Novated lease electric cars offer numerous advantages, including cost-savings on everything from fuel to tax. As a result, purchasing an EV through a novated lease electric car could be the smarter and faster way to get your next car.
Save Money on Every Aspect of Car Ownership
Car ownership involves more than just the cost of your vehicle; numerous other costs include fuel, insurance, servicing, maintenance and registration. Budgeting these expenses effectively can help you save money in the long run.
One way to reduce the cost of your car is with a novated lease electric car. Your employer deducts payments and running costs from pre-tax salary, which could save thousands in income tax each year.
If you’re considering switching to electric vehicles, novated lease electric car are a great option. Plus, with Australia’s Government Electric Car Discount policy, you can save even more money on your new electric vehicle with this policy.
In addition to the electric car discount, novated leasing can also save you money on fuel. Unlike petrol vehicles, a novated lease is exempt from fringe benefits tax (FBT), meaning you could save up to 30% in fuel expenses each month.
Another advantage of a novated lease is that you can deduct the cost of fuel used to charge your electric vehicle at home. Provided a charging station is installed on your property, this cost can be claimed and helps avoid paying the high fuel prices we currently experience in Australia.
A novated lease is the most tax-efficient way to buy and operate your next car. Plus, it gives you more freedom when selecting the ideal electric vehicle that meets your needs and budget.
With so many choices available in the electric car market, there’s no reason not to take advantage of novated lease options if you’re ready to make the switch. In addition, you can select from an array of makes and models at affordable prices.
Contact our team today to learn about getting a novated lease for your electric vehicle. We can answer all your questions and get you on the path towards saving big with a novated lease!
Save Money on Fuel
Battery Electric Vehicles (BEVS) typically cost less to fuel than similar petrol or diesel cars, depending on where you live. According to the Electric Vehicle Council (EV Council), drivers of an average SUV driving 15,000 km annually could save $1,400 by switching to an EV vehicle.
Electric cars are more durable and cost-effective than their gas-powered counterparts, necessitating less servicing in the long run. Furthermore, according to estimates by the Electric Vehicle Council (EV Council), fuel costs can be reduced up to $10 per 100km, saving drivers money in the long run.
Charging an electric vehicle (EV) tends to be much cheaper than filling up a petrol or diesel vehicle. Moreover, the savings can be even more significant for fully maintained novated leases. It is because battery EVs typically go longer between charges than traditional cars due to having fewer moving parts that wear down as quickly.
Battery electric cars typically need servicing every 12 months or 15,000kms, unlike gas-powered vehicles, which need servicing more frequently. Furthermore, unlike fuel-powered cars, electric cars lack intricate exhaust systems, which could deteriorate over time due to carbon build-up.
With a fully novated lease electric car, you won’t have to pay out of pocket for any repair bills in the event of an accident. Additionally, the leasing company will take care of any maintenance needs like battery replacement or air conditioning service.
Furthermore, a fully novated lease will include any tax incentives you receive for an electric vehicle (EV). While these credits may not be realised until the end of your lease term, they can often be added to monthly payments, making them more budget-friendly throughout the agreement.
Save Money on Tax
Electric cars are an excellent way to reduce carbon emissions and cut operating expenses. Furthermore, they come with tax benefits that could help you save money on a new vehicle purchase.
One of the best ways to save on taxes is through a novated lease on your electric vehicle. This financing arrangement allows you to pay for your EV through salary sacrificing, meaning repayments and running costs will be deducted from pre-tax income.
