return the e-bike and potential accessories at your own cost and ending the agreement.
- Pay the ownership fee and pick 'own it now' option. In this case the fee could be quite high. As many electric bikes tend to cost more than £500 the fee will equal 25% of the original cost so you will end up reducing the overall saving.
- Pay the deposit fee with the option to ‘own it later’. This is the best option if you want to maximise your overall saving. In fact, the fee in this case will equal 7% of the bike value and you can use the bike for the next three years at no extra cost. After 36 months, ownership will be transferred to you but if you want to return the bike and any gear, you will be refunded the deposit fee.
Easy and convenient
It absolutely is! But if you still have any queries drop the chosen cycle scheme team a line and they will be happy to answer your questions.
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Author: Giacomo Russo @ Giacomorussoimages