Employers can slash the cost of salary sacrifice cars to their staff by up to 61% by expanding the choice of vehicles to include used electric cars.
Pioneering salary sacrifice specialist loveelectric.cars was first to market with its used salary sacrifice scheme, re-loveelectric, and has forged an exclusive partnership with Lex Autolease to be the only salsac provider with access to the leasing giant’s used fleet.
Lex Autolease is responsible for financing one in eight electric cars on UK roads.
The collaboration gives loveelectric.cars an unbeatable selection of hand-picked, meticulously maintained used EVs to offer its customers.
These used electric cars are available immediately, with none of the long lead time delays that have troubled the new car market over the last two years. As they have already suffered their initial depreciation, their monthly rentals are hundreds of pounds cheaper than the identical salsac cars when new.
“Salary sacrifice is already the cheapest way to fund an electric car. It enables employees to save 30% to 60% compared to personal leasing, by paying for a car out of gross salary,” says Steve Tigar, CEO and founder of loveelectric.cars.
“Extending the pool of available vehicles to cheaper, secondhand models, amplifies these savings by hundreds of pounds per month.
“The advantages of salary sacrifice are so substantial that it has become the fastest growing sector of car finance, increasing by [1]41% year-on-year in the first quarter of this year.”
Battery-powered cars already cost less to run per mile than their petrol or diesel equivalents and avoid all Ultra-low Emission Zone and Clean Air Zone charges.
However, even with the income tax and National Insurance savings of salary sacrifice, the higher list prices of EVs have left their lease rentals beyond the budget of some employees. Re-loveelectric makes many more of these zero-emission cars accessible to tens of thousands more staff, allowing cash-strapped HR departments to offer an extremely valuable, no-cost recruitment and retention benefit to their entire workforces during the cost-of-living crisis.
Re-loveelectric customers enjoy the added peace of mind that their monthly payments also include road tax, fully comprehensive insurance, servicing, breakdown cover, and maintenance.
Accelerating the transition of employees to electric cars helps organisations shrink their Scope 1 greenhouse gas emissions from business journeys when staff use their own cars for work trips, and Scope 3 emissions from commuting, supporting corporate ESG commitments.
“Despite the recent ban of new petrol and diesel vehicles being delayed to 2035, we’re not slowing down on our mission to decarbonise the UK’s roads. There is enormous pressure for businesses and motorists to switch to electric,” said Tigar.
“Making both new and used EVs available and affordable is critical to reaching the pathway to net zero.”
[1] Figures from the British Vehicle Rental & Leasing Association
