How Do you Pay For a New Bike?

If I don't have the money then I don't spend it. That means I'll pay by credit card for whatever additional protection that offers, and pay that off at the end of the month 

Man maths.

I'll sell X and Y, which will cover 90% of the cost of Y. Buy Y (possibly using credit card if it's the end of the month - gets paid off on payday) then inevitably don't sell either X or Y, or both. Aaaaaand repeat.

Personally (and I realise I'm in a fortunate position to be able to do so) I buy stuff outright, I just can't bring myself to finance toys, I want as few DD's as possible and if I can't afford a non essential item, I won't have it.

Edit: Meant to say I've never bought a complete new bike worth more than £1k - I generally shuffle some toys around to finance bikes/toys and have ended up with a couple of bikes that would have been £2k to £3k whole by swapping parts and slowly upgrading.

I bought my most expensive bike (custom ti job) with some redundancy money.
Then I bought an ebike on interest free finance earlier this year. Was V12 from Leisure Lakes https://www.leisurelakesbikes.com/finance/ could've been all smug and yes I've got the money in savings, but it's interest free over 12 months, so why not?

Been a long time since I bought new. I picked up a very nice Colnago CX bike for £330 in the summer with 105 ! Needed another £100 spending on it.

Save up, buy it.

That's just the way I'm wired.

Life is less stressful knowing that there aren't payments for things hanging over me , which must be met regardless of illness or whatever else may crop up.

That's true for life's big essentials, but even more so for the luxuries.  Not that I class a bike as anything but essential, but having a collection of really nice ones is undoubtedly a luxury.

I buy and sell on eBay a bit to fund my habit, and used to build up a pot in PayPal, but since that is gone I also have a slush fund account separate from our joint account.

Paypal pay in three and interest free offers are also useful.

The last one ?  I retired and took my pension. I spaffed a little part of it in a Shand gravel bike.

(The remainder is for coke and hookers to stave off the decline)

Save up, get almost there, have child, save up, even slower than before. Nearly get there, have unexpected bill.
Clear out savings, stick it on credit or zero finance. Swear.

Saying that, i do not either buy *massively* expensive bikes or chop and change regularly.

I've only bought two brand new bikes in the last 15 years, one was to replace a 22 year old road bike, the other to replace a 10-12 year old 26" hardtail.
Everything else has been very second hand or parts bin special based round a second hand or massively discounted frame.

I've never bought a complete bike, new or used. So generally just pay for parts and frames (mostly used) when i have the money. Then I sell bits to recoup money or if things are no longer needed. However I did recently see an expensive (for me) used Ti frame that I had to get, so I used the credit card for it, which I never normally use. There will be some man maths involved, but i'm selling the frame and some bits it is replacing, which will offset some, but not all of it. Paying back the remainder in a couple of months will be no hardship so i'm OK with it.

Did make first use of C2W last year for a large box of accessories. But in the end I felt it wasn't good value, and I picked some things I didn't really need, so won't do it again.

forgot about C2W, picked up a 105 di2 groupset using that and reckon it will cost me £600 as a result. bargain.

Normally bought on credit card, at 0% for as long as possible, but with the balance in a savings account.

Spare cash only. never on credit or cards. 

Either busy interest free credit or outright depending on circumstances.

I'm fortunate that I normally have a pot of money 'hanging about', usually for tax purposes. So if i see a bike I lkike, I'll dip into that, and kinda pay myself back over time.<br /><br />DrP

If I can't afford it, I don’t buy it.

Affording it may involve any or all of savings, C2W, 0% credit cards, selling on old bikes. Oh, and a £1k inheritance from my aunt which came with instructions to spend it on something I'd enjoy. It's never involved "family" money, though MrsMC may disagree.

Sometimes the man maths and mission creep have been issues.

There also needs to be some tenuous justification. I still have a Mk1 Soul as my only MTB as i only ride it a handful of times a year. I can probably afford a new HT and a FS skills compensator in the Wiggle sale but I can’t justify it to myself, let alone the wife.

