Lease calculator

Lease calculator for a fleet of electric cargo bikes on a finance lease

A public simulator whose assumptions you set yourself.

Pick a model, a fleet size and a term, then adjust the equipment value, the rate and the residual value if you wish. Every parameter of the calculation is shown below, with its source and the date we recorded it. Wander sends you no financial terms: the rent, the term, the guarantees and the acceptance of the file are the business of the leasing company you choose.

Terms shorter than thirty-six months are not offered. They fall outside observed practice in equipment finance leasing, and they close off the three-year minimum term that the second paragraph of I of Article 220 undecies A of the French tax code requires of a rental contract.
Three values are offered: 20 per cent, the observed market value of a three-year-old fleet sold as is, used by default; 10 per cent, an intermediate value; 1 per cent, the usual floor of finance-lease purchase options. The lower the value chosen, the higher the rent displayed, and the 1 per cent value combined with a short term exposes you to the disallowance of part of the rents as a deduction.
Assumption of 35 euros excluding VAT per bike per month, not based on any maintainer quotation. It covers preventive maintenance and ordinary wear parts, never battery replacement. Maintenance is carried out by a third-party maintainer, never by Wander.
An assumption left in your hands. The only public equipment-leasing schedule we were able to read in full charges an arrangement fee of 2 per cent of the equipment price excluding VAT, with a minimum of 200 euros excluding VAT.
The two parameters of the schedule, shown and editable

These values are ours only until you change them, and they are not financing terms. Change them to run the calculation on your own assumptions.

Bike plus professional accessories, 358.33 euros excluding VAT of rack and panniers recorded at the official Tern France store. No lock, no marking, no second battery. Resets when you change model.
An internal assumption. It comes from no finance company's schedule and from no public statistic on equipment finance leasing rates, which does not exist. The only available anchor: new bank loans of one million euros or less to non-financial companies stood at 3.78 per cent in May 2026 according to the Banque de France.
Indicative monthly fee / bike 186 € excl. VAT per month, paid in advance
Total fleet monthly fee 930 € excl. VAT per month, paid in advance
Indicative total over the term 33 800 € excl. VAT, arrangement fee included, purchase option on top
  • Lease coefficient, as a percentage of the financed amount excl. VAT 2.50% / month
  • Monthly rate of the model, not to be confused with the coefficient 0,46 %
  • The lease coefficient is neither an interest rate nor an annual percentage rate. The convention used is the proportional rate, the annual rate divided by twelve, with rents payable in advance and monthly instalments. The market also offers quarterly, half-yearly and annual instalments, which are not modelled here.
  • Of which financing rent €151 / bike
  • Preventive maintenance package (third-party maintainer) €35 / bike
  • Arrangement fee (included in the total) 250 €
  • Rents payable in advance, purchase option on top. The commitment shown covers the down payment, the rents and the arrangement fee. It does not cover deed costs, including the registration at the commercial court registry made compulsory by the publication of the transaction, nor guarantee costs, nor insurance, nor any security deposit, which is distinct from the larger first rent and refundable at the end of the contract.

Employer's net monthly charge, excluding the bike fleet tax reduction

Deduct from the rent the mobility spending the fleet removes: company cars replaced, transport season tickets given up, recoverable VAT where applicable. The corporate tax effect is applied to the net charge, not to the rent alone. Enter your own figures, VAT included.

This module assumes the bikes replace home-to-work travel already paid for by the company, a company car or a public transport season ticket. It does not model an operating fleet assigned to rounds, whose avoided costs would be different and which none of the lines below would capture.

Count only employees who actually held a season ticket subsidised by the company before the fleet was introduced, and who give it up. Handing over a bike does not by itself extinguish any entitlement: the subsidy remains due as long as the employee buys and presents a ticket. Basis used: 45.40 euros, half the 2026 all-zone monthly Navigo pass at 90.80 euros, full fare.
  • Fleet lease incl. VAT (cash out) 1 118 €
  • Corporate tax effect, computed on the net charge - 280 €
  • Net monthly charge, excluding Article 220 undecies A 840 €

A negative figure is a net saving. The tax effect is applied to the net charge and not to the rent alone: the spending you avoid was also deductible, and its disappearance raises your taxable profit. It assumes sufficient taxable profit, the 15 per cent reduced rate being capped at 42,500 euros of profit, subject to turnover and ownership conditions. The rent block is stated excluding VAT; this module is stated including VAT because it reasons in actual cash out: VAT is recoverable neither on the rent of a passenger car nor, by default, on that of a mixed-use longtail. This calculation is not tax advice and must be confirmed with your accountant.

