Lombard launches EV leasing scheme to energise motor finance market

Asset finance provider Lombard, is launching a new leasing offering specifically for electric and plug-in hybrid vehicles.

Lombard’s salary sacrifice scheme for businesses, higher-rate taxpayers will potentially save an average of 43% on the cost of leasing a new EV.

For example, a driver sacrificing £600 a month from their gross salary towards their car could save £288 on their new EV, compared to paying from their net salary.

A recent BVRLA survey found that approximately 80% of businesses are likely to introduce a salary sacrifice car scheme.

Lombard’s offering is designed for businesses with over 250 eligible employees, providing an all-in-one solution through a user-friendly digital interface and customer support.

The free EV Planner tool helps businesses assess the EV readiness of their fleet, identify which cars can be transitioned and determine necessary charging infrastructure.

Through Lombard’s digital platform, employees can browse the latest car models, select their vehicle, and choose payment terms and mileage options to suit their needs.

The fixed monthly cost covers maintenance, insurance, road tax, and more. Employees can use the car for work or personal use, add an additional driver, and even include a home charge point, spreading the cost over the lease term via salary sacrifice.

Stuart Clark, head of climate transition at Lombard, stated: “Electric vehicles are transforming our roads. They are cheaper to run and tailpipe emission-free. But to truly benefit from the electric revolution, we need to make EVs more accessible.

“Like the cycle-to-work scheme but for cars, leasing an EV is an attractive benefit for employees, who could save hundreds of pounds each month through our salary sacrifice scheme. With no set-up costs for businesses, it’s easy for them to offer a great employee benefit while potentially reducing carbon emissions from employee travel and commuting.”

Lombard’s salary sacrifice offering is developed in partnership with fleet management business ALD Automotive | LeasePlan.

Leon McMahon, head of retail partnerships at ALD Automotive | LeasePlan UK, said: "The partnership between Lombard and ALD Automotive | LeasePlan is crucial in helping businesses navigate the challenging journey toward net zero. By combining Lombard's market presence with the technological expertise of ALD Automotive | LeasePlan, we provide a comprehensive range of fleet services, including contract hire, Flex, and our award-winning TCO+.”

"The Lombard EV Salary Sacrifice Scheme is a key innovation in our partnership, offering a fully digital product that enables drivers to get behind the wheel of a new electric or plug-in hybrid vehicle."