$3,500 Novated Lease Incentive for Tesla Model 3 @ Tesla

1320
$3,500 Novated Lease Incentive for Tesla Model 3 @ Tesla
Go to Deal
monkeytrooper on 10/01/2025 - 18:21 tesla.com (3363 clicks)
Last edited 11/01/2025 - 21:10 by 1 other user

Tesla is running another novated lease incentive, similar to that in Nov/Dec 2024 (https://www.ozbargain.com.au/node/874298/). The incentive is not widely advertised on the Tesla AU website as previously (no site-wide banner), however the deal is being promoted by leasing company Smart (https://www.smart.com.au/p/tesla/).

The incentive is detailed when you step through the order process (https://www.tesla.com/en_au/model3/design#overview), and select Novated Lease as the payment method. The T&C are detailed at the bottom.

Calculation
Cost per month is accounting for the estimated reduction in post-tax pay. This does not include any packaged maintenance costs such as servicing or insurance and only shows the estimated figure for the vehicle finance. Current Novated Lease Incentive of $3,500 is applied post order to your final invoice.
Figures are approximate and based on the estimated driveaway price of the vehicle, which includes all on-road costs.

Calculations based on finance being arranged for approved applicants by Driva Pty Ltd ABN 37 636 659 160 and are for illustrative purposes only based on the information you have provided. The figures are estimates only and are not to be considered as final or binding. Driva Pty Ltd’s rates and terms are subject to change based on approval and other conditions.

Incentive
Order and finance an eligible Tesla vehicle through a Novated Lease provider by 24 March 2025 and take delivery by 31 March 2025 to qualify. Valid for eligible purchases of new Model 3 vehicles. By participating in this offer, you agree to these Terms and Conditions. ​
This offer is only available for eligible purchases financed through a novated lease with secured credit approval. Purchases of used vehicles and business customers (including fleet, enterprise, rental and government customers) are not eligible for this offer. If eligible, the incentive will be applied directly to your final invoice as a reduction from the vehicle purchase price once credit approval has been obtained and cannot be applied retroactively after delivery. Not redeemable for cash.​

Tesla reserves the right to change, modify, extend or terminate this offer at any time.​
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. For detailed advice and to discuss finance options tailored to your needs, we recommend speaking with a licensed independent financial advisor.

Referral Links

Referral: random (924)

Referee gets $350 off Model Y & 3 purchase.

Referrer gets $150 credit toward Supercharging, software upgrades, merchandise, service payments or a new vehicle. Limit of 10 referral benefits per calendar year.

Automotive Car Electric Vehicle Novated Lease Tesla Inc

Related Stores

Tesla
Tesla

Comments

  • ForTheGreaterGood on 10/01/2025 - 18:36
    +10

    I used Toyota's Novated Lease benefit calculator to determine if it was suitable for me, when I got my Mazda back in 2021. Of course, that was a different time with pricing all over the place, thanks to supply-demand mechanics. YMMV, but you can ususally find a sweet spot re the lease tenure to maximize benefits.

    • NoBargainNoLife on 10/01/2025 - 18:37
      +15

      FBT exemption for EV started in 2022

      • cozmo on 10/01/2025 - 19:22

        has/is the FBT exemption ending?

        • ajr5k on 10/01/2025 - 19:26
          +6

          It’s being “reviewed” in 2027 with plug in hybrid ending in May this year. So likely scrapped in 2027

          Edit: April, not May.

          • Stahh on 11/01/2025 - 11:16
            +1

            @ajr5k: So if you purchase a plug in hybrid before April will the FBT exemption apply for the duration of the lease or end in April?

            • ajr5k on 11/01/2025 - 13:27
              +3

              @Stahh: As legislated at present, should be the duration of the lease - But the government is the government so who knows, they set the rules and own the rule changes exclusively. ie Stage 3 Tax Cuts were legislated and Albo backflipped on that after winning power.

              https://www.ato.gov.au/businesses-and-organisations/hiring-a…

              "If there's no commitment before 1 April 2025
              An employer isn't entitled to an exemption in FBT from 1 April 2025 if there was no binding financial commitment, to provide the car to a particular employee, in place before then"

            • MetalPhreak on 12/01/2025 - 16:24

              @Stahh: If you have the lease in place and the finance part done (ie you've paid dealer for the car) by April, yes, you can enjoy the FBT benefit for the full lease.

