There are few greater love stories than that between a driver and their vehicle, and particularly when it’s a brand-new vehicle. Anyone who loves driving will also love getting a new vehicle. Getting to experience new levels of comfort, technology and performance is an intoxicating mix at any time of year. As Valentine’s Day approaches, loved ones will understand that few things separate a passionate driver from their love for new wheels.

Electric vehicles (EVs) are fast becoming the most sought-after type of vehicle in a very competitive market. Sales of new registration EVs have already overtaken diesel vehicles, and the hunger of big brand vehicle manufacturers to develop new EV models will ensure that this sales trend continues. EVs now cater for every bracket of vehicle, from small city cars and family SUVs, to high performance vehicles and even vans. There are plenty of other benefits to driving an EV, and coupled with the advantages of a salary sacrifice car scheme offered by many employers, now might be the right time to switch.

What is a salary sacrifice car scheme?

Salary sacrifice car schemes are a type of employee benefit offered by many businesses. They work by the employee agreeing to give up a portion of their salary each month in return for a non-cash benefit, in this case the lease cost of a brand-new EV. The employee has exclusive use of a new EV for a lease period which can extend from six months up to four years, and they can choose the lease period which suits their budget. At the end of the lease period the employee returns the vehicle to the lease company and is free to start another lease with another brand-new vehicle. This offers considerable savings to drivers when compared to buying a motor car outright, such as using personal finance, and also offers various benefits compared to a personal leasing deal.

Here we will look at how EV driving through a salary sacrifice car scheme can increase your love of driving this Valentine’s Day.

What are the benefits of EV driving through a salary sacrifice car scheme?

• Reduced carbon footprint – EV drivers are driving a vehicle with zero carbon emissions.

• Easy-to-manage costs – The monthly amount sacrificed from the employee’s salary usually covers the lease cost, insurance, road tax, service and maintenance. This makes it very easy to manage and budget for your everyday driving.

• No deposit – There is no upfront cost required, unlike with finance deals and with personal leasing.

• Easy set-up – The scheme is very quick and easy to set-up as the administrative burden is taken on by the scheme provider and the employer, there are also no credit checks required as the contract is technically with the employer.

• Lower running costs – Electricity is much cheaper as a fuel when compared on the same rate per mile basis as petrol and diesel. In addition, there are various opportunities to develop charging practices and routines which reduce these costs even further, such as charging at home during cheap rate tariff periods.

• Lower service and maintenance costs – There are fewer moving parts in an EV, and therefore less that can go wrong, meaning service and maintenance costs are reduced. In addition to this, when driving a brand-new vehicle there is no mileage and no wear and tear when you first get the car, and your vehicle can benefit from the very latest technology, which improves reliability and performance even further.

• Tax savings – With a salary sacrifice car scheme the portion of salary is taken from the employee’s gross salary. This means the employee is paying a reduced amount of income tax and national insurance, which effectively increases their take-home pay. EVs also currently sit in the lowest bracket in terms of Benefit-in-Kind tax. This means it is much cheaper to drive an EV through a business scheme than driving a petrol or diesel vehicle.

• No risk – Most schemes offer an early termination arrangement, which means that if you leave the company you are not liable for the cost of the vehicle and can return it. There is also a degree of flexibility in the lease terms offered if your lifestyle demands change. For example, if your partner loses their job or you and your partner are having a baby, you can change the lease terms and make the lease period longer and therefore your monthly sacrifice amount lower.

Valentine’s Day is around us and love is in the air. At this time of year, love is accepting that your partner wants to drive cost-effective, sustainable vehicles with the very latest performance and infotainment technology. Speak to your employer today about salary sacrifice car schemes and the best schemes available.