The Electric Car Scheme improves and expands used car offering
The most common thing we hear is: “Electric cars are unattainable, they’re too expensive.” This is one of the biggest barriers to more people driving electric. At The Electric Car Scheme, we have spent the past three years making electric cars more accessible by offering EV salary sacrifice. However, for many, electric cars are still unattainable, even with salary sacrifice. This is why we have have improved our used EV salary sacrifice offering.
Used electric cars are now available to lease from The Electric Car Scheme - making the switch to electric the cheapest it has ever been!
This is great because it not only makes electric cars more accessible, because of how affordable they are - ultimately, making the switch to electric the cheapest it has ever been. You can also have one delivered to your driveway in 14 days - eradicating long lead times.
Switching to an electric car is one of the most significant ways to make a positive change to net zero. Our mission, at The Electric Car Scheme, is to make it cheaper and easier than any other option. Used car salary sacrifice makes this possible, by allowing employees to save 30-60% on any used electric car by reducing their salary. We are extremely excited by this launch and believe you should be too!
When a lease usually ends, the car goes back to the leasing company and is often sold at auction. Our used car salary sacrifice scheme means when electric cars reach the end of their lease or are returned early, they are reconditioned and offered to members of The Electric Car Scheme at a discounted price.
Visit our quote tool and explore the used cars we have available to lease now! You can also see images of the car, showing its quality and condition.
How much could I save by leasing a used EV?
We have mentioned that one of the main benefits of leasing a used electric car is the affordability aspect - so how much can you save and how does it work?
Employees with a salary of £30,000 can access popular EV models like the Nissan LEAF, Volkswagen ID.3, and MG4 for less than £250 a month through our salary sacrifice scheme. This is possible because the lease cost is deducted from your gross salary by saving on national insurance and income tax, ultimately reducing the amount of tax you have to pay. EV salary sacrifice schemes, like The Electric Car Scheme, are particularly appealing because of their low benefit-in-kind tax rates for electric cars. This means employees can enjoy driving a new EV at a reduced overall cost compared to traditional car leases or purchases.
The table below shows how much you could save by leasing a used Kia Niro EV. You could save 39% per month if you choose used over new! You can browse all of the used electric cars we currently have available by visiting our quote tool.
Although the monthly salary sacrifice for the New Kia Niro EV is much higher, you will still save £268 on a monthly basis using salary sacrifice. The monthly price decreases significantly but not as much as with a used car. The tax savings on the used EV are lower, at £157 per month, but the lower initial lease cost makes it cheaper overall.
There are many benefits to salary sacrificing a used electric car, but here are the top three benefits.
More affordable - used electric cars are cheaper than leasing a new one. You can also save 30-60% on the cost of the lease, making your savings even bigger.
Quick delivery - with a used car the delivery times are much shorter, meaning you can get a car on your driveway within 14 days of ordering it!
Wide range of EVs - we have a wide selection of EVs available from across the UK, unlike other salary sacrifice providers
Our mission at The Electric Car Scheme is to support people through their transition to net zero by making EV uptake easy, affordable and simple. Ultimately creating win-win scenarios for the planet, our customers and our business and we believe our new used car offering will get even more people driving electric!
Used car predictions and analysis from The Electric Car Scheme
We predict that EV uptake will be boosted by becoming the most affordable option for those in the market for their next car. We forecast the price of an EV will reduce by as much as 40% in the next 12 months.
In just one area of significant affordability increases, the growing used EV market, those leasing an EV could save as much as 41% (on a Volkswagen ID.3), reducing the cost from £589 per month to £344 per month. With salary sacrifice, this falls to just £259*. Offering used cars enhances our service by making it accessible to more people. While salary sacrificing new electric cars is an affordable way to drive a new EV, the prices can still be high for some. By including used cars, we ensure that everyone has the opportunity to drive an electric vehicle, supporting our mission to increase the number of EV drivers.
| Model | Kia Niro EV | Tesla Model Y | Volkswagen ID.3 |
|---|---|---|---|
| New | £572 | £800 | £589 |
| Used | £367 | £605 | £344 |
| Savings | 35% | 24% | 41% |
The prediction also comes as Tesla announces a shift toward lower-cost models in 2025. The rise of Chinese EVs are also set to bring prices down with brands such as BYD and MG becoming more and more popular due to their low costs. The MG4 was the second most popular EV in the UK in 2023, with demand set to increase. A 2023 survey indicates that 29% of Brits would readily consider buying a Chinese car.
| Model | Volkswagen ID.3 | BYD Atto 3 | MG4 |
|---|---|---|---|
| New | £589 | £506 | £426 |
| With Salary Sacrifice | £436 | £384 | £324 |
| Saving vs VW | NA | 14% | 27% |
| Salary Sacrifice vs VW | NA | 11% | 25% |
We also predict that it will lead to a sharp increase in uptake, as price remains by far the biggest barrier to switching to an EV. Recent research highlights this, with 68% of Brits saying the high price is the biggest barrier to switching to an electric car.
CEO and Co-Founder of The Electric Car Scheme commented:
“EV uptake was never going to be linear, like many things it goes through peaks and troughs, but we could be on the cusp of a significant jump as affordability increases rapidly.”
“Demand for EVs has never been the issue in terms of uptake in the UK, at the end of the day it is all about affordability. Our research shows that for over two thirds of people, the cost is the biggest barrier to getting behind the wheel of an EV. This could be about to change drastically. As cheaper Chinese EVs become available, and the used EV market matures, we could see EVs available for less than £200 a month, a much more affordable price point.
EV uptake was never going to be linear, like many things it goes through peaks and troughs, but we could be on the cusp of a significant jump as affordability increases rapidly. The UK has a long way to go to reach the 2035 target, but there is significant desire to achieve this from consumers. This is exactly why we set up The Electric Car Scheme, to help make it simpler and cheaper to get behind the wheel of an electric car.”
Every person wants to make choices to achieve a net zero future and every company in the UK can help their employees do that, by offering The Electric Car Scheme as an employee benefit. Used car salary sacrifice will make electric cars even more accessible and we’re excited to get more people into EVs.
We are hosting a webinar about our used car launch to answer questions and tell you more about used car salary sacrifice at The Electric Car Scheme. Join us on Thursday, May 23rd at 12:30 pm by signing up below!
Last updated: 16/05/24