              Caveats:
              you can't extend a 2yr lease to 4yrs at the end for example and have the extra 2yrs FBT free. It's only on what you commit to before April.
              If you change employers and transfer the lease, it's effectively a new financial contract and the FBT benefit no longer applies (for a PHEV).

              Don't get a 5yr lease on a car you're not absolutely sure you'll keep that long. At this point, its 2-3 years from them reviewing the benefit anyway - it might continue longer (for existing, or existing and new). 2027 isn't the end date. They haven't set one. But it's likely they wont incentivise EVs forever.

        • Mrgreenz on 10/01/2025 - 19:27

          To be reviewed in April I believe

          • ajr5k on 10/01/2025 - 19:35
            +2

            @Mrgreenz: Sorry, I was wrong, you are correct for the Plug In Hybrid, it is indeed April.

        • DaDiesel on 11/01/2025 - 00:05
          +2

          technically 1 April 2025, so really March since you need to have received the vehicle by this date.

          • madseason on 11/01/2025 - 11:58
            +1

            @DaDiesel: They’ve updated it so you just need receipt of intention to buy, i.e. the deposit put down on the car. Which is way less stressful.

      • BatmanAU on 10/01/2025 - 19:36
        +1

        How does the FBT Government rebate work, as i have a Novated lease on Tesla M3LR and im paying the same amount a fortnight as if i was working at say Toyota. I questioned the lease company and they were like, meh we dont know.

        • ajr5k on 10/01/2025 - 19:39
          +3

          It isn’t a rebate.

          Normally, FBT is charged as a tax on the benefit you gain leveraging a NL to lower your tax bill. At present, an EV is exempt from this, allowing you to leverage a NL to lower your taxable income, but this not attracting a FBT liability.

          • BatmanAU on 10/01/2025 - 19:49

            @ajr5k: Seems as though finance isnt my thing, thanks for trying to explain, but i thought it dropped your fortnightly payments. Might have made a mistake lol

            • ajr5k on 10/01/2025 - 20:02
              +5

              @BatmanAU: It does when compared to a traditional loan and repayment system. The core difference is using pre-tax income for the vehicle and runnings costs, and not having to pay GST on the vehicle as it isn’t you buying it.

              No stress, I get it is complex… the joys of tax minimisation 🙂

              • gakko on 10/01/2025 - 20:30

                @ajr5k: Gets more complex when it's wrapped into an inscrutible deal of various costs for petrol, tyres, servicing, bundled under the one rate. I gave up trying to see how much it might benefit me. My employer designated provider is maxxia who are apparently awful.

                • ajr5k on 10/01/2025 - 20:52
                  +1

                  @gakko: The more stuff you bundle in, the more stuff you buy using pre-tax income rather than post tax income, which is effectively a discount on rego/tyres/insurance/roadside/petrol etc etc at your marginal tax rate.

                • BatmanAU on 10/01/2025 - 21:21
                  +1

                  @gakko: Try using LeasePlan, absolutely useless and incompetent f&wits

                • theUnderdog on 10/01/2025 - 22:45
                  +1

                  @gakko: @gakko maxxia is one of the better ones actually. There are several calculators that helps to determine the exact saving but in general if you can get the same interest with home loan and you drive min 15000km a year then you will save a lot

              • whyisave on 11/01/2025 - 01:21
                +1

                @ajr5k:

                the joys of tax minimisation 🙂

                Also, less tax = lower take-home salary

                • PhilToinby on 11/01/2025 - 05:34
                  +3

                  @whyisave: People forget this when they are choosing their top spec model car, just focusing on how much they can 'save', rather than how much less take home salary they will have.

                  And with the depression we've seen in the last 12.months, especially on these top spec models, any early adopters have 100% lost out, regardless of their tax bracket

                • ajr5k on 11/01/2025 - 07:59
                  +3

                  @whyisave: This is correct, but if you were going to get a car anyway, much better to use pretax income vs posttax income

            • z28 on 10/01/2025 - 20:44
              +9

              @BatmanAU: In a nut shell: if there is FBT, you will to pay the lease as a combination of post-tax and pre-tax. If there is no FBT, you can pay the lease all pre-tax.

