loveelectric.cars, a leading electric car salary sacrifice provider, today announced the launch of Re-loveelectric, their nearly-new EV salary sacrifice marketplace.
Founded to make EVs more accessible and affordable, Steve Tigar, loveelectric.cars’ co-founder and CEO, says that the used electric car marketplace will ensure more people across the UK can afford to switch to electric.
“There is a major issue in the market when we consider the affordability of electric cars,” Steve commented. “For many, the upfront cost of buying or leasing a new EV can prevent them from getting their dream vehicle. But with salary sacrifice, people across the UK can drive their dream car at a fraction of the price.”
Through salary sacrifice, loveelectric.cars’ drivers take advantage of the low Benefit in Kind rate and reduced National Insurance Contribution and Insurance Tax – resulting in savings from 30-60% off a new EV. So it’s no wonder, Tigar says, that the British Vehicle Rental and Leasing Association reports that salary sacrifice volumes are up 33% year on year, with employers attracted to a benefit they can extend to all staff, especially at a time when salaries are under pressure.
“With Re-loveelectric, we’ve amplified these savings. Now, drivers can lease used electric cars with the same salary sacrifice tax benefits.”
This announcement comes at a critical time as the used car market is on the rise. According to a report from the Society of Motor Manufacturers and Traders (SMMT), the EV used car market grew by 37.5% in 2022, representing record demand. This is in stark comparison to the overall used car market, which fell -8.5% in 2022.
However, with EVs representing an estimated 2.2% of the total car market, Tigar notes that there is room for substantial growth in the used EV market.
“With new petrol and diesel car sales banned by 2030, the pressure is on for both companies and drivers to switch to electric,” Tigar noted. “Ensuring that both new and used EVs are available – and affordable – is critical to reaching this ambitious goal.
“As the used electric car market continues to grow, we’ll see EVs become more affordable and widely dispersed. Through Re-loveelectric, people across the country can now access used electric cars – and reap the financial rewards of salary sacrifice.”
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