EV Lease Calculator
Calculate the potential savings on your novated lease.
If you’re curious about what a novated lease with an electric car would look like for you, you can calculate your potential savings with our calculator. Simply enter your details below to receive an estimate of your tax savings and recognise how a Novated Choice EV lease can help you pocket extra dollars.
We’ll help you get the most out of your allocated budget. Follow the prompts below:
Electric
Car value:
$ 46,876
Lease term:
5 years
Estimated life
of lease savings^
$ 30,064
Weekly cost^
$ 191
Petrol
Car value:
$ 29,785
Lease term:
5 years
Estimated life
of lease savings^
$ 13,041
Weekly cost^
$ 191
E-vehicles vs. Petrol: What's the Difference?
Don't worry, the price tag isn't a typo! The electric car is definitely pricier upfront than the gas-powered one by $ 17,000 or so. But, with leasing, you might end up paying a similar amount each week.
Electric
Car value:
$ 46,876
Lease term:
5 years
Estimated life
of lease savings^
$30,064
Weekly cost^
$ 191
Petrol
Car value:
$ 29,785
Lease term:
5 years
Estimated life
of lease savings^
$ 13,041
Weekly cost^
$ 191
E-vehicles vs. Petrol: What's the Difference?
Don't worry, the price tag isn't a typo! The electric car is definitely pricier upfront than the gas-powered one by $ 17,000 or so. But, with leasing, you might end up paying a similar amount each week.
Disclaimer: This calculator is an educational tool only and should not be relied on for the purpose of making a decision about a financial product. Calculations produced are estimates only that do not take your personal circumstances into account and should not be relied on as an accurate quote or offer of finance. Users should seek independent financial and taxation advice before making any financial decisions. The figures generated by this calculator are based on several factors and assumptions. To view a full list of the terms & conditions, and the applicable assumptions.
Impressed? We Thought So!
By now, it will be clear that a novated lease with your new EV is significantly cheaper than a petrol car. But how? Let’s break it down.
Fringe Benefits Tax Exemption
Your biggest saving will come from the FBT exemption. The Australian government removed the FBT tax paid on low or zero-emission electric vehicles, so that is one less cost you need to pay for.
Payments from Your Pre-Tax Income
The payments you make on your EV are deducted directly from your salary before tax. This lowers your taxable income, so you pay less tax.
GST Savings
GST costs on the purchase price of your new electric car are lower. As your car costs (i.e. fuel, insurance, maintenance, lease payments) are bundled into one payment, you don’t pay GST on each payment individually.
What You Need To Know:
Understanding your estimated savings is important. Our EV novated lease calculator is an excellent and reliable tool to demonstrate the savings you can expect with your tax and FBT exemption. However, to receive a formal and precise quote based on the vehicle you wish to purchase, contact our team for further information and advice on how to get started. Novated leasing makes it affordable
We're dedicated to helping you get the most out of your car budget.
To achieve this, we've developed a user-friendly calculator that helps you not only identify the ideal vehicle but also estimate potential weekly savings – empowering informed decisions before you embark on your search.
GET IN TOUCH
Drive smarter, save more. Get started today!
Our team at Novated Choice are dedicated to ensuring you have all the information before making a decision on your new car. It’s likely that a novated lease is the way forward for you when you purchase your EV. And we make it easier than ever with our simplified process and concierge service.
If you’re ready to upgrade your driving and lifestyle, contact our team today, and they’ll be happy to help.
Drive smarter, save more. Get started today!
FAQ's
Your novated lease is your responsibility if you change jobs, and your employer is subsequently removed from the agreement. You can either transfer your lease to your new employer or continue to pay for your car from your post-tax salary.
At the end of your lease agreement, you have a couple of options. You can choose to pay the remaining amount to keep your car permanently, upgrade to a new car and get a new lease or renew your lease.
