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Hi all,
I'm currently riding a 2016 Trek Remedy, I'm very comfortable on it and riding better than I ever have after a big off, but its starting to show its age, needing more expensive parts etc. I've spent a bit of money on upgrades/repairs this year (shock/fork service, frame bearings, rotors etc.) but could need more soon and I think the cassette is almost certainly seized onto the wheel. Buying new wheels for this bike would mean that they'd be the wrong standard for any new one I bought, and I wouldn't make enough back selling the bike to make it worthwhile.
I've got my eye on a 2021 Trek Remedy XT, and my local shop thinks they'll have one in January.
I'm unsure how to pay for it. My company offers C2W, but I'm a little unsure how it works when you extend for the extra 3 years if you want to leave (not that I'm planning to). Also I'm sure the odds of them checking you commute on it are minuscule, but I'm never going to commute on it.
Alternatively I could put a 10% deposit down now and pay in full in Jan. This isn't too much of a problem, I have the cash (plus selling my current bike) but me and my OH are currently in the process of buying our first house (getting a mortgage so don’t want to finance a new bike) and I've been told that owning a house redefines what expensive means, so might be better to have some cash to hand.
What are your thoughts?
go c2w, and you'll save your tax on it, high rate tax payer 40% saving, regular tax 20%
so its a no brainer.
it reduces your taxable income so for example £1200 bike, over 12 months,
taxable income reduced so effective monthly cost is £60.
at the end of the period you may have a BIK benefit in kind to pay, read the information leaflet from work.
if you leave personal choice, it'll be a pain, again read the info, if you are made redundant, make you its in your terms of leaving that its sorted for you
I did the cycle to work few years ago, think they just sent paperwork at 1 year saying keeping it was free or it cost to return it. After 3 years got a letter saying I owed some money which was taken from my pay, think the bike was £999 and they wanted £60 after 3 years.
I'm looking now at the C2W but we use a site now to order and they have no stock in! unless I want a spesh demo...