Caboodle have teamed up with motoring specialists Halfords to launch MotorSave, a brand-new benefit scheme helping staff save and spread the cost of vehicle maintenance.
MotorSave is currently the only car maintenance salary sacrifice benefit available, allowing employees to not only save on the cost of their MOT, service, vehicle repairs and tyre replacement, but allowing them to spread the cost over a set period too.
The brand-new scheme is easy to set up and requires minimal administration for employers too, as well as being easy to access and use for employees.
Employees can save up to 12%
As MotorSave is a salary sacrifice scheme, employees can save up to 12% with the cost being covered through their pre-tax salary.
Employees also still benefit from promotional prices too, meaning their savings can go even further and the employee doesn’t miss out.
The cost is then spread out over 12 months, with deductions made from the employee’s gross pay, making car maintenance and repair costs much more manageable.
Safety and savings at the heart of the scheme
MotorSave is a great way to help to make motoring safer and car maintenance more affordable for your staff.
High car maintenance costs like servicing and repairs are much more likely to be postponed during times of financial uncertainty, particularly if they aren’t legally required to maintain the car on the road.
MOTs and any repairs needed threaten to leave many in a difficult financial situation or without a car on the road at all.
Where many are looking to carefully manage their finances, motorists need a better way to manage the cost of car maintenance.
MotorSave can help ease these worries for motorists by not only helping them save but also helping spread the cost.
A benefit for the family too
MotorSave is not just restricted to the employee’s vehicle and can be used on multiple cars within the household.
So, for example, if the whole household wanted to spread the cost of their MOT and service every year, they could do so through MotorSave.
How the scheme works
Employees will be able to head over to the Halfords website and enter their vehicle registration to see how much an MOT, service or repairs may cost.
They’ll then be able to calculate their monthly cost by deducting their savings through MotorSave and calculate the cost over 12 months.
The employee will then simply log on to their employee benefits platform, apply for the amount they need through the scheme and they’ll receive a letter of redemption that covers the cost of the work that needs to be carried out.
Any extra amount applied for that isn’t used on the cost of maintenance can be used on future MOT, servicing, tyre replacements or repairs.
Example employee savings
An employee decides they want to pay for their MOT and full service monthly rather than all in one go. They’ve worked out it will cost £234.99 with Halfords.
With MotorSave, they could save up to £28.20 and pay just £17.23 per month through salary sacrifice.
A valuable option for employee financial wellbeing
MotorSave is a great way to help employees manage their motoring maintenance costs.
Owning and maintaining a vehicle can often throw up unexpected costs, causing all kinds of financial headaches and making an unanticipated dent in an employee’s monthly pay cheque.
MotorSave helps take the worry of unexpected vehicle maintenance costs away while helping staff save too.
Find out more
For more information on how MotorSave could work for your business, get in touch and we’ll run through all the benefits of the scheme in detail with you.