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Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today.
Based on what you have described, would you be ideally wanting the cost of the bike back, less the deduction?
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Many thanks for your patience. Your rights on cancelling will depend on where you signed the contract for this replacement. If you signed for this online, agreed it over the phone or at your house then you will benefit from the automatic 14 day cooling off period under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013. However, if you had signed the contract at the dealer’s premises then you get no automatic cooling off period unfortunately and you can only cancel if the contact between you provided for a cancellation option and you followed that.
If you do not have the right to cancel then doing so could place you in breach of contract. Whilst no one can force you to have the new bike they could potentially pursue you for any losses arising from your breach, such as difference in sale price if they could only sell it for less later on. This would also depend on whether they actually go ahead and claim against you because they can only force you to pay up if they go to court and win. Majority of people would not go that far so you could take the risk.
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Yes the sooner the better really, get back to me if you need further assistance