The French sustainable mobility allowance is not part of this calculation. It reimburses an employee who incurs costs with their own personal cycle, and the ministry responsible for transport lists company bikes and company vehicles among the ineligible modes. A fleet you make available therefore creates no entitlement and no saving on that basis. It is moreover a sum the employer pays out, never one it collects.

This calculation includes no tax reduction under Article 220 undecies A of the French tax code, and that is not an oversight. That reduction requires a fleet of bikes to be made available free of charge to employees for their home-to-work travel: any contribution asked of the employee forfeits it, and a fleet assigned to company rounds falls outside its scope. Administrative doctrine further makes rental spending conditional on a contract taken out with a lessor for a minimum term of three years, and says nothing about finance leases or lease-purchase agreements: we therefore do not present the eligibility of a finance lease as settled. Lastly this reduction and the deduction of value added tax never combine on the same bike, since the free provision the first requires closes off the second. The point is secured by a ruling under Article L. 80 B of the French book of tax procedures.

To weigh this rental against a pay rise giving the employee the same gain, use the company-bike or pay-rise comparison tool. For a single Tern GSD R14 over thirty-six months with preventive maintenance and no increased upfront rental, both tools share the same reference rental; the Tern GSD S10 shown here by default produces a lower rental per bike.

And in carbon terms? The order of magnitude, ADEME-sourced, on your volumes.

Strictly indicative simulation. The rent shown is an estimate computed on an equipment value recorded at distributors, an internal rate assumption that comes from no finance company's schedule, and a residual value chosen from three values, 20 per cent by default, based on the observed market value of a three-year-old fleet sold as is, 10 per cent, and 1 per cent, the usual floor of finance-lease purchase options. These three parameters are shown above and you can change them: the assumptions of this calculator are yours, not ours. This calculator is neither a quotation, nor a credit or finance lease offer, nor financing advice, nor a commitment, and its result is not an indicative monthly payment sent to you by Wander. Wander Fleet acts as a business introducer and as the simple indicator (simple indicateur) referred to at 2° of Article R. 519-2 du code monétaire et financier (French monetary and financial code): it is not the financing body, is neither a credit institution nor a financing company, is not registered with ORIAS and provides no banking intermediation service. The final rent, the term, the guarantees and the acceptance of the file are exclusively the business of the leasing company you choose, which is separate from Wander. The rent block is stated excluding VAT. The net charge module is stated including VAT, because it reasons in actual cash out. To be confirmed with your accountant.

Request a costed study
Parameters and sources

Where every figure in this calculator comes from

Every parameter carries its value, its source and the date we recorded it. Where sources diverge, we publish the gap rather than smooth it over. Parameters recorded on 27 July 2026, residual value reviewed on 20 August 2026. Next review scheduled for 1 September 2026, the date Article 278 of the French tax code is repealed.

The titles of the French legal texts and market sources cited below are not translated.

