Can I sell my cycle to work bike?
The general rule of thumb is that you can sell your ex-cycle-to-work bike if you have completed your chosen ownership option.
Please note, you cannot sell your cycle to work scheme bike if:
- You are in the initial Hire Period, or
- If you are in an active Own it later agreement, or
- You have not completed a transfer of ownership with Cyclescheme or your employer.
You can complete your Cyclescheme transfer of ownership by paying your Own it later fee early (and concluding your Own it later agreement); this will enable you to legitimately sell your bike. To do this, simply contact Cyclescheme.
If your employer manages your end of hire/ownership solution, you will need to consult on your options with them.
However, you should be fine to sell your ex-cycle-to-work scheme bike if:
- You have completed your Hire Period and completed either an Own it now or Own it later agreement, or
- If you have completed a transfer of ownership with Cyclescheme or your employer.
How do I know if I have completed an Own it now or Own it later agreement?
The two agreements are usually offered at the end of the Hire Agreement (after 12 months), the difference between them is that the Own it now agreement would be completed at the point it's paid (hence 'own it now'), whereas the Own it later agreement would not be completed until the Own it later fee was paid and the bike was 4 years old (hence Own it later).
Some employers managed their own ownership options, in this case, it would be up to you and your employer to establish whether you've completed an acceptable 'transfer of ownership' agreement and whether or not you are now legally able to sell your ex-cycle-to-work scheme bike.