loveelectric.cars invites five salary sacrifice brokers to participate in unique second-hand EV salary sacrifice marketplace

FOLLOWING the successful launch of Re-loveelectric, the first EV salary sacrifice marketplace for nearly-new electric cars, loveelectric.cars has invited five UK brokers to participate in the platform. 

What is Re-loveelectric?

Re-loveelectric is a marketplace of nearly new, fully maintained electric cars that offers drivers the greatest flexibility in choosing and upgrading their vehicles throughout the lease period and protects drivers against heavy early termination penalties. There, customers can access the best deals and shortest lead times on the market while feeling confident they are protected if their circumstances change.

And as these second-hand cars are leased through a salary sacrifice model, the EVs still qualify for the ultra-low BiK rates and reduced National Insurance Contribution and Insurance Tax – resulting in savings of up to 60% off an electric car lease. 

Why participate in Re-loveelectric?

Previously exclusive to loveelectric customers, five brokers across the UK are now invited to participate in the marketplace so their customers can also access the same flexibility, savings and protection.

“Re-loveelectric is a game-changer for the EV salary sacrifice marketplace,” said loveelectric.cars CEO and co-founder Steve Tigar. “EV leases typically have a fixed term of 36 or 48 months and come with very high early termination charges. Re-loveelectric minimises this risk by allowing drivers to relist their EVs on our second-hand marketplace instead of incurring a financial penalty. 

“We’re delighted to extend this opportunity to EV brokers nationwide. As a result, Re-loveelectric will offer all EV salary sacrifice drivers more flexible leases, more available stock, and minimal risk of financial penalty so they can feel completely confident in their lease.”

This announcement could not have come at a more critical time. 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. 

“Getting a nearly-new EV has never been more desirable, and the market will only continue to grow,” Tigar added. “With new petrol and diesel car sales banned from 2030, the pressure is on for companies and drivers to switch to electric. Ensuring that both new and used EVs are available – and affordable – is critical to reaching this ambitious goal.

“Keeping Re-loveelectric to ourselves is not conducive to this mission. We are committed to supporting drivers to make the best decision possible – for their wallet and the environment – and by working with brokers nationwide, we can achieve this goal together.” 

Tigar concluded: “Salary sacrifice is the most affordable way to get behind the electric wheel and join the electric revolution. With Re-loveelectric, we’ve supercharged that offering.”

To qualify, brokers must currently run a salary sacrifice product and work with Lex Autolease for funding. As loveelectric.cars is an electric-only platform, brokers can only utilise this opportunity to relist second-hand EVs.