I never understood the benefits of the flexible reward plan

We have a system in Belgium where you trade (part of) end-of-year bonus that is heavily taxed into perks. The perks are bought before taxation.

But nearly all the perks that are physical items are leasing and not items you do buy. You can buy the item after the lease period has ended cheaply and it's technically better. It's technically better if you plan (and can) stay at your employer for the full lease duration. But if you (have to) leave early, you are kinda getting financial screwed.

So let's say, you want an electric bicycle of 3000. The cost price of the lease is around 4250 (incl. insurance) but since you avoid the taxes, you actually pay 2185. If you decide to own it after the 3 years, you'll have to pay 450 - 600 euro on top of it (so 2635 to 2785) or you can start to lease a new bicycle.

But they argue that you'll have to also take insurance, do maintenance, ... that is all covered in the leasing budget and they argue you would have to pay on your own around 3600. If you decide to leave (or are fired), it is the contract that you (not the employer) takes over the current lease.

But am I mistaken or is this absolutely terrible in todays job market? Sure, it sounds great if you plan to stay 3 years but to me, the risk does not look worth it to save 365 euro. If you leave early, the bicycle costs now 40% more.