Novated Lease Electric Car: Novated Lease – Get Behind the Wheel of an Electric Car

A novated lease is an employee car finance solution using a carefully calculated combination of your pre-tax salary and take-home pay to fund repayments. It also removes payable GST from the vehicle cost.

Thanks to the government EV discount and FBT exemption on battery, hydrogen fuel cell and plug-in hybrid electric vehicles valued below $84,916 for 2022-23, making an EV a more affordable option with a novated lease has never been easier. For more information about the novated lease electric car, click here.

Savings on every aspect of your car ownership

EVs cost less, with no need to fill up at petrol stations and lower servicing costs. Their technology also means fewer moving parts that can break down or wear out over time.

In addition to the savings on fuel and servicing, novated lease EV owners can save on Fringe Benefits Tax thanks to the government’s new Electric Car FBT exemption. It makes it even more financially viable for employees to take up an EV-novated lease.

The good news is that the demand for EVs is increasing rapidly, especially among younger Australians. Maxxia has seen a nearly four-fold increase in EV novated lease orders in just the first half of FY23. And this is expected to continue.

Lower fuel costs

EVs have much lower running costs than petrol or diesel vehicles, and when you choose a fully maintained novated lease, your EV running costs will be covered by your regular car repayments. It means you’ll be able to safely drive home knowing that your electricity and maintenance costs are covered. For more information about the novated lease electric car, click here.

Lower maintenance costs

With the introduction of the new FBT exemption for electric vehicles, choosing an EV through a novated lease is even more financially beneficial. This arrangement allows employees to salary package their car and claim GST on the vehicle cost each pay cycle, making EVs more affordable for Australian drivers.

An EV on a novated lease also comes with a home charging station and access to commercial stations, helping you save money on fuel costs even further. It’s estimated that EV owners can save up to $35 on a full petrol tank.

Considering the benefits, taxation policies and setup process involved, it’s no wonder why so many Australians are switching to an EV through a novated leasing arrangement. If you’re considering going electric, we can help you find an eligible model and work with you to meet your budget.

Access to commercial charging stations

Electric vehicles are growing in popularity. EVs are better for the environment and hold a higher trade-in value when it comes time to buy your next car.

With the FBT exemption and a range of government incentives, owning an EV through a novated lease is cheaper than ever. You’ll be able to save on registration, insurance and maintenance costs while enjoying the savings on fuel. For more information about the novated lease electric car, click here.

We can help you find an EV that meets your needs and budget, then work with your employer to arrange all the details of your novated lease. We’ll ensure all your lease repayments and running costs are included in one manageable payment so you can say goodbye to bill-juggling. We’ll even organise your home charging station if you need it.

Get on the road sooner.

Thanks to the EV Discount Policy and other government incentives, getting behind the wheel of an electric car has never been more affordable. And with a novated lease, you can bundle registration, compulsory third party insurance, maintenance, tyres and more in one easy payment before tax.

Vehicle leasing specialist FleetPartners reported that 45% of its new novated leases written in June 2023 were for EVs or plug-in hybrids. If you don’t have the budget to buy a new car, try this car finance solution now!