Can I afford a new bike? It’s a question we all ask ourselves pretty regularly. At a time when everything seems so expensive, a new bike might feel financially out of reach. But we’re here to tell you it’s not. Here are three ways we’re helping customers cut the cost of replacing your old machine with something shiny and new.
Part Ex + Klarna = Affordable New Bike
We’re happy to combine part exchange with Klarna to make your next bike a reality. Both are available on their own if you prefer (see below) but combining the two is a great way to save big. Here’s a couple of examples of how affordable it is when you combine part exchange and Klarna, based on trading in a bike worth £1,000.
Domane SL5 Gen 4 retails at £3,400, minus part exchange is £2,400. The cost to you is £480 deposit plus 36 monthly payments of £67.
Trek Fuel EXe 9.5 retails at £6,400, minus part exchange is £5,400. The cost to you is £1,080 deposit plus 36 monthly payments of £120.
Part Exchange
We’ll knock money off the cost of your new bike if you’ve got one to trade in. Obviously, the value of the part exchange depends on the bike model itself and the condition it’s in. To be eligible, your road bike needs to be less than seven years old and your mountain bike needs to be less than four.
What we think is unique about our part exchange service is that we’ll even deliver your new bike nationwide through our in-house team and assess your old bike for part exchange at your door. We’ll give you a value there and then and if you’re happy we’ll take it off the final sale price.
0% Finance with Klarna
Klarna is a brilliant way to spread the cost of a new bike without paying over the odds because of high interest rates. With Klarna, you pay 0% interest over the payment period so you only pay the retail price of the bike. Klarna usually require a 20% deposit and then you can choose to pay over up to 12, 24 or 36 monthly payments. It’s that simple!
Cycle to Work Schemes
Cycle to work schemes will save basic rate taxpayers – more than 80% of workers – 32% on the cost of a new bike, more if you’re in a higher tax bracket. Essentially, your employer buys the bike and you rent it off them with the monthly payment being taken from your salary before tax, which is where you make the saving. At the end of the hire period, usually 12 months, you can pay an ownership fee and the bike is yours.
We offer the ability to purchase a new bike under a number of cycle to work schemes, including Cyclescheme, Green Commute Initiative, Cycle2Work, RGCycletoWork and more.
The previous £1,000 limit on the cost of the bike has been removed so you can now go for something a bit higher up your wishlist. More than a million people have saved using a cycle to work scheme since it was set up because it’s such a great way to buy a bike.
Find out more on our cycle to work scheme page.
