Are you considering joining a salary sacrifice scheme but not sure what it offers? Our experts have put together ten benefits that driving a salary sacrifice car can provide.
When you join your company's salary sacrifice car scheme you'll be provided with a brand new car to drive, and the latest models to choose from across all manufacturers. Most salary sacrifice schemes will only offer you fully electric or plug-in hybrid (PHEV) models as these offer the best savings for the company and its employees. Getting a new EV means you'll get the
Salary sacrifice schemes will typically be offered on lease cars which means every few years you'll give your car back and be able to choose another brand new model. If keeping up with the latest in technology, safety features and design is important to you then a salary sacrifice car can be a great way to do it.
At a time when electric cars are still at a higher price point than their petrol or diesel counterparts you can get a brand new electric car at a lower price. Salary Sacrifice costs tend to be 30% to 60% lower than other methods of financing a car, depending on the model and deal you choose.
Here at Xcite Salary Sacrifice, we are independent brokers not tied to any financial institutions, manufacturers or suppliers, and we specialise in finding the most competitive lease deals on the market for our clients.
You will not pay Income Tax or National Insurance on the part of your salary that is sacrificed to pay for your car.
Salary Sacrifice is a complete hassle-free package with servicing, tyres, maintenance, breakdown and recovery, accident management and fully comprehensive insurance all included. The only thing you'll need to pay for will be charging your car.
There are no credit checks, so your personal credit rating is not affected, and you don’t need to pay a deposit for a salary sacrifice car.
Your car lease payments are fixed and go straight out of your salary. They do not change during the lease making it easier for you to budget your car costs.
If you join your company's salary sacrifice scheme you'll be provided with the details for your fleet manager, who you'll be able to contact about anything to do with your car. whether you've got a question on travelling in the car, a flat tyre or want to discuss your next vehicle.
Everyone needs to prepare for Net Zero, the international pledge to reduce greenhouse gas emissions to zero by 2050. One of the most impactful changes an individual can make to reduce their emissions is to change how they travel. Some choose to do this by using public transport, others by walking more but the easiest way is to drive an EV. Electric cars produce no emissions at the point of use, and depending on your electricity supplier may even use renewable energy to power them further reducing the emissions created to power them.
When you reach the end of your salary sacrifice contact you simply hand the car back and get your new one. There's no worries about the car depreciating in value or arranging to sell it on.
Although there are many benefits to salary sacrifice cars there are a few things you need to consider when deciding if it's the right choice for you. The first is that the car is a benefit of your employment so if you expect to change your job then you may lose the benefit. Even if you stay with the company making changes such as reducing your hours or changing role.
You will also need to be mindful that most contracts will be between to and four years, so you are committed to that deduction from your salary for that time. This could affect other financial plans you may have for the near future.
If your company is already a part of Xcite's Salary Sacrifice scheme then you simply need to get in touch with your manager or HR to find out more about the joining process.
If your company doesn't currently offer salary sacrifice vehicles, or you think that our scheme would be of interest to them then please put them in touch with our team on 01722 548 200 or salary.sacrifice@xcitecarleasing.co.uk