The parameters of the schedule

Equipment value, Tern GSD S10 generation 3
€6,066 excl. VAT per bike, i.e. €5,708.33 excl. VAT for the bike at the manufacturer's price, €6,850 incl. VAT, plus €358.33 excl. VAT of professional accessories. Source 1 and source 2, recorded on 27 July 2026. Editable above.
Equipment value, Tern GSD R14
€8,200 excl. VAT per bike, based on a retailer price of €9,429 incl. VAT, i.e. €7,857.50 excl. VAT, plus the same accessories. The manufacturer publishes no French price for this model. Another distributor lists €10,199 incl. VAT for a third-generation machine with an 800 watt-hour battery: we publish both bounds rather than an average. Sources 3, 4 and 5.
Professional accessories included in the equipment value
€358.33 excl. VAT, i.e. one Transporteur Rack luggage rack at €165 incl. VAT and one pair of 52-inch Cargo Hold Panniers at €265 incl. VAT, recorded at the official Tern France store. They include neither a lock, nor marking, nor a second battery. Source 6.
Mixed fleet
€6,279 excl. VAT, on a split of 90 per cent S10 and 10 per cent R14. This is an internal commercial assumption, not a source.
Annual rate of the model
5.5 per cent, an internal assumption. It is backed by no financier's schedule and by no public statistic on equipment finance leasing rates, which does not exist: the Banque de France publishes no rate by financing purpose. The only anchor available: new bank loans to non-financial corporations of one million euros or less came out at 3.78 per cent in May 2026. Source 8. Editable above.
Residual value and purchase option
20 per cent of the equipment price excl. VAT. This is the observed market value of a French fleet of three-year-old electrically assisted bikes sold as is: the 84 bikes of Lannion-Trégor Communauté, 2022 vintage, went to auction in December 2025 at a starting price of 300 euros each against an original price of 1,375 euros incl. VAT, i.e. 21.8 per cent, and Upway publishes a range of 15 to 20 per cent of the list price for the end-of-lease buyout of an employee-leased bike. This value sits above the usual finance-lease purchase-option range of 1 to 6 per cent: the higher it is, the lower the rent, and a rent built on it assumes a lessor willing to carry that residual-value risk. It moves away, on the other hand, from the disallowance risk attached to exercising an option at an abnormally low price. These readings concern electrically assisted city bikes: no equivalent public reading exists for cargo bikes. The selector also offers the values of 10 per cent and 1 per cent, the latter remaining the usual floor of finance-lease purchase options. Sources 9, 10, 11, 26 and 27. Editable above.
Calculation convention
Rents payable in advance, paid-in-advance basis, monthly frequency, proportional monthly rate equal to the annual rate divided by twelve, residual value discounted over the term, down payment deducted at signature. The market also offers quarterly, half-yearly and annual frequencies, which are not modelled here.
Preventive maintenance package
€35 excl. VAT per bike and per month, batteries excluded. An assumption not derived from a maintenance provider's quotation. The only French public data available places the maintenance of a cargo bike in intensive use at between 30 and 200 euros per month and per bike: 35 euros is therefore the floor of that range. Maintenance is carried out by a third-party maintenance provider, never by Wander. Source 7.
Arrangement fee
€250 excl. VAT by default, an assumption left in your hands. The only public schedule we have been able to read in full charges 2 per cent of the price of the equipment excl. VAT, with a minimum of 200 euros excl. VAT. Source 10.
VAT
20 per cent, applied to the rent and to maintenance. Not recoverable by default on a cycle: the exclusion is one of principle and targets vehicles or machines, whatever their nature, designed to carry persons or for mixed uses, the extension to related services covering rental as well as maintenance. It falls away only where fittings establish a design exclusively for the carriage of goods, the example given by the tax authorities being a two-wheeled front-loader cargo bike. The manufacturer itself documents a passenger system on the Tern GSD. Sources 12, 13, 14 and 15.
Basis of the corporate tax effect
Lease payment incl. VAT where the tax is not recoverable, lease payment excl. VAT otherwise, then application of the tax rate to the net charge after avoided expenses, and not to the rent alone.
Transport season ticket subsidy avoided
€45.40 per month and per employee who gives it up, i.e. half of the 2026 all-zones Navigo Mois pass at 90.80 euros, full fare. The figure falls to 41.62 euros for an employee on the annual pass at 998.80 euros and to 22.70 euros at the reduced fare. The subsidy is owed only to an employee who uses public transport, it is calculated on the ticket strictly covering the journey, and it is prorated below half-time. Sources 16, 17 and 18.

