The Brief
We were approached by Craig, a Director and key member of the PC Consultants team who has a passion for cars and wanted to lease a Tesla Model 3, which he’d set his heart on. After looking online to see what his options were and also visiting the Tesla showroom, it became clear that the car was out of his price range.
Having asked Vehicle Consulting Solent to look at opportunities for him, we came up with a solution that would enable Craig to drive the car of his choice.
What We Did
Having explored leasing options and finance packages, our Salary Sacrifice scheme became obvious as the best way forward for Craig which didn’t just mean that Craig got his dream car and saved money, but that PC Consultants as his employer saved money too.
So, what were the benefits of Craig using Salary Sacrifice?
- £1300 saving in comparison with Tesla’s best quote was made over the four-year contract hire term.
- Generous tax savings additional tax savings through the business as a salary sacrifice, added to this saving and delivered the car Craig for less than his budget.
- Higher spec and more aspirational car achievable within budget.
- No unexpected costs, servicing, maintenance, warranty, tyre replacement, and breakdown cover were included.
- New electric car, safe, reliable, comfortable, latest technology, ‘fuel’ cost savings, and zero tailpipe emissions for a reduced carbon footprint.
The Result
And the benefits for PC Consultants?
Vehicle Salary Sacrifice enables businesses to offer a facility for their valued staff to benefit from a well-maintained, reliable car, all whilst saving them money. And the employee can do this without having to undergo a credit check themselves. Not to mention the employer tax savings too!
On delivery of his new Tesla, Craig was delighted. And Jonathan Thornton MD of PC Consultants was also happy saying;
“The salary sacrifice scheme allowed us to do this whilst rewarding a long-standing and highly valued member of our team. In a way that enabled them to have their vehicle of choice in the most tax-efficient way.
We found working with Paul and Nancy of Vehicle Consulting gave us access to a much wider range of vehicles and impartial advice that was extremely valuable in helping us understand fully the financial calculations and considerations, giving us the clarity needed to both identify and then source exactly the right vehicle.”
