What is an electric car salary sacrifice scheme?
An electric car salary sacrifice scheme is a fantastic benefit that allows employees to lease a brand-new electric vehicle (EV) while significantly reducing the cost compared to a traditional lease or purchase.
Instead of receiving a portion of your salary, you're able to use (or 'sacrifice') that amount to pay for your new vehicle. The best part? This deduction comes out of your pre-tax salary, meaning you'll benefit from enhanced savings due to a reduction in your taxable income.
Electric vehicle salary sacrifice schemes are almost identical to traditional salary sacrifice schemes with the added environmental and financial advantages of EV ownership. This includes reduced Benefit in Kind (BiK) liabilities, lower running costs and a zero emissions experience.
What would you like to do?
- Explore the benefits of our electric salary sacrifice scheme for employees
- Explore the benefits of our electric salary sacrifice scheme for employers
- Learn what's included in a salary sacrifice scheme
- Find out why you should choose PVM for your electric salary sacrifice scheme
- Discover more relevant resources
- Get answers to other common questions
Employee Benefits
The electric salary sacrifice scheme offers a compelling package of financial and environmental benefits for employees, including significant cost savings compared to traditional car ownership.
Not only will you benefit from reduced tax due to the salary sacrifice arrangement, but electric vehicles also boast lower running costs thanks to their efficient electric motors.
Plus, you'll get the excitement of driving a brand-new electric car model, packed with the latest features and technology that electric vehicles have to offer.
Employer Benefits
The scheme doesn't just benefit employees, it's great for employers too. Businesses can see potential reductions in National Insurance contributions to the salary sacrificed by employees enrolled in the scheme.
It also demonstrates the company's commitment to environmental responsibility by offering access to eco-friendly electric vehicles, which can be a major perk for attracting and retaining top talent.
What's included in our electric salary sacrifice scheme?
Brand New EVs
We offer a wide selection of popular electric cars in stock, ready to be delivered.
Servicing and Maintenance
All servicing and maintenance costs are covered with every electric car leased through the electric salary sacrifice scheme.
Breakdown Cover
For peace of mind in the event of a breakdown, employees are completely covered.
Insurance
Standard comprehensive insurance is supplied for all electric vehicles leased through the electric salary sacrifice scheme.
Why Choose PVM?
Pendragon Vehicle Management (PVM) are experts in providing successful electric car schemes for companies and employees. With over 40 years of experience in fleet management, we offer a seamless program tailored to your company's needs.
Our team stays up-to-date with electric vehicle technology, ensuring your employees have access to the latest models. Plus, we provide dedicated driver support and leverage our extensive network to secure the best deals.
Choose PVM for a hassle-free experience and a scheme that keeps both companies and employees happy.
Ready to go electric?
Reduce costs, empower employees, and go green with our electric car salary sacrifice scheme.
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Frequently Asked Questions
The exact savings will depend on your salary band and tax bracket, but you can expect to save considerably compared to a traditional car lease or purchase. This is because you're paying tax on a lower salary amount.
We offer a wide variety of electric vehicles to choose from, including hatchbacks, SUVs, and even luxury models. Contact us to browse the latest electric car models and find the perfect fit for your needs and lifestyle.
There may be a minimum salary requirement to participate in the scheme. Contact your company's HR department for more details.
There is typically no upfront cost to the employer for the scheme itself. However, you may want to consider any potential administration costs associated with the scheme.
Contact us today, and we'll be happy to discuss your options and help you get started with offering an electric car salary sacrifice scheme to your employees.
