Affordable electric dreams come true: Octopus EV unveils second hand salary sacrifice scheme

• Octopus Electric Vehicles makes EVs more accessible with second hand salary sacrifice leasing
• Drivers can access popular EVs such Renault Zoe, Peugeot e-208 and Vauxhall Mokka-e for £300 a month, including running costs
• Tesla Model 3 and Polestar 2 work out up to 50% cheaper than their petrol or diesel equivalents

London, 31st July 2023 - Octopus Electric Vehicles, part of Octopus Energy Group, has launched a second hand leasing offering for electric cars - making the switch to electric driving the cheapest it has ever been.

Octopus’ ‘Nearly New’ salary sacrifice offer makes EVs even more accessible to the mass market by considerably reducing costs. Drivers are able to access popular EV models like the Renault Zoe, Peugeot e-208 and Vauxhall Mokka-e for roughly £300 a month, including fuel, insurance and maintenance costs.

Octopus has built on the success of its flagship salary sacrifice offer, which launched in 2021 and now works with more than 3,500 companies to boost their employee benefit package and help their staff go electric.

Like cycle-to-work but for cars, Octopus’ salary sacrifice helps drivers save 30-40% every month by paying through your gross salary. Octopus offers an easy all-in-one service, providing the use of an electric car, charger and discounted energy tariff.

Octopus is able to offer a wide range of electric cars under their second hand scheme - from the upper end to the more affordable side of the market. When you consider the total running costs, drivers can get a Tesla Model 3 - one of the most popular EVs in the UK - for half the price of the same model on a personal lease. In addition, monthly costs are more than 55% cheaper than leasing a BMW 3 Series.

All of the cars on offer are less than 2 years old and have been fully serviced. The offer opens up a new segment of the electric car market, making these new green and cheaper to run cars more affordable for those who may not have previously considered one.

Fiona Howarth, CEO of Octopus Electric Vehicles, commented: “Used cars make up more than 4 out of 5 car sales in the UK, and so to reach net zero transport, we need to build a strong second hand market for electric cars. As with all tech, the early models are expensive but with a growing fleet of second hand cars, you can now run one of these high tech, green, fun cars for half the price of an old school gas guzzler.”

“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.”

This summer, Octopus Electric Vehicles announced that it has reached £650 million of electric car funding to further support its salary sacrifice offering. The EV specialist business has increased its headcount tenfold since May 2021, creating more than 225 new green jobs across offices in London, Weybridge, Brighton and Manchester. Octopus also recently took its EV expertise to America with the launch of Octopus Electric Vehicles in the US.

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Press Contact

Sam Salehi

sam.salehi@octoenergy.com

0204 5308 369

Octopus Electric Vehicles:

Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make that switch to clean, electric transport. With over 85 electric cars now available from 28 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV.

Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 430,000 public charge points across Europe via Octopus Electroverse. All with a 5* rating on Trustpilot.

Octopus Electric Vehicles also specialises in salary sacrifice schemes - an employee benefit that makes driving a brand new electric car cheaper than the petrol or diesel equivalent through tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the scheme to be simple for an employer to set up and run, and support them at every step. Drivers typically save between 30-40% every month on the cost of their EV; and at zero-cost for an employer to set up, it’s great for their team, their hiring and retention, and for their sustainability goals.

More information can be found at www.octopusev.com