              • ajr5k on 10/01/2025 - 20:58
                +2

                @z28: Great summary.

              • BatmanAU on 10/01/2025 - 21:23

                @z28: Nicely put for a financial imbecile as myself, so who pays the FBT, the employer? As i remember seeing some FBT figure on my income statement

              • gakko on 10/01/2025 - 21:58

                @z28: Yeah but you are pre-paying (sort of, via installments) for the add ons, with an interest rate applied right? Thats what gets me confused.

        • changyang1230 on 11/01/2025 - 01:17
          +85

          Let me give it a go.

          Typically as an employee, you receive your salary as PAYG i.e. each pay, instead of paying you the full gross pre-tax salary, they withhold a certain amount of tax that you would owe ATO, and give you your post-tax income. And normally when you buy a car / pay a car loan, you would use your post-tax money to pay for it.

          Novated lease is an arrangement between three parties - you (employee), your employer and a novated lease company. What NL does is that instead of pretax income > tax withheld > post-tax money > spend on car, they allow some of the pretax income to directly go towards your lease before the tax-withholding process. This is also typically said to be "spending pretax money". This becomes pretax income > some amount spent on car lease > the remaining money has the tax withheld.

          If you do all the maths and crunch all the numbers, the net effect is that spending pretax money is the same as getting an X% discount, where X is your marginal tax bracket + 2% Medicare levy. In other words, 30% bracket people gets 32% discount, 37% bracket gets 39% discount, 45% bracket gets 47% discount. Therefore someone on top bracket who is allowed to spend their 1000 dollars pretax is equivalent to spending only 530 dollars.

          All that sounds like a great deal - and novated lease has been a thing for many, many decades, however there has always been a catch: Fringe Benefit Tax i.e. FBT. Now FBT is actually a tax on the employer, not the employee. This process of allowing you to spend your pretax money is called a "fringe benefit", and to provide this the employer typically has to pay FBT (with a few exceptions). This is an extra expense most employers would typically want to avoid, but there's a workaround allowed by ATO. If instead of paying for NL with only pretax money, they actually pay part of it with post-tax money, then this FBT will then goes down to zero. The problem is, any amount that you end up paying with post-tax would now lose the "discount effect" discussed above, hence the saving is significantly reduced. And the amount you have to pay with post-tax to reduce FBT to zero is a lot - typically 20% of the car's value per year using the most common calculation method!

          Because of the above, while NL sounded nice in theory (i.e fund car with pretax money = save on tax = save money), when you account for this FBT effect and do the calculations carefully, one would often realise that NL had never been as good as a deal as the NL company wanted you to believe.

          That is, until FBT exemption came in since November 2022. The government needed a way to boost the take up of low-emission EV and PHEV - and this is the one incentive they decided on. For EV/PHEV below luxury car tax threshold (91,387 this financial year), you can now NL the car without any FBT whatsoever! This is equivalent to a few thousands less per year for any equivalent priced car.

          This was a total game changer. Without the encumbrance of FBT, NL became a genuinely good deal. Now NL companies obviously want their cut so many companies would try to get some commission with so called high "effective interest rate", however if you do the calculations carefully, you could conclude that people could save thousands to tens of thousands (I was personally 46,000 dollars better than cash being someone on top bracket).

          Now one needs to be careful as to how to compare NL vs cash / car loan. Most novated lease companies' calculator tries to obfuscate the picture - they tell you "you save xx,xxx dollars in tax" but they conveniently don't tell you that you are also paying thousands extra in interest that you wouldn't otherwise have paid. I wrote a spreadsheet that tries to disentangle this whole thing which many people have found helpful; another calculator I have found useful and honest is the Toyota Fleet calculator mentioned at the top level of this comment.

          Hope that helped make thing a bit clearer.

          https://www.reddit.com/r/AusFinance/s/VHJ25VpNKu

          • JasperAnderson on 11/01/2025 - 01:23
            +6

            @changyang1230: Mate, you are amazing!

