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Im being sold a bike and shop says 10% of purchase price, in my case £100. Is this true? Seems criminal, admin doesn’t vary depending on the cost of a bike, and are they really doing £100 of work anyway?
same goes for interest free finance.
10%
To be fair, cyclescheme has probably kept at least 2 of my lbs going over the last 5 years.
10% for cyclescheme (although think it's now 15% on accessories). Halfords & vivup even worse at 15%.
Cyclescheme used to be 10% at 2 shops I worked at, another scheme was 15%!
Not much money to be made on small shops margin.
same goes for interest free finance.
varies on the term and loan amount but yeah, don't expect to negotiate a deal if taking finance, better to get a 0% CC for as long as poss, then buy a bike with that, setting up a DD to pay it off before the 0% runs out then cut it up/cancel it
Or negotiate a deal then take out 0% finance or bike scheme.
All C2W scheme providers take at least 10%. On full price bikes most shops will just take the hit, but on sale bikes expect to pay this on top. Discounts on bikes have super aggressive this year, shops won’t be making much money at the current 25-35% off you’ll see on most, and they need to cover their cost. You’re still making a saving over RRP, it’ll still be a good deal.
Or negotiate a deal then take out 0% finance or bike scheme.
go for it, though you might find the deal isn't quite as good once you mention finance/b2w
Seems criminal, admin doesn’t vary depending on the cost of a bike, and are they really doing £100 of work anyway?
It will have taken Cyclescheme anything up to two years to set the scheme up with your employer. (Despite it only taking one signature from a responsible person.) They may have had meetings with HR, payroll department, facilities, plenty of phone calls, time spent arranging details with a finance company, queries from every level of employee in your company.
Then you order a bike and they sort out the hire agreement, get approval from your employer and release the bike. Possibly having fielded a few more queries from you and the shop about how the scheme actually works.
With any luck they get enough orders to make the above worthwhile, but it may well be that the one and only order from your company is yours. And don’t forget that most people don’t order £1k - the average is £600ish.