There's usually a credit card offering 18+ months interest free - so usually buy on that and just set up a DD to cover each fraction of the cost to get to zero by the end.

1 - Generally buy frames, and build from there
2 - I always set a strict budget, do a spreadhseet of all my costs, and try to never go much more than a grand over it
3 - I sell all the spare bits to recoup every last penny
4 - Except those wheels, if I pick up a hardtail frame they'd be ideal

Before retirement I would just buy what I fancied. However since retirement this year I vowed to stop buying new bikes.
Unfortunately I failed and overspent my self allocated annual budget by 50%. Hopefully I can get some of that back by selling the old bike in spring.

swing open the vault, take a stack of fresh fifties and just throw down?!

Not quite but I keep a separate savings pot for these kind of purchases. I get an annual bonus which I split with my wife - we both keep 1/2 for anything we want.

If there's enough in there I can buy whatever I want :o)

I’ve bought a brand new whole bike twice in the last 15 years. Most recently using cycle to work to spread the cost. Almost every component (consumables aside) I buy from eBay, FB or the classifieds for a maximum of half what they cost new (my rule). It works for me, as I ride exactly the bikes I want without having to prioritise them over other big expenditure like family stuff and holidays. I have also kicked the serial bike swapping habit, which really helps.

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Haha. Pretty much this.

Always from bank balance rather than credit. Usually funded 2/3rds by sale of previous bike. Often just a frame swap. Usually a secondhand frame.

Pretty much settled on my current line-up though, touch wood.

If you can get long-term interest free at the moment, where the initial price doesn't seem to be inflated to compesate, then that's worth it because of inflation and the rates available to put that money elsewhere.

Being self employed and the way I was raised, if I haven’t got it I don’t spend it.  I couldn’t wait to get rid of the mortgage and have nothing on finance.   I’ll use 0% offers and the like, but only if there’s enough in the savings to cover the total bill before I buy it (whatever IT is).

In kind.

If it’s second hand stuff & it’s what I want, I just buy it. We have a joint household savings pot & I have my own which it comes out of.

If its something new, I always have a 0% card which I put everything on to, leave the money now actually earning some interest in savings & just pay it off when the 0% ends.

Fortunate enough that despite our savings/investments/pensions/etc, I can pretty much buy what takes my fancy when it comes to bikes & kit. Anything I sell of any value, just goes back in the same savings pot.

Usually I factor in selling existing parts...

Bought an ebike earlier this year on 0% finance and sold two bikes in parts to pay for it - paid it off within the first month.

Either from money sat in savings or save up.

I've only once used interest free finance and I had the money in my account to cover it, but only just so it made sense incase there was another bill to pay in the meantime. Life has a horrible habit of throwing spanners at me every couple of years so I always find if I've saved up for ~18months to buy a new bike, 6 months later I'll get made redundant, the boiler will blow up, the car will get written off, or I'll break my body and not be able to ride it anyway!

Getting into debt or wiping out savings for a "nice to have" hobby is foolish. Riding last (last, last, last ...... last) years model is a minor inconvenience compared to not being able to pay an actual real grown-up bill.

That and (finally) cheap bikes have caught up with the top end of the market after years of being completely neglected by manufacturers. You can now get really good FS bikes with proper suspension, carbon frames, 12speed, etc, all for ~£1800 and some genuinely excellent hardtails for <£800. So lusting after a new frame you can't afford is unnecessary for most people, it won't make you ride more, ride faster, or even more enjoyably in most cases.

I don't usually bank on selling stuff because:
I've probably worn it out if I'm spending money on an upgrade
It probably isn't worth what my man-math's says it is.
Selling old stuff for cash on facebook marketplace means there's cash for other stuff , there just so happens to be enough bike part selling cash in the pot at the moment to pay an acquaintance cash to restore the parquet floor in the hallway. So if anyones bought stuff off me recently and seen the state of the hallway on collection, thanks!

I've not bought a new bike for a long while, and when I last did it was a very cheap discounted one.