Sources

  1. Tern Bicycles, French GSD range page. French prices published by the manufacturer, GSD P10 at 5,800 euros, GSD S10 at 6,850 euros, GSD P00 at 6,950 euros. Basis used for the S10 equipment value. ternbicycles.com/fr/bikes/471/gsd accessed on 27 July 2026
  2. Tern Store France, Tern GSD S10 product page. The brand's official store in France, 6,850 euros incl. VAT in all three colours, i.e. 5,708.33 euros excl. VAT. ternstorefrance.com/products/tern-gsd-s10-lx-1 accessed on 27 July 2026
  3. Tern Bicycles, French GSD R14 product page. Generation 3, Bosch PowerPack battery of 800 watt-hours, extendable to 1,600 watt-hours. The manufacturer publishes no French price for this model, unlike the P10, S10 and P00. ternbicycles.com/fr/bikes/473/gsd-r14 accessed on 27 July 2026
  4. Roulez Jeunesse, Tern GSD R14 product page. Retailer price of 9,429 euros incl. VAT, i.e. 7,857.50 euros excl. VAT. Basis used for the R14 equipment value. The product page states neither generation nor model year. shop.roulezjeunesse.com/products/tern-gsd-r14 accessed on 27 July 2026
  5. ECOX, Tern GSD R14 product page. The only French offer identified whose generation and battery match the R14 documented by the manufacturer, 10,199 euros incl. VAT, i.e. 8,499.17 euros excl. VAT, 2025 model year. Upper bound of the published range. ecox.fr/shop/ecox292680-tern-gsd-r14-572551 accessed on 27 July 2026
  6. Tern Store France, GSD accessories. Transporteur Rack at 165 euros and Cargo Hold Panniers 52 inches at 265 euros, i.e. 430 euros incl. VAT and 358.33 euros excl. VAT, which underpins the professional accessories item. ternstorefrance.com, search for Transporteur Rack accessed on 27 July 2026
  7. Les Boîtes à Vélo France, with the support of ADEME, Panorama de la cyclologistique en France (overview of cycle logistics in France), September 2023, page 15. The only French public figure putting a number on the maintenance of a cargo bike in intensive use: from 30 to 200 euros per month and per bike, within a total cost of ownership range of 200 to 600 euros per month over three years and 40,000 kilometres. The same page warns of the difficulty of establishing average costs. Panorama de la cyclologistique 2023 (PDF) accessed on 27 July 2026
  8. Banque de France, Stat Info Financement des entreprises (corporate financing statistics), 2026-05 issue, published online on 9 July 2026. New bank loans to non-financial corporations at 3.54 per cent in May 2026, new loans of 1 million euros or less at 3.78 per cent, small and medium-sized enterprises at 3.53 per cent. No interest rate is published for the Equipment category. banque-france.fr, Financement des entreprises 2026-05 accessed on 27 July 2026
  9. Légifrance, article L. 313-7 du code monétaire et financier (French monetary and financial code). Definition of equipment finance leasing, distinguished from a simple rental by the purchase option at a price that takes the rents paid at least partly into account. legifrance.gouv.fr, art. L. 313-7 CMF accessed on 27 July 2026
  10. CCI Paris Île-de-France, practical guide Le crédit-bail (finance lease), updated on 25 June 2026. Residual value generally between 1 and 6 per cent of the original price excl. VAT, usual term of three to seven years, rents paid in advance and not revisable, mandatory publication of the transaction at the commercial court registry, cost higher than that of a long-term loan, arrangement fee of 2 per cent of the price excl. VAT with a minimum of 200 euros. entreprises.cci-paris-idf.fr, Le crédit-bail accessed on 27 July 2026
  11. BOFiP, BOI-BIC-BASE-60-20, tax treatment of equipment finance leasing transactions, paragraph 1. A fraction of the rents is not deductible where the purchase option is exercised at an abnormally low price in view of the normal useful life of the asset and of the lease period already elapsed. No numerical threshold is set. bofip.impots.gouv.fr, BOI-BIC-BASE-60-20 accessed on 27 July 2026
  12. Légifrance, article 206 de l'annexe II au code général des impôts (French general tax code), IV, 2, 6° and 10°. Admission coefficient set at zero for vehicles or machines, whatever their nature, designed to carry persons or for mixed use, and extension under 10° to services of any kind, in particular hire, relating to those goods. Basis for the non-deduction on the rent and on maintenance. legifrance.gouv.fr, art. 206 ann. II CGI accessed on 27 July 2026
  13. BOFiP, BOI-TVA-DED-30-30-20, version of 23 July 2025, paragraph 45. Exclusion from the right to deduct for cycles, electrically assisted or not, save for specific fittings evidencing a design exclusively for the carriage of goods, the example given being the two-wheeled front-loading cargo bike. Underpins the default setting of this calculator. bofip.impots.gouv.fr, BOI-TVA-DED-30-30-20 accessed on 27 July 2026
  14. Légifrance, article 278 du code général des impôts (French general tax code). Standard rate of VAT set at 20 per cent. Version in force until 1 September 2026, the article being repealed on that date by ordonnance n° 2025-1247 du 17 décembre 2025. legifrance.gouv.fr, art. 278 CGI accessed on 27 July 2026
  15. BOFiP, ruling BOI-RES-TVA-000253 of 18 February 2026. Transitional provisions of the recodification of VAT on 1 September 2026. The regulatory provisions of annexe II au code général des impôts are not affected by the transfer and remain applicable until they are carried over. References to the code général des impôts remain possible until 31 December 2027. bofip.impots.gouv.fr, BOI-RES-TVA-000253 accessed on 27 July 2026
