Benefits of Electric vehicle salary sacrifice Scheme
Electric vehicles are becoming increasingly popular, with many people recognising the benefits they offer in terms of both cost and environmental impact. A salary sacrifice car scheme can help you to afford an electric vehicle by allowing you to make lower monthly payments.
What is a salary sacrifice car scheme?
A salary sacrifice car scheme is a way of financing an electric vehicle by making monthly payments out of your salary. The amount you pay each month is deducted from your gross salary, meaning that you will pay less income tax and National Insurance on the car.
The benefits of a salary sacrifice car scheme
There are a number of benefits to taking out a salary sacrifice car scheme:
- You will pay less income tax and National Insurance on the car.
- The monthly payments are usually lower than if you were to finance the car yourself.
- You may be eligible for a government grant towards the cost of the car.
- Electric vehicles are cheaper to run than petrol or diesel cars, so you will save money on fuel costs.
If you are thinking of buying an electric vehicle, a salary sacrifice car scheme could be the perfect way to finance it. Contact your local car dealer or financial advisor to find out more about how to set up a scheme. Electric vehicle salary sacrifice schemes are becoming very popular among companies, and the with the amazing benefits that they offer, its easy to see why.
How does the scheme let me pay less tax?
When you take out a salary sacrifice car scheme, the amount you pay each month is deducted from your gross salary. This means that you will pay less income tax and National Insurance on the car. For example, if you earn £1,000 per month and you set up a salary sacrifice car scheme with a monthly payment of £100, you will only pay tax and National Insurance on £900 per month. This can save you a lot of money over the course of a year.
In addition to paying less tax and National Insurance, you may also be eligible for a government grant towards the cost of the car. The amount of the grant varies
Are Electric Vehicles worth buying?
Electric vehicles offer a number of advantages over petrol and diesel cars. They are cheaper to run, emit no pollutants and have a smaller environmental impact.
If you are considering buying an electric vehicle, the following points may help you to make your decision:
- Electric vehicles are cheaper to run than petrol or diesel cars. You will save money on fuel costs, and many electric vehicles are exempt from road tax and congestion charges.
- Electric vehicles emit no pollutants, so they are good for the environment.
- Electric vehicles have a smaller environmental impact than petrol or diesel cars. They produce fewer CO2 emissions and use less energy.
- Electric vehicles are becoming increasingly popular, so you may be able to sell your car for a higher price in the future.
- Electric vehicles are fun to drive! They are often quicker than petrol or diesel cars, and have instant torque (acceleration).
If you are thinking of buying an electric vehicle, a salary sacrifice car scheme could be the perfect way to finance it.
What is a Hybrid car?
A hybrid car is a vehicle that combines an electric motor with a petrol or diesel engine. The electric motor powers the car at low speeds, and the petrol or diesel engine kicks in when the car needs more power.
Hybrid cars offer a number of advantages over petrol and diesel cars. They are cheaper to run, emit limited pollutants, and have a smaller environmental impact.
If you are considering buying a hybrid car, the following points may help you to make your decision:
- Hybrid cars are cheaper to run than petrol or diesel cars. You will save money on fuel costs, and many hybrid cars are exempt from road tax and congestion charges.
- Hybrid cars emit limited pollutants, so they are good for the environment.
- Hybrid cars have a smaller environmental impact than petrol or diesel cars. They produce fewer CO2 emissions and use less energy.
- Hybrid cars are becoming increasingly popular, so you may be able to sell your car for a higher price in the future.
- Hybrid cars are fun to drive! They often have instant torque (acceleration), and can be very responsive.
If you are thinking of buying a hybrid car, a salary sacrifice car scheme could be the perfect way to finance it.
Overall, electric and hybrid cars have many benefits in comparison to petrol and diesel cars. They are cheaper to run, emit no or limited pollutants and have a smaller environmental impact. In addition, electric and hybrid cars are becoming increasingly popular, so you may be able to sell your car for a higher price in the future. If you are thinking of buying an electric or hybrid car, a salary sacrifice car scheme could be the perfect way to finance it.