          • whyisave on 11/01/2025 - 01:29
            +7

            @changyang1230: Your efforts are always remembered & well commended ;-)

            I'll add one bit here, ie. if you take a lease out, say 24-months or 36-months, then at the end of the lease there will be a residual / balloon payment that needs to be paid PLUS GST.
            However, if you want to end the lease earlier, you still need to pay the remaining term of the lease, ie. the "promise of the remainder of lease duration".

            So, if after 16 months of a 24-month lease, you want to end the lease, then you have to fork out 8-months of payments PLUS the residual payment, which is a considerable amount of money too.
            Basically, at the end of a lease, you should have that amount of money in the bank to pay the residual / payment,
            and many people don't, so they just elect to trade-in that vehicle, …and in doing so, they 'lose' a bit of money/value there as well, because trade-in prices are quite low in this market now.

            • changyang1230 on 11/01/2025 - 01:53
              +2

              @whyisave: Yeah I encourage people to assume that they will "pay out" the lease and that's the implicit assumption in that spreadsheet too. Otherwise you are beholden to lease forever (if you never have the cash to pay it out), and if FBT-exemption is discontinued you will be stuck doing NL forever which is not much of a great deal anymore.

              • Sicaaa on 11/01/2025 - 11:35

                @changyang1230: I’m curious to know what happens if FBT-exemption is discontinued in the middle of contract lease. Would it still be applied until the end of contract lease?

                • changyang1230 on 11/01/2025 - 11:38
                  +1

                  @Sicaaa: Being the government they can do whatever they like, but typically ongoing arrangement will be continued until the end of the lease term based on what happened previously to other arrangements.

                  For example, PHEV's FBT exemption does end 1/4/25, but if you start a FBT-exempt arrangement right now for 5 years, it will last from now till Jan 2030.

                  So one would hope that they do the same for EV NL if they decide to discontinue FBT exemption end of 2027, but at this point there's no promise just yet.

                  • digitalane on 11/01/2025 - 12:32

                    @changyang1230: I always aim for the largest tax benefit so an I right to assume a shorter term is best - and then if want to - extend. Did my first one for 2 year term and then yearly extensions. But about to do another and thinking to do 1 year - annoying the residual payment is fixed by ATO otherwise I’d happily package the whole amount with a very low residual (but I guess they’re wise to that!)

                    I’ve seen some suggest 2 years is the optimal term for on paper salary reduction / tax saving

          • aussieaubs on 11/01/2025 - 06:39
            +3

            @changyang1230: It’s early 2025 but I’ll give this as comment of the year for 2025 :)

          • tavk on 11/01/2025 - 07:18
            +1

            @changyang1230: Thanks so much. You have more than enough knowledge compared to many who have their own YouTube channel about finance!

          • CTFlashZ on 11/01/2025 - 10:48
            +2

            @changyang1230: 100% awesome resource.

            Can I just add though… if you're planning to take out a big loan in the next year or 2, DO NOT take on a Novated Lease. Sheeesh!! Your borrowing power will immensely suffer and you won't be able to get out of the NL.

            (3x NL'er here of $50k-90k cars and 1st time mortgage)

            • changyang1230 on 11/01/2025 - 10:53
              +5

              @CTFlashZ: Absolutely. I didn't want to extend my spiel even longer but since we are on the caveats of novated lease I might as well include my copy pasta about the caveats for anyone who come across this sub-thread.

              Outside working out the figures for the savings, I would encourage people to hold a more holistic view about whether they are an appropriate candidate. EV novated lease is a great deal and gives you great discount even over paying cash (I was 46,000 dollars better than cash!), and are more favourable the more criteria you meet below:

              • ⁠high tax bracket (the higher you are, the more saving you get)

              • ⁠stable job (moving job or losing job are at best troublesome, at worst huge financial loss)

              • ⁠have a home loan offset account (the idea is that avoiding paying cash from day 0 saves you plenty of home loan interest with the current interest rate)

              • ⁠not needing to borrow money (for own house, investment property etc) during the lease term (having NL greatly decreases your borrowing capacity - I once heard that getting a 70k car on NL would reduce your borrowing capacity by 200k or more)

