A website that finds you £1,000 for a new bicycle

The next time you need to justify the cost of a brand new bike, look no further than the Cycle to Work Calculator, a website that quickly calculates the annual savings to be made by swapping the car, bus or train for a bicycle.

The website compares the amount of time and money you spend on your bike with another mode of transport of your choice. The results are given as a total amount of money saved and a cost per mile.

£1,000 saving

For example, switching to a bicycle from a car for a daily 10-mile commute saves an average of over £1,000 a year. You can calculate your car’s running costs per mile by using a car cost calculator

The cost of not cycling

A spokesperson for the Environmental Transport Association (ETA) said: “The amount of money it’s possible to save by cycling to work as revealed by this website is substantial – and it doesn’t even take into account associated savings, such as the gym membership that is no longer needed and the savings in wear and tear if you are using your car less.”

• Taxman decides Cycle to Work scheme is a loophole

Saving money on your cycle insurance

Many cyclists could save money by switching their insurance provider. Cycle insurance from the ETA includes new-for-old replacement and accidental damage, £5m third party insurance, personal accident cover, worldwide cover and if you should be knocked off your bike our specialist legal team will fight your corner. From 34p per week.