  16. Île-de-France Mobilités, press release Tarifs Navigo 2026 of 27 November 2025. Navigo Mois all-zones pass at 90.80 euros and Navigo Annuel all-zones pass at 998.80 euros, taking effect on 1 January 2026. presse.iledefrance-mobilites.fr, Tarifs Navigo 2026 accessed on 27 July 2026
  17. service-public.gouv.fr, news item A18679 of 11 December 2025. Confirmation issued after the board vote: the monthly season ticket rises from 88.80 euros in 2025 to 90.80 euros in 2026. service-public.gouv.fr, actualité A18679 accessed on 27 July 2026
  18. Légifrance, articles R. 3261-1, R. 3261-3, R. 3261-5 and R. 3261-9 (French labour code). Employer contribution equal to 50 per cent of the cost of the season tickets for the employee, calculated on second-class fares and on the ticket strictly covering the journey, subject to the tickets being handed in or produced, and prorated for an employee working less than half-time. legifrance.gouv.fr, art. R. 3261-1 et s. C. trav. accessed on 27 July 2026
  19. Légifrance, article L. 3261-3-1 (French labour code). Mobility allowance. The employer may cover all or part of the expenses incurred by employees travelling on their own cycle or electrically assisted pedal cycle. Payment is optional in the private sector and requires a personally owned cycle. legifrance.gouv.fr, art. L. 3261-3-1 C. trav. accessed on 27 July 2026
  20. Ministries responsible for ecological transition and transport, page Le soutien des employeurs aux mobilités durables (employer support for sustainable mobility), updated on 27 March 2026. List of modes not eligible for the mobility allowance, which expressly classifies company bikes and company vehicles among them. Basis for removing the mobility allowance line from this calculator. ecologie.gouv.fr, soutien des employeurs aux mobilités durables accessed on 27 July 2026
  21. Légifrance, article 220 undecies A (French general tax code). Tax reduction equal to the costs generated up to 31 December 2027 by making a fleet of bikes available to employees free of charge for their journeys between home and place of work, capped at 25 per cent of the purchase or rental price. Minimum three-year term of the rental contract, in the second sub-paragraph of I. legifrance.gouv.fr, art. 220 undecies A CGI accessed on 27 July 2026
  22. BOFiP, BOI-IS-RICI-20-30, version published on 8 January 2025, paragraphs 40, 50 and 60. Exhaustive list of eligible expenditure, eligibility of rental expenditure subject to a contract taken out with a rental company for a minimum term of three years, the 25 per cent limit assessed per purchase or rental and not per financial year, the price taken incl. VAT, since VAT is not deductible on these vehicles. Grounds the fact that the reduction and the VAT deduction cannot be combined. bofip.impots.gouv.fr, BOI-IS-RICI-20-30 accessed on 27 July 2026
  23. Saemes, price boards for the Champs-Élysées and Picpus Nation car parks. Monthly car subscription for a non-reserved space at 290 euros incl. VAT in the 8th arrondissement at the 15 April 2026 rate, and at 150 euros incl. VAT in the 12th at the 29 May 2025 rate. Monthly cargo-bike subscription at 20 euros incl. VAT. Sets the bounds of the Monthly parking avoided field. saemes.fr, affiche tarifaire Champs-Élysées (PDF) accessed on 27 July 2026
  24. Direction générale de l'énergie et du climat (French energy and climate directorate-general), weekly note Cours, prix et marges des produits pétroliers (petroleum product prices and margins), reading of 17 July 2026. National average selling prices incl. VAT: diesel at 206.64 euro cents per litre and SP95-E10 petrol at 197.65 cents. Provides the reference range for the Monthly fuel avoided field. ecologie.gouv.fr, note pétrolière du 17 juillet 2026 (PDF) accessed on 27 July 2026
  25. Légifrance, article R. 519-2 du code monétaire et financier (French monetary and financial code). Status of mere introducer (simple indicateur) under 2°, under which Wander Fleet's involvement falls and which governs the wording of the notices in this calculator. legifrance.gouv.fr, art. R. 519-2 CMF accessed on 27 July 2026
  26. Trévou-Tréguignec, a member commune of Lannion-Trégor Communauté, notice of the auction of 84 second-hand Vélek'tros. 84 Arcade Cycles electrically assisted bikes from 2022, sold from 9 to 11 December 2025 on encheres-domaine.gouv.fr, starting price of 300 euros per bike, with lock, battery and charger, against an original price of 1,375 euros incl. VAT taken from the procurement contract, i.e. 21.8 per cent. Only the starting price is published, not the hammer price. trevou-treguignec.bzh, vente aux enchères LTC accessed on 20 August 2026
  27. Upway, page Fin du leasing vélo : acheter, rendre ou prolonger ? (end of the bike lease: buy, return or extend?). For buying the bike at the end of an employee lease, the residual value “tourne généralement autour de 15 à 20 % du prix catalogue d'origine” (generally sits at around 15 to 20% of the original list price). Page published for the Belgian market, where employee bike leasing is most developed; no equivalent range is published for France. upway.be, fin du leasing vélo accessed on 20 August 2026

