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Benefits of an EV novated lease

✓ Great corporate sustainability initiative

✓ Flexible and exciting benefit for your employees

✓ EV novated lease is deducted from their pre-tax income

✓ The scheme is free to join as an employer and managed by Vehicle Solutions

✓ Available to employers irrelevant of size
✓ Drive home with a state-of-the-art electric vehicle

✓ Fuel, tyres, maintenance, registration, insurance, and financing included 

✓ Enjoy tax savings and lower running costs

✓ Pay no GST on the purchase price of an EV

✓ Flexible lease terms and repayments from 3-7 years

✓ Fast application and approval

What’s The Process of Establishing An EV Novated Lease?


u003ch4u003eCalculate your savings and request a quote:u003c/h4u003ernUse the online calculator and see how salary packaging can save you thousands! With just a few simple details, you can request an instant quote without sharing any personal information.


u003ch4u003eGet finance pre-approval:u003c/h4u003ernSatisfied with the quote? Take the next step and submit your application for free pre-approval. This no-obligation process provides you with added confidence when shopping for your new car. Plus, pre-approval streamlines the final steps, ensuring a smoother delivery process. What’s more, it allows you to lock in the current fixed rate for up to 3 months, giving you peace of mind and the best possible financing options.


u003ch4u003eDocuments and delivery:u003c/h4u003ernAll documents will be produced and each document is personally explained in detail with you. This is to make sure that you understand the entire process before you enter into any agreement. Once everything is signed and settled, simply pick up your car and enjoy the drive, knowing that your tax savings and budgeted expenses are fully covered.

EV Novated Lease Calculator Information

What you need to know

As new government legislation aims to enhance the affordability of electric vehicles through Novated Leasing, one crucial question remains: u0022What will this car cost me from my take-home pay?u0022 Our reliable Novated Lease calculator provides the answer upfront. Within seconds, Vehicle Solutions’ calculator reveals the precise impact on your take-home pay for any vehicle value up to the FBT exempt amount of $89,332. Take the guesswork out of budgeting and explore the true affordability of your desired vehicle with our user-friendly calculator today.rn

But what does all this mean?

When looking at any Novated Lease calculator it is important to understand what is included and importantly what is not included. On a Novated Lease calculator the provider can change the way fuel/charge, tyres and scheduled services are calculated which will reduce the amount allocated to the running costs to make their quotes look cheaper, but in the end you could be paying a lot more. It is very important to understand what is in each of the running cost budgets and how they are calculated.rn

How is an EV Novated Lease Calculated

Charge Allocation (Was the old fashioned fuel)The Novated Lease calculator includes an annual allocation of $750 for vehicle charging. You have the flexibility to modify this allocation before or during the lease term to align with your usage.
TyresIn a Novated Lease calculator a tyre budget is a little harder to estimate simply because tyre prices can vary so much depending on the type of tyre the driver wants, for example a lower profile tyre may be more expensive, but important to the vehicle driver. In the Novated Lease calculator we research an average cost for each of the vehicle categories we use. These costs are simply applied to an average tyre change time period and the budget is set.

• (Average cost of a tyre X 4) = Cost of a set of tyres.

• Your annual kms travelled X the lease term in years = Total KMs

• Total KMs/35,000kms (average tyre change period) = Sets of tyres required.

• Sets of tyres required X Cost of the set / years of lease = Total tyre budget per year.

Example – Mary drives 15,000kms per year and is about to start a 5 year lease. The cost of a set of her tyres is $850.

15,000 X 5 = 75,000kms /35000 = 2.14 sets of tyres X $850 per set = $1,819/5 years = $363.80 per year.
MaintenanceOn average, cars typically require servicing every 10,000 to 15,000km, with costs varying based on the vehicle type. However, EVs generally require less servicing. To account for this, we have allocated $350 per year for EV servicing.
Registration and InsuranceTo estimate registration and insurance renewals, the type of vehicle you choose is considered.
FinanceThe finance is on a standard novated lease calculation with a few small variations.

1. The lease is two months in arrears. This means that the payments for the first two months are $0.00. These payments are spread over the balance of the lease term. For example if you are wanting to take a 5 year (60 month) lease then there will be 60 payments, however the 1st and 2nd month will be $0.00 and then 58 payments of $400 for example. This structure allows the Salary Packaging company to establish the service including the payroll deductions and collect several deductions prior to the first real payment is due.

2. The first year’s Comprehensive Car Insurance can be financed if required. This means that you never have to come up with the cash for your insurance. When the insurance falls due again in 12 months simply send in the renewal and the Salary Packaging provider can pay this out of the funds in your Novated Lease account.
Residual ValueBalloon payments, also known as residual value or final value, are often a topic of discussion when it comes to leases. At the end of your lease, this payment becomes due and represents the vehicle’s market value. While paying for your car through your employer offers convenience and time-saving benefits, it’s important to note that you won’t build equity in the vehicle due to the arrangement.
But here’s the exciting part: Because there’s a residual value, your lease repayments are more affordable throughout the term. Take advantage of these cost-effective finance payments to upgrade to a higher-value car, opening up exciting possibilities for you.

The residual value is an ATO set percentage based on the lease term, but has a buffer of approximately 5% either side of required rates.
Finance Approval ConditionsAfter you have finished using our Novated Lease Calculator and are happy that you can afford the deduction from your salary, the next step is getting the finance or lease approved. In general getting a Novated lease approved is a little easier than normal finance. The reason for this is simply because the financier is getting the repayments directly from your employer before you even get taxed. This gives the financier more confidence that their loan is going to be repaid.

Apply through the calculator today. The pre-approval process grants you an approval in principle for the vehicle of your choice. This non-binding approval empowers you without any pressure to proceed. It enhances your negotiating position when purchasing a vehicle. If you’re ready to buy and have the funds available, you can even request a cash price for immediate delivery.

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