I've been mulling a new MTB frame on and off, but I don't think I'll get one this year (or probably next), and I could well end up saving a bit and looking for a used one, the MTB is no longer my priority, so long as I have a working MTB lusting after a new one isn't such a thing anymore.

I have been considering abusing the company's C2W scheme for a new Gravel or Road bike next year perhaps, but it's not something I really need (I'll probably talk myself out of it again though).

I think if I were actually buying a completely new bike then C2W would be the way I did it rather than use finance, a credit card or chip into savings, and I am generally sceptical about C2W, Very few people seem to use it to obtain a bike that they're ever going to ride to work. I might as well do the same if I want a new toy.

Depends really, I've bought on 0% finance, 0% CC, cash (either in hand or CC and pay straight off) and C2W scheme. Depends how much and where from....

I have standing orders set up at the beginning of the month. Money goes into long term savings (ISA), rainy day/holiday fund (Premium Bonds), and some into my "treats" account.

Every time I get a pay rise, it's divvyed up between these accounts, so some stays in my current account (woo-hoo!), but I also review and increase my savings etc. Overtime etc is also divvyed up in the same way.

My last big bike purchase was on the Cycle to Work scheme, and paid off over a year, but I made sure that I had the money to cover the cost if the worst came to the worst.

Most smaller purchases (Ragley Frame, various components) are made on credit cards, then paid off in full at the end of the month from the "treats" fund. If I spend money on the credit card, I'm careful to transfer the same amount out of my current account into the treats fund.

I'm careful about my cashflow, never go overdrawn, and if I know that things are going to be tight then I make a forecast and use money from the rainy day account if needed. Open banking so that I can see all my accounts in one app makes this much easier.

I used to be terrible with money, I may have gone too far the other way.

Hope and guesswork

Out of savings. I hate, really hate, being in debt, so apart from the mortgage (which is a necessary evil) we don't have any. If I can't afford it, I don't but it. 

Like a few others, I do use a credit card for the added protection but it's always paid off before incurring any interest. 

yup, if i cant afford it i dont buy it, but...
I tend to put big purchases on 0% credit and hold the balance in savings. I'd rather gain a few quid on interest that way than pay outright, esp now that interest rates are out of the gutter.

oh and never, ever pay RRP. Discounts or sales wherever possible, last years model etc.

Last one I paid for with the remnants of a bonus after most was squandered on holidays. I bought it with a credit card with 18 months interest free for purchases though.

One before that, 8 years or so before, I bought with a chunk of a bonus too.

Cycle to work and sell the old one at the same time so with some generously applied man maths - Cash in my bank and a 12 months to pay off the new one, I am actually in profit after the transaction 😉

Savings for largest logical deposit, and 0% finance for the balance on my last bike ( its a keeper) had it 3 years

I discovered in my 20's that I do not handle debt well at all; it creates a disproportionately excessive amounts of mental stress and sleepless nights. We now only have a mortgage and no other forms of debt.

I get paid and most goes to household running and household shortish term savings, leaving behind a proportion which is broadly split into thirds for my own pocket money, some into short term savings and some into longer term savings. I don't always spend my pocket money so this also goes into my ISA at end of month.

I do use a Credit card for some purchases, but never to cover up for lack of cashflow and only for the protection; DD set up to pay in full each month (if theres a balance).

Pay for the bikes from savings. Never buy a full RRP bike, look for discounts or buy heavily discounted previous seasons bikes.

Interest free CC or 0% finance usually. I don't spend a lot anyway (single most expensive bike ever was £1699) and I wouldn't buy something i couldn't afford. But all my savings are in my offset mortgage, with LTI to pay off the capital when the time comes, so while i could in theory use some of that every £1 spent increase my mortgage interest by base + 0.99.

