You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
What's the situation regarding someone selling a bike that has been bought through a Cyclescheme/Bike to Work system?
I am right in assuming the seller doesn't actually own the bike until the end of the 2 years?
Is it illegal to purchase it?
What would happen if he lost his job and the deductions from his salary stopped?
They done own it so can't sell it
Someone at my work got a disciplinary for doing just that.
If you leave early you repay the rest out of your last pay I think, it's technically not right to flog it though. However as you can't realistically prove ownership of a bike through any official documents it's hard to say what would happen. In the end not your problem.
IIRC owned outright after 18 months, or 4 years if the extended hire option is used to clear the final value.
I'd assume almost every £1K road bike on eBay was a Cyclescheme purchase. If it's within the 18 months or 4 years the bike is the property of Cyclescheme so technically they are committing an offence of theft by selling it (as they are disposing of it as if it were their own property) and if you know or believe this to be the case you'd be committing the offence of handling stolen goods.
Personally I'd be more bothered about paying over the odds for a bike I know only cost the seller £600 despite them listing as a £1000 bike 😀
Well the auction has ended at £500 for a £1100 bike.
A healthy loss even with his discount.
I doubt he will complete.
I didn't bid in the end, it all seemed a bit off.
Or he's just lost his job, and needs all the money he can get....
Or he's just lost his job, and needs all the money he can get....
So he's even worse off as he is no longer getting the tax benefit from the scheme and his employer owns the bike.
I wonder if any of the bikes get returned after the initial 12 months and if they do what do they do with them?
I just came to 12 months with cyclescheme and was £250 to own now or £70 to own in 3 years.
I don't think a lot of people go for the first option.