10 most asked questions by employees about EV salary sacrifice
Thinking about getting an electric vehicle (EV) through salary sacrifice but have a few burning questions? Don’t worry, you’re not the only one! We’ve rounded up the 10 most common questions from employees, breaking them down in a way that’s easy to understand (and a little fun too).
1. What exactly is salary sacrifice?
Salary sacrifice is simple – your employer takes a portion of your salary before tax and uses it to cover the cost of your new electric car. By doing this, you save on Income Tax and National Insurance, giving you a great discount just for driving greener.
2. Are repairs and servicing included?
In some cases, (especially Octopus EVs salary sacrifice scheme) yes. Repairs, servicing, and regular maintenance are often bundled into the scheme, meaning if your EV needs a tune-up, it's all covered.
3. Do I have to pay for tyres?
It depends. Some schemes do include tyre replacements and repairs, so if you get a puncture or your tread wears thin, you’re covered.
4. What happens if I leave my job while on the scheme?
If you leave your job, most schemes have some form of protection in place. For example, with Octopus EVs salary sacrifice scheme, if you leave due to redundancy or long-term illness, in most situations, we’ll allow you to end the lease without any penalties.
You should always check your Driver Handbook for specifics.
5. Is it cheaper to get an EV on salary sacrifice than leasing a petrol car?
Absolutely. Some would say it’s the cheapest way to get an electric car…
Since your payments come out of your pre-tax salary, you can save up to 40% compared to leasing a petrol or diesel car. That means more savings for you, and fewer emissions in the air – a win-win!
6. How does insurance work?
Insurance is often included in the package, meaning you’re covered for accidents, theft, and damage.
Octopus EVs salary sacrifice scheme, in most cases, even throws in additional perks like a damage waiver at the end of the lease.
Be sure to check what’s covered in your specific plan, but overall, insurance is one less thing for you to worry about.
7. What other perks do employees get on an EV salary sacrifice scheme?
Apart from repairs, servicing, tyres, and insurance, many schemes also include breakdown cover, MOTs, road tax, and end-of-lease damage waivers.
Octopus EVs salary sacrifice also offers perks like home chargers or discounted public charging memberships - making it less hassle and giving you even more peace of mind.
8. Can I use the EV for personal and business purposes?
Of course, you can use your EV for commuting, personal trips, school runs, weekend road trips, or whatever you like. It’s yours to enjoy, whether for work or play.
9. What happens if I go on extended leave?
Whether it’s parental leave or long-term illness, most schemes will offer some flexibility. Depending on the terms, your payments may be paused, or the lease could even be ended if needed, so you're not left in a tough spot financially.
10. Can I pick any EV I want?
You’ve got plenty of options, though it might not stretch to a supercar (yet!). From small city cars to spacious family SUVs, there’s an EV for every need and budget.
So, there you have it – the 10 most-asked questions about EV salary sacrifice, all wrapped up and ready to go.
Looking for more information on our EV salary sacrifice scheme? Check out our EV Salary Sacrifice Hub.
