How did you pay for your bike?

[R120]

Given how expensive bikes in general, and emtb's in particular are getting, it made me wonder how many people are actually dropping the full amount up front when making their purchases, and how many are financing the purchase is some way or other.

With the explosion in the EMTB market, rising bike sales and prices, it seems to me that a lot more people than I imagine have the disposable income to blow on the bikes, or there must be some good deals to be had financing them.

Personally one of my EMTB's I paid in full funded by selling one of my motorbikes, and the other I did on a 0% finance deal over two years.

Obviously a kind of personal question, but given how may 5k plus emtb's I see rolling around the Surrey Hills these days it got me thinking.

 

[Jackware]

1st one on 0% deal from Tredz, that I'm still paying off even though I sold the bike, but why settle when it's at no extra cost. The latest bike I purchased from a German Haibike dealer so that was a straight bank transfer but a bit of discount and the exchange rate softened the blow.

 

[StevoKickstart]

You can get 0% credit cards on purchases for up to two years. If you buy the bike via this route you get the consumer rights protection here in the UK and have two years to 1) Save up the money 2) Invest in the stock market 3) Offset your mortgage 4) Earn more money 5) get a divorce etc

 

[Stihldog]

Given how expensive bikes in general, and emtb's in particular are getting, it made me wonder how many people are actually dropping the full amount up front when making their purchases, and how many are financing the purchase is some way or other.

With the explosion in the EMTB market, rising bike sales and prices, it seems to me that a lot more people than I imagine have the disposable income to blow on the bikes, or there must be some good deals to be had financing them.

Personally one of my EMTB's I paid in full funded by selling one of my motorbikes, and the other I did on a 0% finance deal over two years.

Obviously a kind of personal question, but given how may 5k plus emtb's I see rolling around the Surrey Hills these days it got me thinking.

I had to drop some of my other hobbies (making puzzles and collecting ceramic frogs) and focus on eMTB’s only. Being able to maintain my own bike has lessened the cost a bit. This is not a cheap sport even after the initial cost. Foreseeing the cost of consumables adds to the budget too.

 

[R120]

Yes I wouldnt like to add up all the other crap I have bought for the bikes over the last few years!

 

[Zimmerframe]

I take it "Exchanged for Sexual Favours" falls under the all encompassing "Finance Deal" ?

 

[Supratad]

I take it "Exchanged for Sexual Favours" falls under the all encompassing "Finance Deal" ?

As in "you pay for it in the end".
I mean, there's like 7 guys in the shop where mine came from.

 

[Jimbo Vills]

Also guessing the cycle to work scheme comes under the finance option @R120 ?

That’s how I purchase mine.

Whilst yes it spreads the payment over a year. It massively reduces the cost of the bike once you offset your tax. Depending on tax code obvs.

This is the only way I’d buy a bike as the % paid against actual rrp works out about resale value after 2 years so by my man maths the bike is free ?

 

[Tubby G]

Cycle to work scheme, almost 60% off list price. Wish I’d bought two!

 

[R120]

@Jimbo Vills and @Tubby G good point, will see if I can amend poll

 

[Tim1023]

Leased over the company, supported by reduced taxes to get a pretty good price including insurances, all maintenance and replacement of worn parts

 

[KeithO]

0% interest finance over three years through Infinity Cycles ?

great service from them - highly recommended ?

 

[Tim1023]

I think @Motoxfreak buys them from the spare change he finds down the back of the sofa: Addicted to my E's, and here's proof - EMTB Forums

 

[Pyr0]

I used my credit card for payment protection, then cleared it the following month

 

[Jimbo Vills]

Cycle to work scheme, almost 60% off list price. Wish I’d bought two!

nice work! I’m guessing you hit the bike at discounted price then on cycle scheme?

 

[R120]

Ok I cant edit the pole so just use finance for help schemes

 

[Doomanic]

5k plus emtb's

Surrey Hills

The small change found behind the Rock'n'Roll bed in the Transporter would be my guess...