So right now a 0% finance deal is in essence a 6.24% discount

Said before, say again. Credit is great as long as you know how to manage/use it, and those that 'would never buy something on credit' out of principle are missing the opportunity. It's free money!! 😉 

Only ever tend to buy new if I cant find nearly new or little used second hand and then only if the price is too good to miss

Try to use PayPal which my Tesco credit card is linked to and then pay it off at the end of the month. That way I'm earning points to swap for the tunnel trips so part funding holidays

Last year bought 2 used immaculate Turbo Levo's. Both were at prices too good to miss. We sold on 2 of our older ones so everyone's a winner

This year we bought one of the Specialized Enduro's that Evans were pushing out at 50%

Got a message a couple of weeks ago to see if we were interested in another Turbo Levo that was going to be sold from where we had bought last year. The price was to good to turn down. Its been delivered today and will be an upgrade for one of our daughters Levo's which will eventually be sold on.

Only ever buy what we can afford and with 4 of us biking the price, new or used, has to be good

I save up monthly into a “new bike pot”. This is just a savings account that I don’t touch until there is enough for what I want. 

I've done it various ways; from zero % credit cards to savings, to using work bonuses. I've got one bike that owes some money, the other I bought outright, so when that one goes, I doubt I'll be in a rush to get another TBH, I've just wiped out my savings buying a non-leaking roof, so toys are low priority right now. 

By selling stuff I buy on PSA's on eBay at a mark up.

I'm on the same page as theotherjonv. 0% credit. Why would I sink my own money when I can use someone else's for free and remain considerably more liquid?

I look at my disposable income after all essentials and make a judgement on that for the repayments.

I generally re-sell older stuff whilst its still got some residual value, but these funds generally go directly into a maintenance budget that is effectively a continuously rolling program.

Mostly
Save, see a bike I like and buy it from savings.

I bought a bike in 2014 with a tax rebate. It got stolen bought a new bike with the insurance pay out in 2019. Sold the frame, bought my current frame. Bits have changed over the years.

Sold a drop bar gravel bike and bought a ridgid MTB with the profit.

Slightly disappointed that nobody has said: "I load myself up with debt for a £10k superbike and my kids go hungry."

Cash is 👑 

Slightly disappointed that nobody has said: “I load myself up with debt for a £10k superbike and my kids go hungry.”

I think the people (like me) who'd do that are mostly shamed out of saying it on this forum but all the wonderful superiority that exists in spades on here.... It's very much a middle class, "wealthier than you" forum this place.

I don't think it's deliberate and i love this place and many of it's members are lovely people... but there's really a sense of wealth on here.

I buy bikes second hand - they're really good value for something 12 months old!! £5k on a new bike.....forget that! It saves me a boat load!

I'd never buy anything bike related I couldn't pay off straight away, if Tesco or Barclaycard suddenly decided they want their money back I've got it. I either want it cheaper(Cycle 2 work) or to be in control so I can pay faster on a 0% card, and I never want to pay interest.

Last Cotic I did the frame on C2W and the rest on 0% 24 month credit card. C2W comes out before I see it and then the plan was to pay £100 a month till the other £700 was paid off but as I don't like owing money I always end off paying it faster.

I think most people know deep down If credit cards are a good idea for them or not, I've had 3 or 4 and never paid 1p in interest.

I put on a ski mask and dig out the sawn off from it's hiding place.

Weeksy
and my kids go hungry...

I think the people (like me) who’d do that

Thought your lad was looking a bit thin... "Trek Session.. or Pie? Make your choice kid!" 😀

I save up monthly into a “new bike pot”. This is just a savings account that I don’t touch until there is enough for what I want.

I like this idea but I'd never spend it, I've always been one of those people that once it is in savings I won't ever touch it.

I buy bikes very rarely, usually on mega discount, in this case the start of the CRC mega sale bargain Nukeproofs. Of course I didn't anticipate them being on sale as long as they were, but in this case I just used a credit card. At £1600 it's less than 6 months to pay off. I do have a weekly pocket money payment which goes into a separate account - I stopped that for a year to pay off most of that purchase.

Before that, I bought a road bike in 2020 for £2k, that was cash as we had a windfall. In both cases I had 'needed' them for many years - I had been riding a too-small road bike since 2007 which was the last time I'd bought new bikes, after an insurance claim. The bikes that were claimed for were bought between 2000 and 2005 and even then only one of them was full price from another windfall I should have invested. So I thought after 20 years of regular cycling a new bike was justified.