              • ⁠considered the impact on government subsidies (many people would receive less childcare subsidy etc due to the way reportable fringe benefit is used to assess your eligibility and amount receivable)

              • ⁠considered the potential impact of super guarantee (a small percentage of payroll very naughtily use the post-NL salary to calculate your super contribution - if they do, then you may lose some 1000+ per year in loss in super contribution by your employer)

              • ⁠considered your exit strategy at the end of the lease i.e. are you prepared and have the money to pay out the residual. If you don't, you might be stuck with perpetually leasing a car - which may no longer be such a good deal if the government removes the FBT exemption. If you pay out the car then you will own the car and continue to enjoy the low running cost of EV (assuming that it doesn't otherwise give you too much costly trouble - and it looks like most EV will do okay)

              My free spreadsheet on novated lease has been well received and does a comprehensive simulation of all the financial impacts - I am quite confident that it considers more aspects than an average accountant's back-of-envelope calculations. I still recommend speaking to an experienced accountant / financial advisor, however, do try out my calculator and perhaps even bring it to them as a starting point.

              • whyisave on 11/01/2025 - 11:53
                +3

                @changyang1230:

                however, do try out my calculator and perhaps even bring it to them as a starting point.

                Showing them the spreadsheet will only embarrass them 😬

  • MrMoo on 10/01/2025 - 18:40
    +4

    Yer but rates are like 10% these days for car loans. That 3500 wouldn't even cover the first years interest.

    • NoBargainNoLife on 10/01/2025 - 18:51
      +8

      Apparently you know nothing about salary sacrifice or pre-tax. Your tax bracket is way higher than that 10%.

      • MrMoo on 10/01/2025 - 19:01

        Even with that aren't you still down a couple of thousand on interest?

        • Iwantthebestprice on 10/01/2025 - 19:06
          +4

          Not when in the highest tax bracket. I got a quote and my interest rate came in at 8% and being in the highest tax bracket it was definitely worth while. I believe if you are sitting in the 30% tax bracket you break even, anything below that definitely not worth it.

          • japes on 10/01/2025 - 19:19
            +2

            @Iwantthebestprice: I just NL'd a hybrid EV that doesnt qualify for FBT exemption at 8% and its still cheaper (from my end) than buying cash (assuming mortgage).

            • Iwantthebestprice on 10/01/2025 - 19:22

              @japes: I’m also looking at doing the same, I was looking at getting a hybrid and had my mind set on a RAV4 but it does not qualify as it’s not a BHEV but after doing quotes still seems to be better. Having a mortgage definitely helps as the money stays in offset.

              • japes on 10/01/2025 - 19:37
                +1

                @Iwantthebestprice: I went for an EV X-Trail - quotes from Remserv and other big providers were absolutely absurd, hundreds of dollars different a fortnight.

                Ended up with FAA (I'm in Government) and it was cheaper than anything the dealer could provide, including 3.9% finance promo.

                • Iwantthebestprice on 10/01/2025 - 19:52

                  @japes: Damn that’s a good rate. Being stuck in corporate I could only go with SGfleet and I negotiated hard and best they could do was 8.99% it’s not the worst I’ve seen some truly absurd NL interest rates on this site. If I could lock in a 3.9 promo rate I would jump in a heartbeat.

                  • japes on 10/01/2025 - 21:07

                    @Iwantthebestprice: The 3.9% was a Nissan promo and capped at 36 months, but even with various situations/bubbles, 8% salary sacrificed was still less out of pocket for me over the life of the loan.

                • nad007 on 11/01/2025 - 08:09

                  @japes: Whats FAA?

                  • japes on 11/01/2025 - 11:28

                    @nad007: Financial Advisors Australia/FAA Group.

            • ajr5k on 10/01/2025 - 19:27

              @japes: Why doesn’t it qualify for FBT exemption? Is it over the LMVT threshold?

              • japes on 10/01/2025 - 19:42
                +2

                @ajr5k: It's an EV Hybrid but not PHEV (X-Trail ePower). I was confident I'd need FBT exemption to make a novated lease worth it but was pleasantly surprised after shopping around.

                • ajr5k on 10/01/2025 - 19:50

                  @japes: Ah right makes sense.

