loveelectric’s collaboration with Lex Autolease – which is responsible for financing one in every eight EVs on the UK’s roads – means drivers interested in capitalising on the benefits of EV salsac can now choose from an unbeatable selection of used EVs. A salary sacrifice scheme involves an agreement in which an employee agrees to a reduction in pay in return for a non-cash benefit, in this case, an EV.
Lex Autolease manages one of the largest EV fleets in the UK, and loveelectric.cars is the only salsac provider to secure access to these EVs before they join the used car market.
Meticulously maintained EVs from leading manufacturers are now available with none of the long lead time delays that have troubled the new car market over the last two years. And, as they have already suffered their initial depreciation, their monthly rentals are hundreds of pounds cheaper than identical salsac cars when new.
Savings can be as high as 61 percent, and monthly payments still include road tax, fully comprehensive insurance, servicing, breakdown cover and maintenance to give complete peace of mind to drivers.
Further savings for drivers arise from the cheaper cost of electricity per mile, compared to petrol and diesel, plus battery-powered cars avoid all Ultra-low Emission Zone and Clean Air Zone charges.
“Salary sacrifice is already the cheapest way to fund an electric car” said Steve Tigar, CEO and founder of loveelectric.cars. “It enables employees to save 30 percent to 60 percent compared to personal leasing, by paying for a car out of gross salary. 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, growing 41 percent year-on-year in the first quarter of this year.”
loveelectric launched the UK’s first used EV salsac scheme, called re-lovelectric, earlier this year, and its new partnership with Lex Autolease has exponentially increased the choice of used EVs available to drivers.
Re-lovelectric also gives cash-strapped employers a no-cost solution to help staff through the cost-of-living crisis by making EVs affordable to tens of thousands more employees.
Electric vehicles typically cost more as both new and used models, compared to their fossil-fuelled equivalents, so initiatives that make them more affordable to more people are vital for the UK to meet its climate change commitments.
“Chris Stark, CEO of the Climate Change Committee, recently called for greater consumer access to used EVs, and our mission through re-loveelectric is to make all-electric motoring as accessible as possible to as many people as possible by seizing the massive cost advantages of used models” added Mr Tigar. “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. Making new and used EVs available and affordable – is critical to supporting the pathway to net zero.”
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