If you're asking how I afford top end fancy bikes - I don't.

I sell coke and turn tricks for MAMILs. 😉

Thinking about the last new bikes I have bought:

Pace RC627. Bought the frame and forks during sales, mostly funded by selling other bits. Rest of the bike was then bought when I could afford the part and when PSA's turned up.

On One Whippet. Selling retro and spare cash.

Ragley Trig. C2W.

Orange Segment/Stage 5. Got it in the sales and made over half by flogging my previous 5 29. Think the rest was a bit of retro selling and spare cash? Frame cracked so it was replaced under warranty.

Orange P7. C2W.

Orange 5 29. Same as Segment except sold a 5.

I've had a good 15+ years on the retro scene and used to buy old bikes all the time. Once I got an eye for it bargains would pop up everywhere and it was easy to fund the hobby, and new bike purchases by building one good bike out of five others then selling on the left overs. Even though I've not bought much for a few years the kit I had left has paid good chunks towards new kit although the well is running dry and I'd be in to the bikes I don't really want to sell if I needed some cash.

Orange full suss bikes used to really hold their money too so you could keep a bike a few years then sell for a good % of the new model. With price rises, second hand bikes not holding their money and the retro scene not being what it was though means it could be a while before I buy a new full suss.

Recently purchased a Planet X Tempest, final total was about £2200. Decided to finance it interest free over 4 years at £45/month. Inflation erodes debt, so im happy with my choice.

Majority over the years have been on interest free deals.

Don't spend savings when I can pay from income.

Interest free credit card for me, usually having enough in the bank to pay it off whenever. I always make only ONE purchase on ONE interest free card at a time though. I would never load up more and more.

Now if we're talking about how to pay for a van? I'm still figuring that out...

I have a 35mm front wheel which I think is too wide, and a set of old brakes

Seriously considering buying a new 30mm front wheel, and then but a 29+ frame for the wheel and brakes

I have a problem

I had an interest free credit card finished early in the year... but I forgot to cancel the DD... ended up £200 credit on a credit card.. Doh! 😀

The only credit I've done in the past was an interest free loan from work. Now I just buy up front. I have a pretty constant stream of parts being sold on ebay so cash flow is rarely an issue. 

But I did regret every new bike I've "just bought". It's much more fun and satisfying watching a bike evolve to perfection with strategic purchases.

If you’re asking how I afford top end fancy bikes – I don’t.

These are the choices we make.

I'm almost 50 and acutely aware of my slowly diminishing capabilities. What time I have left to ride 'proper mtb™' will be spent on equipment to enhance the experience. Life's too short to spend what you love doing with shiite equipment.

My current bike was bought with cash but then this was all but recouped (Shortfall of £200 ) by selling the Carbon Nukeproof Mega I had just built from the CRC frame offer and the sale of the Mondraker frame it had replaced.

In the past I've always bought end of season bargains,funded by savings.

I think the people (like me) who’d do that are mostly shamed out of saying it on this forum but all the wonderful superiority that exists in spades on here…. It’s very much a middle class, “wealthier than you” forum this place.

I don’t think it’s deliberate and i love this place and many of it’s members are lovely people… but there’s really a sense of wealth on here.

My anecdote is always from a few years back. 2 threads on the front page, one "what do you carry on a ride" and the other "do you carry a first aid kit".

If you beleived the first aid kit thread, a good 80% of us were carrying full first aid kits, which was odd, as three quarters of us from the other thread were minimallist packless riders.

I think the people (like me) who’d do that are mostly shamed out of saying it on this forum but all the wonderful superiority that exists in spades on here…. It’s very much a middle class, “wealthier than you” forum this place.

I tend to think of it the other way round. Those of us who have less to spend on toys tend to be fearful of debt as we don't have another "pot" to dip into in the event of a proper emergency outlay. 

