Potential Savings

What savings can I expect to make during the scheme?

 

You can select a bicycle and associated safety equipment up to a total value of £1000, including VAT.  The tables below provide an indication only of the likely monthly repayments for the 12 month hire period and the total net cost of leasing a bicycle through the Cycle+ scheme.  Actual monthly repayments will be calculated by the University on an individual basis.

 

The figures in this table assume a salary up to £43,000 after the gross cost of the bike has been deducted during tax year 2016/17 and a 12 month repayment period has been set.

Value

Monthly Reduction
in Net Pay*

Net Cost of Leasing
the Bike**

Cost of Transfer Total Cost

£200

£11.57

£139

 £6 £145 

£300

£17.35

£208

 £9 £217

£400

£23.13

£278

 £12 £290 

£500

£28.92

£347

 £35 £382 

£600

£34.70

£416

 £42 £458

£700

£40.48

£486

 £49 £535

£800

£46.27

£555

 £56 £611

£900

£52.05

£625

 £63 £688

£1,000

£57.83

£694

 £70 £764

 

The figures in this table assume a salary over £43,000 after the gross cost of the bike has been deducted during tax year 2016/17 and a 12 month repayment period has been set.

Value

Monthly Reduction
in Net Pay*

Net Cost of Leasing
the Bike** 

Cost of  Transfer Total Cost

£200

£8.23

£99

 £6 £105

£300

 £12.35

£148

 £9 £157

£400

£16.47

£198

 £12 £210

£500

£20.58

£247

 £35 £282

£600

£24.70

£296

 £42 £338

£700

£28.82

£346

 £49 £395

£800

£32.93

£395

 £56 £451

£900

£37.05

£445

 £63 £508

£1,000

£41.17

£494

 £70 £564

 

*   Figures rounded to nearest penny 

** Figures rounded to nearest £1