Novated Lease Cost for a Geely EX2
What a Geely EX2 costs from your pay through a novated lease, and how much you'd save compared with buying it yourself, at salaries from $80,000 to $150,000.
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Take-home pay reduction per fortnight. Geely EX2 Complete, from about $26,490 plus on-road costs, prices vary by state. Source: The Beep, Geely EX2 pricing (July 2026).
About the Geely EX2
The EX2 is Geely's compact hatch, priced for Australia in July 2026 as one of the cheapest electric cars on sale. The Complete has a 35.3 kWh LFP battery and a claimed 252 km WLTP range; the Inspire ($30,990 before on-road costs) has 47.1 kWh and 345 km. It was the number 14 best-selling electric car in Australia from January to September 2026, with 2,964 sales.
At $26,490, the Geely EX2 is at the cheap end of the electric car market. Because the lease payments are small, the dollar saving is modest ($3,436 a year on a $100,000 salary), and the $500 management fee is a bigger share of the cost than on a dearer car. Most of the benefit comes from paying charging, insurance and servicing from pre-tax pay. If you could pay cash, compare the lease with simply buying the car outright. It's also under the $75,000 cap in the proposed FBT changes, so a new lease signed between 1 April 2027 and 1 April 2029 would still be fully exempt if the change becomes law.
Geely EX2 novated lease cost by salary
Over 5 years, with running costs of about $4,570 a year bundled into the lease.
| Salary | Pre-tax deduction a year | Take-home pay drop a fortnight | Buying it yourself a year | Saving a year | Saving over 5 years |
|---|---|---|---|---|---|
| $80,000 | $9,491 | $248 | $9,891 | $3,436 | $17,182 |
| $100,000 | $9,491 | $248 | $9,891 | $3,436 | $17,182 |
| $120,000 | $9,491 | $248 | $9,891 | $3,436 | $17,182 |
| $150,000 | $9,491 | $223 | $9,891 | $4,101 | $20,504 |
The saving grows with your salary because each pre-tax dollar saves your marginal tax rate: 30% plus Medicare between $45,001 and $135,000, and 37% plus Medicare above that. On $150,000 the Geely EX2 saves $4,101 a year, against $3,436 on $80,000.
Over 3 years
A shorter lease has higher payments but a bigger residual ($12,419 after 3 years) to pay or refinance at the end.
| Salary | Pre-tax deduction a year | Take-home pay drop a fortnight | Saving a year | Saving over 3 years |
|---|---|---|---|---|
| $80,000 | $10,460 | $274 | $3,843 | $11,530 |
| $100,000 | $10,460 | $274 | $3,843 | $11,530 |
| $120,000 | $10,460 | $274 | $3,843 | $11,530 |
| $150,000 | $10,460 | $245 | $4,575 | $13,726 |
The electric car FBT exemption
The Geely EX2 Complete costs $26,490 before on-road costs, well under the 2026–27 luxury car tax threshold for fuel-efficient cars of $91,661, so it's exempt from fringe benefits tax when provided through a novated lease (for a car first held and used from 1 July 2022). The threshold is tested on the car's value including GST and options, but not registration or stamp duty, so most variants and option packs stay well clear of it. With no FBT, the whole lease and running costs can come from pre-tax pay, and the provider claims back GST on the price (up to $6,353) and on running costs.
The 2026–27 Budget proposed phasing the exemption down: from 1 April 2027 only cars costing $75,000 or less would stay fully exempt, cars between $75,000 and the threshold would get a 25% discount, and from 1 April 2029 every electric car would get a 25% discount. Existing leases wouldn't be affected. This isn't law yet. An exempt car still adds a reportable fringe benefit to your income statement, which counts for HECS-HELP, the Medicare levy surcharge and some payments.
Charging vs petrol
From its battery and WLTP range, the Geely EX2 uses about 14.0 kWh/100 km on the test cycle, or roughly 16.1 kWh/100 km in real-world driving. Driving 15,000 km a year and charging mostly at home, that's about $872 a year in electricity, against $2,194 for a petrol car using 7.5 L/100 km at $1.95 a litre: a saving of about $1,322 a year before the tax benefit. On an off-peak EV tariff or with solar, charging can cost much less.
Geely EX2 vs similar electric cars
| Model | From | Range (WLTP) | Per fortnight at $100k | Saving a year |
|---|---|---|---|---|
| Geely EX2 Complete | $26,490 | 252 km | $248 | $3,436 |
| BYD Atto 1 Essential | $23,990 | 220 km | $236 | $3,237 |
| BYD Dolphin Essential | $29,990 | 340 km | $264 | $3,686 |
On a $100,000 salary, the BYD Atto 1 would cost $12 a fortnight less than the Geely EX2 through a novated lease, and the BYD Dolphin $16 a fortnight more. The Geely EX2 has a claimed 252 km WLTP range, against 220 km and 340 km. Compare all 15 electric cars.
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. Running costs for the Geely EX2 are $4,570 a year ($3,700 plus $872 charging).
Sources
Frequently asked questions
How much does a novated lease on a Geely EX2 cost?
On a $100,000 salary, a 5-year novated lease on a Geely EX2 Complete (from about $26,490 plus on-road costs) would reduce your take-home pay by about $248 a fortnight, including running costs. That's about $3,436 a year less than buying the car with a loan from after-tax pay. On $150,000 it's $223 a fortnight.
Is the Geely EX2 FBT exempt on a novated lease?
Yes. At $26,490 it's under the 2026–27 luxury car tax threshold for fuel-efficient cars ($91,661), so it qualifies for the electric car FBT exemption. It's also under the $75,000 cap in the proposed changes from 1 April 2027.
How much does it cost to charge a Geely EX2?
About $872 a year for 15,000 km, mostly charged at home at 29c/kWh, or roughly $6 per 100 km. A comparable petrol car would cost about $2,194 a year in fuel.
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.