                  Likely still worth to package up your rego and insurance using pretax income and save the 10% GST on the upfront costs.

                  Glad it’s worked out 🙂

            • Dandaman21 on 11/01/2025 - 13:26
              -3

              @japes: It absolutely is not cheaper, cash is always the cheapest option.

        • NoBargainNoLife on 10/01/2025 - 19:16
          +1

          Even if you are in the lowest tax bracket you are still saving 10k per year (lease term 1-2 year) because you are not dumping 30% to ATO. The few thousand interest you are paying is nothing. Get a quote and you will understand.
          And don't forget with novated lease you save 10% GST upon purchasing the car, that's also higher than the interest you are mentioning.

          • Iwantthebestprice on 10/01/2025 - 19:20
            +2

            @NoBargainNoLife: That’s true, anything is better than giving the money to the ATO if you can avoid it, but you need to remember you pay GST on the ballon payment.

            • teereb on 10/01/2025 - 20:28

              @Iwantthebestprice: Have a BYD Seal premium. 4 years novated has a ~21k balloon…still seems worth it to me.

              • Iwantthebestprice on 10/01/2025 - 20:31

                @teereb: It would be worth it but the longer the lease goes the less worthwhile the savings are I believe. I was told, and this could be wrong, that 2 years in the sweet spot for NL

                • teereb on 10/01/2025 - 20:33
                  +1

                  @Iwantthebestprice: Depends on your financial situation.

                  For me I chose 4, and considered 5, but 4 was a slightly better sweet spot.

                  Everyone has a different position with cash flow, and this works best for me.

                  The balloon seems worth it is what I meant; but that may change depending on what finance deals are on when the balloon is due, or what other cars are out there.

                  • Iwantthebestprice on 10/01/2025 - 20:58

                    @teereb: Definitely agree, btw how are you finding the BYD seal premium? It’s the only other EV I’m considering over Tesla, and I’ve seen a few in the shopping centre car park etc and they do make double take they have an impressive look.

                    • jd3 on 10/01/2025 - 22:20
                      +1

                      @Iwantthebestprice: Have you considered the Kia EV5? Its equivalent size and price to the model Y but actually is a car inside instead of a spaceship or minimalist artwork

                      • Iwantthebestprice on 10/01/2025 - 22:38

                        @jd3: No but just checked it out and looks good, also like the colour range more then Tesla, will check it out! I do prefer the display infront of the steering wheel, that’s one thing that really annoyed me about the Tesla when I test drove it was looking over to the screen to see my speed.

                        • MDSUXKS on 11/01/2025 - 02:52

                          @Iwantthebestprice: I had a Toyota echo 2004 yiu get used to in a couple of weeks or start to look tbe speedometer of a Android./ape car bingo you won't few the difference.

                    • teereb on 11/01/2025 - 09:03
                      +1

                      @Iwantthebestprice: No real issues tbh

                      It's a quiet drive, it's smooth and very comfortable. I have two car seats in the back, including a still rear facing 1-8 years, which are the largest seats your can get and there's still plenty of leg room for people over 6 foot.
                      Drove to Bunbury and back the other day, say on 114kph the whole way with AC going and got home with 25% battery. Hwy speeds will go through the battery faster than city (I'm roughly guessing at ~110 kph you get a bit over 400kms) , but that's just an example of range. Around the city driving I'll get well over 500kns per charge.

                      Minor things are if I have my foot flat and quickly let off it's a lot slower to respond / it coasts a split second.
                      While the boot goes a good way back, it isn't very deep, which is annoying for moving some boxes.

                      Oh, and man there is some real hate for people driving electric cars out there. People are just jerks. Haven't had so much road aggression towards me in over 2 decades of driving.

                      Honestly though go test drive the cars and make your mind up.

                      I wish I had bought the 3.8s, the top one tbh. I can't afford a house so an extra $50 or so a week probably isn't bad haha

                      And Byd have the full electric SUV, sealion 7, coming out in a couple months - if I didn't need a car in August I would have waited for that; kids and all.

