Do you have any magnets on your fridge? Go get one and see if it will stick to your bike.
Does the compass work when it's not near your bike?
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I put a compass on my bike this weekend in an attempt to reduce my lostness factor. Plus I thought it might be entertaining to know exactly which direction I was going, and where the wind was coming from, etc.
But the compass told me I was going north the whole 70 miles, when I *know* I spent a good 2/3 of my ride heading east/southeast or south.
Could my steel bike be magnetic?! Or could the huge headlight (Light & Motion Vega) battery do it? Any ideas for how to still mount a compass without bike-related interference?
...If it was magnetic, I see some decoration possibilities. Those magnetic flames for cars, for example...
Do you have any magnets on your fridge? Go get one and see if it will stick to your bike.
Does the compass work when it's not near your bike?
It's probably the L&M Vega. I also have that light and when it's in use, it totally messes up my wireless computer.
Have you tried it without the light on there? Or like kat suggested, trying the compass away from your bike? Process of elimination should let you figure out what's causing it.
If it does turn out to be the light, you could try what I did to fix my problem. I have a double piece of heavy duty aluminum foil that I wrap around the light as a 'shield' on the side that my computer sits on. It works!
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If your bike is steel magnets should stick to it regardless of whether or not the bike itself is magnetized.
I would agree with the others - the best candidate for messing with your compass is the light.
"Sharing the road means getting along, not getting ahead" - 1994 Washington State Driver's Guide
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Batteries are a notorious source of magnetic interference and one of the most difficult to compensate for in compassing (their magnetic signature changes).
Is this a digital or analog (waving hand) compass? If it's digital, there is probably a calibration routine you can use to account for any magnetic interference (it most likely would involve riding in a circle) from your bike.
"Bicycling is a big part of the future. It has to be. There's something wrong with a society that drives a car to workout in a gym." -- Bill Nye