Buying a bike on a budget
We have put together a list of advice and initiatives that you can make use of to help you to purchase your own bike:
1. Cycle to Work Scheme: This is a UK Government tax exemption initiative which allows employees to purchase a bicycle and tax accessories through their employer. The scheme is run via salary sacrifice enabling employees to spread the cost over 12 months and making savings of 20-42% on the initial cost of the bicycle. How much you save depends upon the tax bracket you sit in – higher rate earners will save more.
If your employer doesn’t yet have a cycle to work scheme, you can ask them to sign up for one. There are many to choose from but the most popular are the Cyclescheme and Bike2Work which allow you to purchase bikes from local island bike shops and online retailers and Bike2Work which is exclusive to Halfords.
This Cycling Weekly article explains how the scheme works in more details.
2. Ask around – family, friends, or on Facebook: There’s a good chance that someone has a bike that they don’t need lying around in a shed or garage. The advantage of doing this is that they may not want a lot of money for it, and if it is someone you know then hopefully they will be honest about its condition and history.
3. Budget Cycling: This great new website explains the best ways to buy a bike on a budget. They provide advice on everything from what type of bike to buy to advice how to buy a second hand bike.