Savings if possible but Cycle2Work as well.

I often buy secondhand - but I am a handy mechanic usually.

Just got a 4year interest free loan of 3k from the Scottish government for an ebike. Repay over 4 years. Own money staying in Premium bonds.

I think the people (like me) who’d do that are mostly shamed out of saying it on this forum but all the wonderful superiority that exists in spades on here…. It’s very much a middle class, “wealthier than you” forum this place.

I would second what scotroutes says - I am very fearful of debt and try to avoid it at all costs. In fact, our avoidance of larger moortgages and loans for things has in fact reduced our wealth as we live in a smaller, cheaper house than many friends. I do genuinely run our bikes as cheap as I can, mrs_oab's new eeb is the only bike over £1500 we have ever bought ourselves, and most have been under £1000, last one was £500. We have a 'fun fund' which saves up and buys things as we can afford it.
And yes we are well off in my eyes, but we spend a *lot* less on bikes than many on here. And I couldn't entertain a large bike loan other than C2W for a bike...

Occasional whole bikes - Cycle to work then usually fairly static bar minor upgrades

Most bikes - built from 'bargain' parts located from all of the usual channels and funded by various means both above and below board (from my wife's perspective).  This is a general cycle of upgrades, changes, etc

I tend to think of it the other way round. Those of us who have less to spend on toys tend to be fearful of debt as we don’t have another “pot” to dip into in the event of a proper emergency outlay. 

Although conversely, some will take the known quantity of a monthly payment for their toy, rather than deplete their rainy day fund which might be needed for the boiler or car or roof. 

All in all, the two camps of "pay monthly for everything on 0% credit" and "only buy what you can afford from your savings" are equally valid and equally viable for most people...

but you have to commit to one method or the other. If you live your life on monthly payments for your car, new kitchen, phone, holiday etc, its going to take a long or (infinite) amount of time to build a meaningful savings pot. And someone who runs their life in that camp might seem a bit suprised when someone from the other camp can just drop a month's gross pay or more on a bike.

Some people pay monthly for a car lease an amount that makes my heart skip a beat... no way would I want that payment coming out every month... but that same amount x48 I just paid cash for my car (and consider it totally worth it and a reasonable investment given the amount of time I spend in it)

When there is money in the bank & we agree it's affordable (we have no separate bank accounts)... Except one, which was on C2W, but as we own the company  it's just a different bank account with the same affordability criteria.

C2w every time. It's deducted at source, never hits your bank account so doesn't really count as real money.

I've just taken delivery of a £3700 Trek. It's my first new mtb for 7 years. It was heavily discounted so I happily paid the admin fee to the bike shop. All in with C2W savings I'll be paying £1300. My old bike will be passed on to my son.

Just got an ebike,

bike 4k sold old bike for 350 quid. rest on credit card.

Got new bike and all is good 🙂

works out about right for me.

honourablegeorgeFull Member
1 – Generally buy frames, and build from there
2 – I always set a strict budget, do a spreadhseet of all my costs, and try to never go much more than a grand over it
3 – I sell all the spare bits to recoup every last penny
4 – Except those wheels, if I pick up a hardtail frame they’d be ideal

Amazing. I've been there. More than once.

depends on money situation and amount, always on credit card to earn 1%, maybe through C2W or  a 0% finance offer. depends.

Although conversely, some will take the known quantity of a monthly payment for their toy, rather than deplete their rainy day fund which might be needed for the boiler or car or roof.

All in all, the two camps of “pay monthly for everything on 0% credit” and “only buy what you can afford from your savings” are equally valid and equally viable for most people…

Yep. I think there's a mindset thing. For me, I think it just harks back to my upbringing. My folks were very debt-averse.

but you have to commit to one method or the other.

This is binary thinking.

Its perfectly possible to position yourself along the sliding scale between the two extremes you describe. I save and use finance, because one allows me to do the other more effectively.

Mostly I buy bigger things like shiny, shiny bicycles or sofas (boo) on finance, because thats where you find the low cost/free borrowing.