 

[steve_sordy]

I got a 15% discount for having test rode the bike at a demo day. Then I paid the deposit by credit card, then the final amount also by card. When the card bills came in at the end of the month they were paid off. If there had been any 0% deals about I would have used them.

I have no problem with using a finance deal if it is cheaper, or more convenient than hanging onto my cash.

What has stopped me part way through entering a finance deal is the endless questions like "how much do you spend on food per month, how much on rent/mortgage, how often do you eat out...?." All designed no doubt to work out whether I can afford the payments. Isn't that what credit scoring agencies are for? I can't be arsed with those sort of deals, even if they are 0%, I'd rather go elsewhere.

 

[R120]

I dont think there's a wrong or a right way to do it - the only thing I wouldn't personally want to do would sign up to a long term high interest finance deal which outlasts your likely ownership of the bike itself.

 

[Doomanic]

I wish my employer would increase the C2W limit from the £1000 they are stubbornly sticking with.

 

[Zimmerframe]

I used my credit card for payment protection, then cleared it the following month

I did something similar just because it was the only payment they'd take. The Mrs then assured me she'd paid it off so all was good. I happened to check a year later and found she hadn't and I'd racked up £2k in interest .... Still, at least I'm sure she'd used the money wisely to buy more horse stuff.

 

[Flatslide]

I put mine on the never-never over 3 years 0% interest with a cash down payment. I'm glad I bought it when I did because trying to find a new carbon Powerplay for under 8k nzd is unlikely to ever happen again. We were able to rid ourselves of our 2nd car too, so overall it's been a net saving.

 

[DtEW]

For both bikes acquired, paid by CC 1) for transactional convenience, 2) to imbue the purchase with another layer of protection, 3) to reap 2% cash back, and 4) to build credit by paying-it-off at the end of the month.

So effectively cash, but technically credit card.

 

[R120]

I wish my employer would increase the C2W limit from the £1000 they are stubbornly sticking with.

Can you do the green commute scheme?

The cycle to work scheme with no £1000 limit

Cycle to work scheme with no £1000 limit, no exit fees. Save upto 47% on e-bikes and conventional bikes. Low commissions for bike shops.

www.greencommuteinitiative.uk

 

[Shinn]

Wish we had a bike to work program. Sounds too environmentally friendly though so we don’t.

 

[Doomanic]

Can you do the green commute scheme?

The cycle to work scheme with no £1000 limit

Cycle to work scheme with no £1000 limit, no exit fees. Save upto 47% on e-bikes and conventional bikes. Low commissions for bike shops.

www.greencommuteinitiative.uk

Not currently. We do have a new HR Generalist (no, I have no fucking idea what a "generalist" is either...) so it may be worth asking her next time I'm looking for a bike. Excuse given was that we are not an independent company so something like that would have to be approved at group level.

 

[Stihldog]

For both bikes acquired, paid by CC 1) for transactional convenience, 2) to imbue the purchase with another layer of protection, 3) to reap 2% cash back, and 4) to build credit by paying-it-off at the end of the month.

So effectively cash, but technically credit card.

I basically did the same.

 

[Tubby G]

nice work! I’m guessing you hit the bike at discounted price then on cycle scheme?

No discount off the bike, it was still list price, it’s just the way the Cycle to work scheme works. The more tax you pay the more discount you get

 

[Zimmerframe]

We do have a new HR Generalist (no, I have no fucking idea what a "generalist" is either...)

From what I've read it's a more economical cross trained Gynaecologist who deals with men, ladies, weremen, werewomen, werewolves, pets, farm animals, asexuals, bsexuals, none specific alphabetical sexuals, numerical sexuals, any general lock or sliding bolt issues.

 

[Jimbo Vills]

Not currently. We do have a new HR Generalist (no, I have no fucking idea what a "generalist" is either...) so it may be worth asking her next time I'm looking for a bike. Excuse given was that we are not an independent company so something like that would have to be approved at group level.

Tell her that £1k won't even buy your forks on your dream bike let alone put towards parts to save a kilo off the spec weight so they need to sort their shit out pronto! ?