Salary sacrifice electric car lease scheme - good value?

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Comments

  • Stateofart
    Stateofart Posts: 291 Forumite
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    Salary Sacrifice is typically not good value, however it covers the whole car in terms of maintenance so if you can't be bothered with the stress of running a car, it is a solution albeit you pay through the nose for it.  You'll probably find cheaper deals (possibly not including the full maintenance package) on PCP sites like Select Car Leasing or LingsCars.
  • mroshaw
    mroshaw Posts: 49 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Thank you! I would much rather pay less and put up with booking the car in for a service now and again. I guess there's always a chance that the cost of maintenance adds up, but it feels like the odds are stacked in favour of the leasing firm.

    I've seen some pretty good deals on used VW ID.3 cars at local dealerships, so might have a look down that route.

    Thank you for taking the time to respond!
  • Bigphil1474
    Bigphil1474 Posts: 2,400 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    OP, don't forget to check out your company car payments as well. I have to provide a car for my job, for which i receive a lump sum monthly and a mileage payment. If I take out a lease through salary sacrifice they reduce the monthly payments from £80 per month/40.9p per mile, to £0 per month and 15p per mile. If I do a lease privately, they don't change the lump sum or mileage payments. Seems bonkers to me.

    Every time I've looked at it, it hasn't been worth it to me. If I didn't lose those payments and had a drive way at home with a charging point and solar and maybe battery storage and maybe a decent electricity tariff, then it would be a different story, for me. I also do think it's worth it if you want a brand new EV vehicle with no hassles.
  • Ectophile
    Ectophile Posts: 7,324 Forumite
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    The price of used EVs, including nearly new ones, has come down a lot recently.  You may be able to find a bargain if you look around.
    I recently bought one, 1 year old, 3200 miles, for just over half the list price.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
  • WellKnownSid
    WellKnownSid Posts: 1,392 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Ectophile said:
    I recently bought one, 1 year old, 3200 miles, for just over half the list price.
    This.  We bought an 11 month old EV with just under 3k on the clock for 60% off new RRP (and still around 50% off the more common deeply-discounted new price).  From a main dealer, manufacturer approved used, serviced, Michelins all round, all the toys.

    If you look very carefully and do your homework, there are nearly new EVs that main dealers want to shift that are cheaper than most of the car supermarkets are selling 3-4 year old versions of the same car.
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    OP, I'm not quite sure what you are comparing it to.

    A new EV on a salary sacrifice leasing will almost certainly be cheaper than buying the same car with a personal loan or PCP, because of the tax benefit (that applies to EVs but much less to petrol cars).

    Is the question whether your company's scheme is good value vs other similar schemes offered by other companies?

    Or is the question if that's good value vs a used car?

    Are you considering only EVs or also petrol cars? A used petrol car may well be better value, but I'm not sure if that was the question?
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