WeVee has been helping businesses run salary sacrifice schemes since its launch in January 2019. Headquartered at One Lyric Square, London, WeVee has established itself as a leading EV expert in the UK leasing market.
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- Approved Used vehicles available
- Early termination protection built into every lease
What is an Electric Car Salary Sacrifice?
This innovative scheme has been put in place by the UK government to incentivise the uptake of EVs within businesses as company cars. By participating in an electric car salary sacrifice scheme, employees can lease a brand-new electric car by sacrificing a part of their pre-tax salary. This arrangement leads to significant savings on income tax, National Insurance, and VAT, making EVs more accessible than ever.
What Are the Benefits of a WeVee Salary Sacrifice?
- Financial Savings
Participants save on fuel costs, avoid high maintenance fees associated with petrol cars, and pay no road tax on electric vehicles. - Environmental Impact
By choosing an EV, you’re reducing carbon emissions and contributing to a healthier planet. - All-Inclusive offering
The scheme includes all necessary expenses like servicing, maintenance, tyre replacement, and motor insurance.
How to Join the WeVee Salary Sacrifice Program
Getting on board is straightforward. Interested businesses can contact WeVee’s dedicated team at 020 8012 8190 for a bespoke presentation explaining the scheme’s workings.
Once a contract is established, a dedicated account manager assists with paperwork and employee engagement, ensuring a smooth transition for the entire business.
There’s no personal credit check involved, so the WeVee scheme is fairly accessible to employees.
What’s Included in a WeVee Salary Sacrifice?
A WeVee Salary Sacrifice scheme typically includes the following:
- Car Insurance
Comprehensive electric car insurance is included, providing the necessary cover level for the leased vehicle. - Servicing and Maintenance Costs
Routine servicing and maintenance of the leased EV are included, ensuring the vehicle remains in good condition without additional costs to the employee. - Replacement Tyres
The cost of replacing tyres, either due to wear and tear or damage, is covered under the scheme. - Additional Support
WeVee provides dedicated account management and expert advice to help employees understand the scheme and make informed decisions. - Tax Benefits
Employees benefit from savings on income tax, National Insurance, and VAT due to the pre-tax salary deduction. They still need to pay the current EV BIK rate, but this is much less than the equivalent rate on a petrol or diesel car.
What are the Pros and Cons of WeVee Salary Sacrifice?
The Pros
Inclusive Package
The inclusion of maintenance, insurance, and other associated costs in the monthly deduction simplifies things for owners.
No Credit Check Required
This makes the program accessible to a broader range of employees, regardless of their credit history.
Expert Guidance
Dedicated account managers and advisors provide valuable assistance and information, easing the process for both employers and employees.
Wide Range of EVs
WeVee have access to every single EV in the UK market, so plenty of choice for your business needs.
The Cons
Limited Information on the Website
The lack of detailed information about the scheme on WeVee’s website makes it difficult for us as reviewers and potential participants to fully understand the terms, benefits, and any potential limitations or responsibilities associated with the scheme. A program of this nature needs to offer comprehensive details upfront to foster trust and transparency.
Lack of Early Termination Details
There is no clear information published about early termination policies. This lack of transparency might lead to unexpected costs or complications if an employee needs to exit the program early.
The Final Word on the WeVee Salary Sacrifice Scheme
The WeVee Salary Sacrifice scheme for electric vehicles has several attractive features, but it’s hard to get the full picture from the limited information they provide to the public.
There does feel like a lack of comprehensive information available on WeVee’s website when compared to other salary sacrifice providers. Prospective businesses who wish to sign up would benefit from more detailed disclosures about key aspects of the scheme, such as minimum contract terms, early termination fees, delivery costs, and other potential expenses or obligations. Providing this information online would help individuals and businesses make a decision without needing to pick up the phone and call WeVee.
They could also include explanations of options available to owners at the end of the lease term and any possible scenarios that might affect participants, such as job changes or financial hardships.
On a positive note, WeVee’s approach to communicating its services is pretty refreshing. The website’s copy is written in a personable and amusing manner, which is nice to see in an industry often characterised by formal and technical jargon. This approachable style likely makes the concept of electric vehicle leasing and the salary sacrifice scheme more accessible and less intimidating to a broader audience.
The absence of a personal credit check and inclusive coverage of insurance and maintenance are definite pluses, but the absence of detailed information about early termination and related costs poses a risk that needs addressing.
Help if You’re Struggling With Debt From Car Subscriptions or Leases
Late payments on car subscriptions or leases can lead to financial difficulties. If you find yourself struggling with debt from car subscriptions or leases, it is essential to seek professional guidance. Several debt advice services can help:
- StepChange: StepChange offers debt management plans tailored to your situation
- Citizens Advice: Offering free and confidential advice on managing debts.
- National Debtline: National Debtline is a helpline specifically designed to assist with personal debt, including car subscription or lease obligations.
- MoneyHelper (formerly The Money Advice Service): Providing tools and support to help you understand your options and make informed decisions.
Remember, the terms of car subscriptions and leases can vary significantly, so it’s really important to read and understand your specific agreements and obligations.
WeVee Salary Sacrifice Review Methodology
At Electric Car Guide, our review of WeVee Salary Sacrifice was conducted with impartiality and an in-depth understanding of what electric car users value. Here’s how we worked through our evaluation:
- Customer Feedback from Electric Car Guide: We surveyed users from our EV focus group. These insights offered us a firsthand view of real-world experiences and car subscription expectations, allowing us to frame our review around actual user needs and preferences.
- Reviews: We took into account both positive and negative reviews from Trustpilot. This provided a balanced perspective, acknowledging the praises and criticisms WeVee Salary Sacrifice has received from a diverse range of customers.
- Comparison with Competitors: We compared WeVee Salary Sacrifice features, offerings, and customer experience against their nearest competitors in the electric car subscription market. This enabled us to gauge WeVee Salary Sacrifice’s standing in the industry, highlighting its strengths and areas for improvement.
John is the Editor and Spokesperson for Electric Car Guide.
With over 20 years of writing experience, he has written for titles such as City AM, FE News and NerdWallet.com, covering various automotive and personal finance topics.
John’s market commentary has been covered by the likes of The Express, The Independent, Yahoo Finance and The Evening Standard.
