Received Cycle Scheme Voucher - anxious about spending it

redrabbit

I started looking at getting a bike about 2 and a half months ago. My budget was about £200 back then. I then saw the Cycle Scheme, and decided to spend about £400-500. I then was shown a really nice Trek 6500 bike in the shop I visited which was £800.

I really want the Trek bike and have received a voucher for £980 to allow me to buy it, with helmet, lights, and other accessories. This can be paid for over 18 months, at about £47 per month.

I was all set to buy although I feel really anxious about spending it, as I'm not sure if I'm being stupid in spending that amount. I wanted to start cycling to/from work, and also to and from shops and also just for fun. But can't help but feel I shouldn't be spending this amount on the bike.

Not sure what I want in answers, but just wanted to vent. Anyone else experienced anything like this?

peachos

£800 is a hell of a lot of cash to spend on a bike for tootling around on. it's not that much for a bike for proper off-road useage.

rolf_f

You're not spending £800 on the bike - the bike bit of the voucher will cost you probably about £500.

Daz555

I would say do not spend almost a grand on a mountain bike unless you plan on using it for mountain biking.
Trek 6500 is a very good mountain bike but its designed to be ridden off-road. It is not the best choice to popping to the shops or commuting to work. Also, if you leave it locked up in the street it will probably get nicked.

As for me - I have a £1K full suss bike for off-road but bought myself a £30 second hand (in perfect mechanical order) bike for my rides to work/shops/pub. Better to have a £10 lock on a £30 bike than a £100 lock on an £800 bike.

And remember the C2W scheme is effectively discounted after tax and NI. My grand bike will actually costs me less than £600 for example.

Your calculation of £47 over 18 months is £846. There is no way that you will end up paying that much on a £980 C2W voucher given the basic rate of tax and NI. How did you work out the figure?

robmanic1

You lucky bugger!!!

Seriously, you need to have a good look around, try as many bikes as you can first, seems from your post you've fallen for the first shiny bike you've seen. As you're committed now to spend that much cash you need to make sure you get the right bike for you.

If you only intend using on the road you may want to take a look at a road bike or a (yuck) hybrid.

As peachos says, that is a lot of cash for a shopping bike but if you get the right bike you'll be hooked.

redrabbit

Thanks everyone.

The cost per month will be £33 - I was wrong before, was thinking about the figure without tax/NI discounted. £33 isn't too much per month for a good bike.

I did want to start cycling as a hobby, so I wanted something that was "future proof". I am not interested in road/hybrid bikes in the slightest and don't think I ever will be. Even if I did just road cycling I would want a mountain bike as I prefer them - I've always had them in the past.

I have had a look at the Giant XTC3 and also a few of the Trek bikes. I do plan on going to test cycle them soon, will do that before spending the voucher.

tumbleweed 66

Hi, me also getting a bike via the cyclescheme, just waiting for my voucher to come though. We all know that its credit crunch central at the mo, but dont be put off going up a few brackets in the cost department. Where else would you get a decent bike at a great discounted price taking into account savings after N.I. & tax etc.

I've wanted a decent bike for a couple of years now, but some thing has always come along ie hols and bills etc. So was put on the backburner until now.

If it was not for the cyclescheme i would have spent around £500 to £600 on a bike. After alot of research and help from friendly bods on this forum, I am now going for a specialized xc comp. This bike sells for £979, but discounted via the scheme will only set me back £589. (Better bike for my original outlay).

Also specialized do a 10% discount on accessories at that price point.

So go on treat yourself and if a MTB floats your boat for pounding the streets, then so be it. I'm sure before long you will be taking to the trails.

Egon Spengler

I can 'sort of' recommend the Giant XTC3 as I've just bought an XTC4 after a few weeks of weighing up the options. Obviously a higher spec on the XTC3 than the XTC4 so you are getting an excellent bit of kit!

counterculture

mate, if its the cost that worrying you then look at a lower price bike, but if you can miss out £33 a month before tax then go for it, however if you know for sure you'll only use this bike for work and going to the shops then you should look for something else as its a shame for the bike to be confined to tarmac, a cannondale bad boy would be a good start for this job although it may still be a bit too bling to leave locked up down the supermarket.

KitsuneAndy

I think you'll also find that if you've received the voucher, it's too late to change your mind. Your company will have reported the deduction in salary to the HMRC and even if you don't spend it, you'll still have to start the repayments.