Saving money on a bike purchase

A couple of weeks ago we provided some top saving tips on how to beat the rail fare price hikes, and in doing so touched on the use of cycling as a green and healthy alternative mode of transport.

To mark the UK's National Cycle to Work day on Thursday 4th September, we've put together some additional saving tips to help you get started:

Ready to buy? Do your research

Before purchasing a bike it's worth exploring the variety of options that are available.

1. Buy second hand

If you're looking for a cheap bike, buying second hand could be a savvy route to take. If you're prepared to do some shopping around, you're bound to stumble across the perfect bike, at a reasonable price. To speed up your search try online marketplaces such as eBay and Gumtree, where you'll find thousands for sale.

2. Get a bike tax free

Using the Governments tax-free cycle to work scheme, you can knock a sizeable amount off the cost of your new bike. The scheme works by initially providing the opportunity to rent a bike (at a discount), spread your payments over a year and then you may have the option to purchase the bike for a minimal price. Note: to get this offer your employer needs to have signed up to the scheme, if they haven't, you can invite them to do so.

3. Repayment plans

If you've set your heart on purchasing a brand new bike and the above options either aren't feasible or don't appeal, some bike suppliers offer their own repayment plans. In some cases a deposit is required and interest will be charged, so it's worth factoring in all the costs.

Still not convinced? It may be wise to think again: it'll keep you fit and even if you only cycle once or twice a week, you'll make a decent saving on petrol and improve your fitness at the same time.

Bear in mind that you may also have to factor in the cost of a helmet and any additional accessories. To keep track of all the savings you'll make from cycling and to gain instant visibility over all of your spending, sign up for our free budget planner. We'll do the number crunching so you don't have to

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