Electric Car Novated Lease Costs (2026–27)
What Australia's most popular electric cars cost from your pay through a novated lease, and how much you'd save compared with buying.
Novated lease cost of popular electric cars
The 15 best-selling electric cars in Australia from January to September 2026, cheapest first. Take-home pay drop is per fortnight on a $100,000 salary over 5 years, including running costs.
| Model | From | Range (WLTP) | Per fortnight at $100k | Saving a year at $100k | Saving a year at $150k |
|---|---|---|---|---|---|
| BYD Atto 1 Essential | $23,990 | 220 km | $236 | $3,237 | $3,868 |
| Geely EX2 Complete | $26,490 | 252 km | $248 | $3,436 | $4,101 |
| BYD Dolphin Essential | $29,990 | 340 km | $264 | $3,686 | $4,392 |
| BYD Atto 2 Dynamic | $31,990 | 345 km | $276 | $3,877 | $4,615 |
| MG4 Urban Essence 43 | $31,990* | 316 km | $274 | $3,851 | $4,584 |
| Jaecoo J5 EV Summit | $36,990 | 402 km | $299 | $4,257 | $5,058 |
| Geely EX5 Complete | $41,990 | 475 km | $323 | $4,637 | $5,501 |
| BYD Atto 3 Evo Dynamic | $41,990 | 420 km | $323 | $4,637 | $5,501 |
| Tesla Model 3 Rear-Wheel Drive | $45,900 | 572 km | $336 | $4,845 | $5,744 |
| BYD Seal Dynamic | $46,990 | 460 km | $345 | $4,993 | $5,917 |
| Kia EV3 Air Standard Range | $47,600 | 436 km | $348 | $5,040 | $5,972 |
| BYD Sealion 7 Premium | $54,990 | 482 km | $389 | $5,698 | $6,740 |
| Kia EV5 Air Standard Range | $56,770 | 400 km | $396 | $5,808 | $6,858 |
| Zeekr 7X Rear-Drive | $57,900 | 480 km | $401 | $5,887 | $6,937 |
| Tesla Model Y Rear-Wheel Drive | $58,900 | 466 km | $401 | $5,895 | $6,945 |
Prices are for the cheapest variant, before on-road costs (*drive-away). Prices as at October 2026, vary by state; check with the dealer. Sales ranking from The Driven.
Why electric cars suit a novated lease
Battery electric cars under the 2026–27 luxury car tax threshold for fuel-efficient vehicles ($91,661, ATO) are exempt from fringe benefits tax. That lets the whole lease and running costs come from pre-tax pay, with GST claimed back on the price and running costs. Every car above is well under the threshold, and under the $75,000 cap in the proposed changes from 1 April 2027, which aren't law yet and wouldn't affect existing leases.
Some versions of other popular electric cars, such as top-spec large SUVs and performance models, cost more than the threshold and don't qualify. Check the full price including options before you sign.
Assumptions
Assumes a 5-year lease (3-year figures shown separately), 15,000 km a year, a 8.5% interest rate and $500 a year management fee (the calculator's defaults), the ATO minimum residual (28.13% at 5 years, 46.88% at 3 years, of the price less GST), and running costs of $3,700 a year for registration, insurance, servicing and tyres plus charging. Charging uses real-world energy use of WLTP figures + 15%, 85% home charging at 29c/kWh (plus 10% charging losses) and 15% public fast charging at 60c/kWh. Take-home pay uses 2026–27 resident tax rates with the Medicare levy and no HECS. "Buying it yourself" means a car loan at the same rate and term with the same balloon, paid from after-tax pay. Prices are list prices before on-road costs unless marked drive-away; your lease is usually based on the drive-away price, which is higher.
Frequently asked questions
Which electric car is cheapest on a novated lease?
Of the most popular models, the BYD Atto 1 (from about $23,990 plus on-road costs) costs least: about $236 a fortnight from take-home pay on a $100,000 salary over 5 years.
Are all electric cars FBT exempt on a novated lease?
Only battery electric and hydrogen cars priced under the luxury car tax threshold for fuel-efficient vehicles, $91,661 in 2026–27, and first held and used from 1 July 2022. Plug-in hybrids lost the exemption for new leases from 1 April 2025.
How much does a novated lease on a Tesla Model Y cost?
About $401 a fortnight from take-home pay on a $100,000 salary over 5 years for the Rear-Wheel Drive, saving about $5,895 a year compared with a car loan.
Prices as at October 2026; check with the dealer. Last reviewed October 2026. These are estimates for general information only, based on 2026–27 tax rates, and aren't financial or tax advice. Lease quotes vary between providers. Check figures with your employer's packaging provider or a licensed professional.