Free bike, if you commit to ride it?
Discussion
I saw the Free2Cycle scheme advertised in CyclingWeekly this week and looked it up online.
It appears that depending on how much you commit to cycle you can get varying amounts of money towards a bike, or a bike for nothing if you chose a bike below your figure. The only catch seems to be that you actually have to use it or you have to pay for it, having signed an agreement. How they monitor the usage I am not sure...
Has anyone heard anything more about this? Seems that it could be a good idea if you have commmuted for example, 6 miles each way 5 days a week for several years and know you can continue it, so will easily hit your target, so should get a £1080 bike for nothing.
I have no connection with Free2Cycle, just keen to hear opinions.
https://www.free2cycle.systems
I don’t commute, but it’s tempting to get a £1080 bike for free by committing to cycle 60 miles a week - would certainly motivate me to get out more!
Matt
It appears that depending on how much you commit to cycle you can get varying amounts of money towards a bike, or a bike for nothing if you chose a bike below your figure. The only catch seems to be that you actually have to use it or you have to pay for it, having signed an agreement. How they monitor the usage I am not sure...
Has anyone heard anything more about this? Seems that it could be a good idea if you have commmuted for example, 6 miles each way 5 days a week for several years and know you can continue it, so will easily hit your target, so should get a £1080 bike for nothing.
I have no connection with Free2Cycle, just keen to hear opinions.
https://www.free2cycle.systems
I don’t commute, but it’s tempting to get a £1080 bike for free by committing to cycle 60 miles a week - would certainly motivate me to get out more!
Matt
"How free2cycle differs from existing cycle schemes?
Unlike traditional cycle schemes there are no upfront costs. Sponsors are billed based upon the mileage achieved by the Cyclist. For the first three months the Sponsor’s contribution matches the cyclist’s pledge. Thereafter, you only pay for the mileage achieved.
For Cyclists: free2cycle is available to all, regardless of income and no salary sacrifice is required.
For Sponsors: there are no upfront costs, no balance sheet impacts, no salary sacrifice or payroll impact;
The free2cycle App tracks and records the Cyclist’s mileage achieved.
Sponsors contribute 20p plus VAT per mile. As long as the cyclist meets their mileage commitment there will be no charge to them however if the cyclist doesn't fulfil their mileage commitment, then they're responsible for the shortfall.
For a £360 bike the Sponsor will pay £12 plus VAT per month which is typically rewarded with a positive cost benefit ratio of around 10:1.
free2cycle tracks your Cyclists’ progress and supplies Sponsors with a carbon savings report; delivering clear reporting of CO2 reduction and substituted commute mileage and quantifying the positive impact your organisation is having on the environment"
They get manufacturers to sponsor your bike!? WTAF? Nobidy would ever see me on my commute as I'm always nipping down farm tracks and canal towpaths?
Unlike traditional cycle schemes there are no upfront costs. Sponsors are billed based upon the mileage achieved by the Cyclist. For the first three months the Sponsor’s contribution matches the cyclist’s pledge. Thereafter, you only pay for the mileage achieved.
For Cyclists: free2cycle is available to all, regardless of income and no salary sacrifice is required.
For Sponsors: there are no upfront costs, no balance sheet impacts, no salary sacrifice or payroll impact;
The free2cycle App tracks and records the Cyclist’s mileage achieved.
Sponsors contribute 20p plus VAT per mile. As long as the cyclist meets their mileage commitment there will be no charge to them however if the cyclist doesn't fulfil their mileage commitment, then they're responsible for the shortfall.
For a £360 bike the Sponsor will pay £12 plus VAT per month which is typically rewarded with a positive cost benefit ratio of around 10:1.
free2cycle tracks your Cyclists’ progress and supplies Sponsors with a carbon savings report; delivering clear reporting of CO2 reduction and substituted commute mileage and quantifying the positive impact your organisation is having on the environment"
They get manufacturers to sponsor your bike!? WTAF? Nobidy would ever see me on my commute as I'm always nipping down farm tracks and canal towpaths?
I suspected it might be. I’d forget to use the app!
No word of manufacturers... I think your employer is your sponsor?
My work isn’t signed up, and being such a small business I doubt there would be any budget for it, but I think it’s a great idea if you work for a larger more modern thinking company that is signed up, or would sign up.
No word of manufacturers... I think your employer is your sponsor?
My work isn’t signed up, and being such a small business I doubt there would be any budget for it, but I think it’s a great idea if you work for a larger more modern thinking company that is signed up, or would sign up.
StanleyT said:
Could you put the bike in the boot of your car and run the Apps, whilst your own Ltd Co picks up the bill for just the right milage re expenses / payment / BIK etc.
Cross town commuting so no silly motorway speeds to give away he bike isn't actually being "ridden"?
Most cyclists don't hit 30mph, so you would need to crawl along in your car...Cross town commuting so no silly motorway speeds to give away he bike isn't actually being "ridden"?
BenGismo said:
No different to what some strava heros / KOM chasing Losers do round here. (53mph... on your bike...uphill...into the wind....yeah ok)
Strava/Garmin both don't recognise that speed has upped to car speeds and ask if you want to stop.Occasionally I forget to press stop after a run/ride and only realise on the way home which messes the numbers up.
Seems a easy thing to implement too.
I would have thought that linking to a Strava / Endomondo / Garmin / whichever other GPS tools are out there would be a lot more cost effective for this company, which, let's face t, is designed as a way for people running their own company to get a tax free bike.
Can the uplift be paid for with Cycle Scheme vouchers too???
Can the uplift be paid for with Cycle Scheme vouchers too???
13aines said:
I suspected it might be. I’d forget to use the app!
Not sure if you take your phone with you when you cycle, but if you do, there's an app called IFTTT (If This Then That) which can automagically launch an app when, for instance, leaving your home wifi.However, not sure if it can start the free2cycle app after launch. You could possibly set a reminder in your calendar every day at the same time so your phone would launch a notification reminding you to ride and take your phone.
warp9 said:
How long is the agreement for?
Does the bike become the property of the individual after that?
What happens if the person leaves the business during the agreement?
Thanks
Some in the post above - some on the website. But ouch....Does the bike become the property of the individual after that?
What happens if the person leaves the business during the agreement?
Thanks
Representative example:
9.9% finance over 48 months
Total order value = £700
Total amount of credit = £700
Duration = 48 months
Representative APR = 9.9%
Interest charged = £150.57
48 monthly payments of = £17.72
Total amount payable = £850.57
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