Are you going to join the bike-buying boom?
With so many stunning countryside landscapes and bike-friendly cities, it’s no wonder Brits love cycling. 47% of us own or have access to a bike, with that number set to grow even more.
Since the COVID-19 pandemic, when prioritising our health and wellbeing was the top of almost everyone’s agenda, the number of people buying bikes has increase and bike manufacturers have been working hard to meet this extra demand. But, with demand slowing as Britain gets back to ‘the new normal’, we’re seeing suppliers with surplus bike stock starting to sell off their products at a bargain price.
So, if you just need a bit of an extra push to get back on your bike, now could be a good time.
In this guide, we’re looking at why there are so many good deals on bikes right now and how you can spot a great deal.
Bike prices are falling
What goes up, must come down.
The industry saw a large increase in the price of bikes between 2019 and 2022. Brexit, the Covid pandemic, Russia’s war in Ukraine and rising inflation pushed costs of manufacture and transportation up, ultimately resulting in the price of bikes increasing.
Demand showed no sign of slowing down in recent years, either, contributing to prices staying so high for so long. But things are changing.
An industry-wide slump in bike sales has resulted in manufacturers lowering their prices. According to the Bicycle Association, total UK mechanical bike volumes fell 22% in 2022. Perhaps keen cyclists already have the equipment they need, new customers are on the hunt for e-bike models or the UK’s cycling craze is simply slowing down.
Many bike manufacturers have over-ordered and are now looking to shift their excess stock, while others are simply reducing their prices in response to economic changes.
One thing’s certain - for those yet to jump on the bike-riding bandwagon, now’s the time to get a great deal.
How to get a great deal on your next bike
1. Bargain in store
If you’re really after the best deal, head to your local bike shop and speak to an expert. They’ll be able to offer advice on the best model to suit your needs and point you in the direction of any discounts too. You always have the option to ask outright if there’s any room for negotiation – you may find some dealers are open to a bit of bargaining to secure a sale.
Think about haggling over a package deal too. A retailer might be more easily persuaded to offer a better price on product bundles that includes accessories or clothing, giving them a little more wiggle room on how to bring costs down.
2. Don't be distracted by the biggest discounts
Let’s say you spot a particularly expensive bike on sale for the same price as a lower-end model. It’s a no brainer, right? Not necessarily. You might not need all the fancy components that come with pricey models. If you buy purely based on how much money you save, you could end up riding away with a bike that’s not quite right for you and your needs.
Instead, do your research and make sure you know which size, style and model of bike you’re looking for before you go bargain hunting. It’ll help you keep your search focused.
3. Buy off-peak
While bike prices are generally low at the moment, you may find that retailers are reserving their very best deals for the Autumn season. So, if you’re not desperate to buy a bike straightaway it could be worth waiting until the summer’s over and big sales periods such as Black Friday are right around the corner.
4. Browse second-hand options
Second-hand bikes can be cheaper than brand new models, and you can still get your hands on a great bicycle with all the features you need. Always seek out a reputable used bicycle dealer to make sure the bike you buy is safe and quality checked.
Demo bikes or bikes from a rental fleet could also be cost-effective options, allowing you to get a top-quality bike for a bit less.
5. Buy last year's model
Keep an eye out for the release date of brand-new models, as it’s likely older bikes will go on sale soon after. There’s rarely too much difference between each year’s latest release but the price difference can be significant.
6. Ask your work if they run a Cycle to Work scheme
Cycle to Work is a government scheme that gives you access to a bike so you can ride to work. Your employer buys the bike for you and you essentially ‘hire’ it from them, with monthly payments taken directly from your gross salary (so you won’t pay income tax or national insurance on the scheme payments).
At the end of the scheme, you can return the bike, extend your hire agreement or pay a fee to own your bike outright.
It’s estimated the Cycle to Work scheme could save you over 32% off the cost of a new bike.
Top-up your funds with a low-interest bike loan
Whether you want to buy a bike outright with a loan or fancy topping up your budget to treat yourself to the latest model, our bike loans can help.
Borrow from £1,000 and £35,000 and spread your repayments over 2 to 7 years. Paying for a bike over time might make the cost more manageable, so you can start your adventures sooner.
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Written by
Luke Hilton is a Warrington-based email content writer and designer in the financial services industry. He enjoys mixing analytics and creativity and can usually be found with his head buried in stats, piecing together the patterns that make good content. In his spare time, the drive to figure things out continues with what can only be described as a love-hate relationship with DIY. With a keen love of the outdoors, Luke is usually up a mountain somewhere or in his garden growing his own oasis.
Tuesday 29th August 2023