Octopus EV introduces second-hand salary sacrifice scheme

Octopus Electric Vehicles, a division of Octopus Energy Group, has introduced a second-hand leasing option for electric cars, making the transition to electric driving more affordable than ever before.

Octopus Electric Vehicles secures £550 million securitisation facility with Lloyds Bank. Funds will supercharge Octopus’s flagship EV salary sacrifice scheme, which has more than 4k businesses signed up

Octopus’s nearly new salary sacrifice offer significantly reduces costs, allowing drivers to access popular EV models like the Renault Zoe, Peugeot e-208, and Vauxhall Mokka-e for approximately £300 per month, including fuel, insurance, and maintenance expenses.

Building on the success of their flagship salary sacrifice program, which launched in 2021 and collaborated with over 3,500 companies, Octopus aims to enhance employee benefit packages and facilitate the shift to electric transportation.

Similar to the concept of cycle-to-work schemes, Octopus’ salary sacrifice helps drivers save 30-40% monthly by deducting payments from their gross salary. This streamlined approach includes an all-in-one service, providing access to an electric car, charger, and discounted energy tariff.

Monthly expenses significantly less

Octopus extends its second-hand offering to a wide range of electric vehicles, catering to various market segments. When considering overall running costs, drivers can secure a Tesla Model 3, one of the UK’s most popular EVs, at half the price of a personal lease for the same model. Furthermore, monthly expenses are more than 55% lower than leasing a BMW 3 Series.

All cars offered are less than two years old and have undergone full servicing, making them an enticing option for those entering the electric car market. This initiative opens up a new avenue for environmentally friendly and cost-effective driving.

Fiona Howarth, CEO of Octopus Electric Vehicles, emphasised the significance of establishing a robust second-hand market for electric cars in achieving net-zero transport goals. She pointed out that with a growing fleet of second-hand electric cars, individuals can now enjoy the benefits of cutting-edge technology, green driving, and fun at half the price of traditional fossil fuel-powered vehicles.

“Leasing for EVs is an attractive option for people looking to go electric, allowing drivers to switch to the latest tech every few years and take advantage of low fuel costs. Very few of our drivers ever look back, and now going electric is even more affordable, opening it up to more drivers that may not have previously considered it.”