                      • Iwantthebestprice on 11/01/2025 - 16:17
                        +1

                        @teereb: Thanks heaps mate, real good info here. Interesting about the hate on the roads didn’t even think of that one haha

                  • jd3 on 10/01/2025 - 22:24
                    +1

                    @teereb: 5 will likely be cheaper than 4 or 3 when you consider the tax deductions. When I worked it out in December, a $65k EV over 5 years was the cheapest option if you were planning on keeping the car for 5 years anyway. Total cost of ownership for a $65k car over 5 years was $67k including residual payout, tires, rego, insurance and maintenance. Beats even paying cash. Massive gov subsidy.

                  • ronnknee on 11/01/2025 - 13:02
                    +1

                    @teereb: Just wondering, how did 4 years end up being the sweet spot? Is it because the depreciation is much more than the interest for 4 years than 5 years?

                    • teereb on 11/01/2025 - 20:55
                      +1

                      @ronnknee: Umm, I can't remember exactly, but it was a bit of a trade off for a couple things. Even balloon payment at the end with longer left of warranty for resale. As I am thinking I should be able to sell it in my own time for more than the balloon payment.

                      There's a spreadsheet I put together simply showing the monthly payments, the balloon, what the novated lease included and a few things like that. Not a lot in it between the years to be honest with you though. From 1 to 5 years there's (if you include the balloon) less than 5 grand from memory.

              • Meowcat on 10/01/2025 - 23:22
                +1

                @teereb: I have done the exact same. kept my other diesel cars and accounting for fuel saved alone I am at least close to even

          • MrMoo on 10/01/2025 - 19:22

            @NoBargainNoLife: Ahh that may be where our calculations may be differing. I was calculating a 5 year lease term. Which would result in substantially lower monthly repayments (and as a result deductions).

            Also yes as per the above posts if it's say 8% and you are in a higher tax bracket and doing a 3 year loan you would also be ahead.

            My calcs were 10%, 5 year loan on a 50k sum. Just napkin math.

            I also didn't know about this GST saving. I'll look it up.

            • NoBargainNoLife on 10/01/2025 - 19:28

              @MrMoo: I found doing year on year is better as you don’t lock yourself in as long as your cash flow allows.
              And you can extend your lease after each year.

              • MrMoo on 10/01/2025 - 19:30
                +1

                @NoBargainNoLife: Thanks, noted. Thanks for the education tonight.

                As I am looking in getting one for my wife one day.

                • NoBargainNoLife on 10/01/2025 - 19:32
                  +1

                  @MrMoo: All good. I am extending my lease for 6 months from this months so I will get the new Y later this year. :)

                  • MrMoo on 10/01/2025 - 19:37

                    @NoBargainNoLife: Nice! Enjoy the new car later this year then =)

                    I think it looks pretty slick, better than the old one. Will check out some reviews and probably pick up the Y for the wifey over the next 1-3 years.

                    • NoBargainNoLife on 10/01/2025 - 19:50
                      +3

                      @MrMoo: Cheers mate.
                      I am still enjoying my 2022 model 3 but wife complaining the seat position (a bit too low) otherwise I will stick to it for life 😂
                      I have driven it between Canberra and Sydney every month, and to Adelaide via Mildura or Melbourne multiple times. Never had any range anxiety thanks for Tesla super charging network.
                      It’s a life style thing.

                      And I forgot to mention with that 60k cash in hand you will also generate a few K cash every year with current 5.5% interest.

              • moo on 10/01/2025 - 21:02

                @NoBargainNoLife: For PHEV, you wouldn't be able to extend beyond your initial term if takes place after 1st April 2025.

              • MerlinKlendatu on 10/01/2025 - 21:11

                @NoBargainNoLife: Are there any downsides to this approach?

                • NoBargainNoLife on 11/01/2025 - 10:46

                  @MerlinKlendatu: If you are looking for new job and your new employer doesn’t provide NL then you gonna use your after tax to pay everything or pay the early termination fee to cancel it.
                  So I only do one year then extend rather than 5 years straight. Doing this I also pay less interest.

              • Wyn-Ryder on 10/01/2025 - 21:29
                +1

                @NoBargainNoLife: You also pay less interest this way, as the value drops quicker in the first year. (I.e. paying $15k principal in year 1, then $5k in year 2, instead of $10k per year) But you have to pay more per pay in the first year.

