Salary sacrifice is still the cheapeast way to get your drivers in to EVs
Salary sacrifice is booming. July’s BVRLA Leasing Outlook reports that the product grew an astonishing 41.2% to reach a total of 35,134 cars.
However, not all leasing brokers are offering customers the option of a salary sacrifice product. But there’s an opportunity for all brokers to capitalise on this growing sector of the market and open up further sales channels.
Getting the right quotation platform
The employee benefits on salary sacrifice are generated by the reduction in gross salary, producing income tax, National Insurance (NIC) and Health and Social Care Levy (HSCL) savings. And, depending on the employer’s VAT status, there my be additional VAT savings for employees as well.
In the quotation shown for the Hyundai IONIQ 5, you can see the savings an employee can expect on a gross salary sacrifice of £846. The indicated savings against PCH work out around £1,300 per year for the driver.
Hyundai IONIQ 5 with example salary sacrifice cost guidance
