Lombard launches new salary sacrifice product.

Asset finance firm Lombard has launched an exciting new salary sacrifice scheme aimed at assisting drivers in making the switch to electric vehicles. The scheme offers a tax-efficient solution that allows drivers to access a wide range of electric and plug-in hybrid cars on a fully inclusive basis.

Drivers who are higher-rate taxpayers stand to benefit the most from Lombard’s salary sacrifice scheme, saving an impressive average of 43% on the cost of leasing a brand-new EV. This means that by sacrificing £600 a month from their gross salary towards their electric vehicle, they could save £288 compared to if they had paid for it out of their net salary, making the transition to electric vehicles a financially appealing option.

The launch of this scheme comes at a time when businesses are increasingly interested in offering salary sacrifice car schemes as a valuable employee benefit while also actively working towards reducing carbon emissions associated with their employees’ travel and commuting habits. A recent survey by the BVRLA revealed that 80% of businesses surveyed indicated it was ‘likely or very likely’ that they would introduce a salary sacrifice scheme for cars.

Developed in collaboration with ALD Automotive | LeasePlan, Lombard’s new offering provides a comprehensive solution for businesses with over 250 eligible employees. This user-friendly product features a digital interface and dedicated customer support to streamline the process for businesses and their employees looking to get started on their electric vehicle journey.

Businesses can utilise the free EV Planner tool provided by Lombard to assess the readiness of their employee vehicles for electric transition, identify suitable electric car models, and determine the necessary charging infrastructure. The digital interface allows employees to explore the latest car models, select their preferred vehicle, choose payment terms and mileage options, and even add extras such as a home charge point, all covered through the salary sacrifice scheme.

Stuart Clark, the head of climate transition at Lombard, expressed his enthusiasm for the scheme, stating, “Electric vehicles are revolutionising our roads, offering a cost-effective and environmentally friendly alternative. To maximize the benefits of this electric revolution, we need to make EVs more accessible to everyone.”

He added, “Similar to the popular cycle to work scheme, the option to lease an electric vehicle is a highly attractive benefit for employees. Through our salary sacrifice scheme, employees have the potential to save significant amounts each month, with no set-up costs for businesses. This not only provides a great employee benefit but also contributes to reducing carbon emissions from business travel and commuting.”

In conclusion, Lombard’s innovative salary sacrifice scheme is paving the way for a greener future by making electric vehicles more accessible and appealing to drivers. With attractive cost savings and a streamlined process, this scheme is not only beneficial for individual drivers but also for businesses looking to reduce their carbon footprint and offer valuable employee benefits.