          • npnp on 10/01/2025 - 19:50
            +2

            @NoBargainNoLife: With novated lease, you are paying (albeit a little less) to the leasing company instead of ATO. It depends on who you hates the most. I hate these vulthurous leasing companies with a passion so I'd rather pay ATO (at least some of money will go to someone in need).

            • NoBargainNoLife on 10/01/2025 - 19:51

              @npnp: I am sure you need a finance advisor if you can’t crunch the numbers.

    • dust on 10/01/2025 - 20:37

      Depends on your quote. I've heard of people getting quotes from as low as 6.7% and as high as ~13%.

    • changyang1230 on 11/01/2025 - 01:22
      +1

      You simply cannot compare the "interest rate" of a pretax-money novated lease with the interest rate of post-tax money car loan.

      A "10% novated lease" would often still be cheaper than 5% car loan.

      Crunch the numbers carefully and don't look at the headline %, they are not comparable to car loan at all.

  • Brick Tamland on 10/01/2025 - 18:47

    Thought this has been running for at least a month?

  • aandrew on 10/01/2025 - 18:54

    Hopefully they’ll up the referral incentive to $1,400 like last qtr

  • justtoreply on 10/01/2025 - 19:04

    Please explain to me. Needing a new car. We do very low kilometres though (10000-12000km a year). Higher tax bracket. Is it worth it?
    Is there a benefit with getting rid of an EV early due to become redundant or poor battery life or is this lease meaning it's given up WAY too early?

    • ajr5k on 10/01/2025 - 19:30
      +3

      No one can answer the part about the future, but it terms of being worth it in a higher tax bracket -> most likely, yes.

      Copy this and fill it out, sus it out for yourself:
      https://docs.google.com/spreadsheets/d/1CtpBXmuhRW3HrBjqJqnP…

    • MDSUXKS on 10/01/2025 - 20:39
      +1

      Mate do it. Use the provided calculator form the reddit guy it makes all sense mor eyou earn Bette the deal also getting a amazing car. But test drive 2 to 3 times to get used to. Also add 2k for a level 2 charger at home o don't have one but trust me is time saving.

      • andytheturtle on 10/01/2025 - 20:41

        Is “level 2” charger different to the home charger Tesla sells on their website? Asking as a prospective buyer. Cheers

        • WhyAmICommenting on 10/01/2025 - 21:57
          +1

          That $800 Tesla charger likely costs at least as much to install. Yes, it’s a “level 2” charger.

          It’s the most charger almost anyone would sensibly need at home.

        • MDSUXKS on 11/01/2025 - 02:03

          It is. The trickle charger how they call charges at Max 2.1kwh on 10 amp socket. So a 62kwh battery would take 30 hours to be change form 0 to 100%. While a lvl 2 charger get 32 amps get 7 to 11 kWh. Something like that.

      • t0087669 on 10/01/2025 - 22:23

        Can the cost of buying home charger and installation be part of the novated lease?

        • changyang1230 on 11/01/2025 - 01:23

          Unfortunately not. For whatever reason the legislation around FBT exemption actually specifically states that wall connectors are not to be included as part of NL arrangement.

      • Sqz66 on 11/01/2025 - 23:56
        +1

        If you park at home every night and drive less than say 100 km/day on average the granny charger (2kw) is perfectly fine.

        Eg. Charging 10h * 2kw = 20kwh overnight

        Most EVs are around 15-18kwh/100km. Model 3 even less.

  • shiny1 on 10/01/2025 - 19:09
    +9

    Here we go again. A bunch of people who know nothing about NL and EVs spouting rubbish about how it's the devil's loan or something.

    • Downvoter on 10/01/2025 - 19:21

      So sh1t resale isn’t a reality?

      • Ugly on 10/01/2025 - 19:40
        -3

        It’s a lease. If the value crashes then you don’t pay out the residual - the resale value is the lease company’s problem.

        • kizzerato on 10/01/2025 - 20:12
          +8

          If the car is valued less than the residual value at the end of the lease, you need to pay the NL company the difference. Very much your problem still.

          I have a NL btw.

Login or Join to leave a comment
Login Join