What we do not know

Publishing an assumption as a fact is the first way to mislead. Here are the points we were unable to settle as at 27 July 2026, and which we prefer to set out here.

  • The recommended retail price of the Tern GSD S10 cannot be settled by a single source. The manufacturer and its official French store both show 6,850 euros incl. VAT, a Paris retailer 5,599 euros, and a confirmed second-generation machine sells for 5,999 euros at a third distributor. The gap of 1,251 euros is explained neither by the generation nor by any advertised discount. We use the manufacturer's price.
  • The recommended retail price of the Tern GSD R14 cannot be settled. The manufacturer maintains a French product page but publishes no price on it. Two retailer readings give 9,429 euros incl. VAT without specifying the generation, a third gives 10,199 euros for a third-generation machine. We publish both bounds.
  • The reference generation is not fixed. Several generations of the GSD are sold simultaneously in France under the same trade name, with price gaps of more than 1,000 euros. Until the generation is fixed, the equipment value shown is an order of magnitude.
  • The 5.5 per cent rate is not backed by any funder's schedule. No public statistic exists for the average rate on equipment finance leasing transactions. Until a written schedule is obtained, the rate remains an assumption, which is why it can be changed.
  • The maintenance package is not based on any quotation received. The scope of the package is not contractually defined to date, and the manufacturer's warranty terms for commercial use have not been verified.
  • The arrangement fee is based on a single public schedule. The actual market range for a deal of a few tens of thousands of euros is not established beyond this measurement point.
  • The monthly-rate calculation convention applied by French leasing companies, proportional rate or equivalent actuarial rate, was not found in any open source. The model uses the proportional rate.
  • Finance leasing requires a minimum deal size, set by at least one institution at 5,000 euros of equipment excl. VAT. Entering a single bike may produce a borderline case that cannot be financed. Lessors further require an active secondary market, which is not publicly established for the electrically assisted cargo bike, and that governs both the acceptance of applications and the level of the residual value.
  • Whether a fleet financed under a finance lease qualifies for the reduction under Article 220 undecies A is not established. The statute refers to a rental contract of at least three years, and the administrative guidance to a contract taken out with a rental company, without mentioning finance leasing either to include it or to exclude it. The point can be secured by an advance ruling (rescrit) on the basis of Article L. 80 B du livre des procédures fiscales (French code of tax procedure).
  • The social security treatment of making a fleet available has not been verified against its regulatory source. The social security websites refuse automated connections, a refusal reproduced on 27 July 2026. No amount falling under that heading is published here.
  • The annual mileage implicit in the net-charge module is not fixed. A fuel budget of 140 euros a month corresponds to the national average across the passenger-car stock, whereas long-term rental contracts are based on a far higher average mileage. This field remains yours to set.
  • The cost of parking the bike fleet itself is not deducted from the calculation. One Paris operator charges a monthly cargo-bike subscription of 20 euros incl. VAT.