EV novated lease Australia: Busting common myths
There are now 300,000 electric cars (EVs) on Aussie roads thanks to cheaper prices, more choice, better charging and some seriously sweet tax perks.
But there’s still a big knowledge gap around EVs leaving plenty of people missing out on some seriously juicy benefits. Oly is here to bust myths, answer questions, and clear the confusion - so you can make the best call for you!
6:10 minute read
Key takeaways
Are electric vehicles pricy?
Typically, EVs tend to be a little dearer than regular petrol cars... but not when financed with a novated lease! Thanks to a savvy government initiative called the EV Discount (only accessible with a novated lease), it’s possible to drive an electric car for pretty much the same regular payment as a petrol car worth $20K less.
You can salary sacrifice your EV
For eligible EVs, car payments and most running costs (tyres, charging, rego, servicing and insurance) get rolled into one regular payment with 100% coming out of your before-tax pay. This way, you have the chance to slash your taxable income and you could save thousands in tax each year.
1:30 minute video
Are there enough places to charge an electric car?
One reason people hesitate to make the switch to an electric car is they think there aren’t enough charging spots. Nowadays, there are plenty of options to fit your lifestyle and driving routine:
Charge at home: All you need is a 240-volt power point to reenergise your EV, think your normal home power point. While this is the slowest option, it’s a super convenient way to top-up your EV overnight.
Charge at work: Install a level 2 ‘wall-box’ charger that offers up to 7.2kW charging. This cranks up the power from a regular wall socket, charging some EVs from empty to full in just 2 hours (other models may take between 5.5 and 11 hours).
Public charging stations: There now over 2,000 public charging stations around Australia – some are even free. Download an app like PlugShare, which has a map of every charging spot in Australia, including real-time availability.
Public rapid chargers: It can take as little as 30 minutes to charge a typical electric car at a rapid charging station from empty to full – ideal for a quick recharge on long-haul adventures. More and more rapid charging stations are popping up in Australia every day.
Salary sacrifice your charging costs
The magical thing about a novated lease is you can salary sacrifice your charging costs by including them in your lease payment. You just need to demonstrate how much energy (and cost) goes into charging your EV. You can track this with a smart meter at home or a fast in-home charger with built-in metering - easy!
How far can you drive without recharging?
How far you can go on a single charge depends on the EV, but most will take you 400km before needing a top-up (that’s at least 10 days for the average Aussie driver). Some newer models can go over 600km - serious road-trip potential!
But just like petrol or diesel cars, an EV’s range isn’t set in stone, it can change depending on things like hills, speed, weather, how you drive, and even using the air con, so it’s a good idea to map out longer journeys to be prepared.
How long does it take to charge an EV?
While charging times vary depending on the battery size of your EV and the charging speed you’re plugged into, there are plenty of ways to keep an EV charged and on the road.
Got off-street parking? You can plug your EV into a regular home power outlet (aka a level 1 charger), but this is the slowest way to charge. Great for top-ups and short trips, but at 1 to 4 km of range every 10 minutes, adding 100 km will take hours.
For speedier charging, you can ramp it up to a level 2 (or 7kW) charger. A typical EV with a 60kWh battery can be charged from empty in 8 hours using a 7kW charger – ideal for overnight charging. And if you have an ultra-rapid 350kW charger up your sleeve, it can take as little as 8 minutes!
Most drivers ‘top up charge’ rather than waiting for their battery to recharge from empty to full. And with a 50kW rapid charger (found in a lot of public rapid charging stations), many EVs can gain up to 160kms of range in just 35 minutes (just enough time to recharge yourself with a coffee!).
Are EVs expensive to repair?
Thanks to fewer moving parts (uh, hello… no engine) and less servicing EVs are actually cheaper to run than petrol, diesel, or hybrids. Some EV owners save a tidy $300–$400 a year on maintenance alone. Fewer trips to the mechanic? You betcha!
Is it more expensive to insure an EV?
EV insurance can cost a little more than regular car insurance, but with a novated lease it’s bundled into your lease payments and taken from your before-tax salary.
Then, of course, when you stack higher premiums against cheaper servicing and zero petrol costs (heads up, fast charging is typically 20% cheaper than filling up with fuel!), it can even the playing field fast!
Are EVs complicated to drive?
Most drivers actually find EVs easier and more intuitive to drive than traditional petrol or diesel cars, especially manuals. With no gears to manage, drivers can focus purely on the road. Plus, the instant torque makes acceleration super easy.
Some models, like the Tesla, even come with regen braking making them super-efficient (energy is captured while braking and stored in the battery, saving energy for future use – cool!).
EV owners are clearly rapt with their ride. In a new global survey from the Global EV Drivers Alliance (GEVA), when asked what car they would get if they had to a replace their EV tomorrow, a whopping 92% said they would stick with electric, while only 1% would get a petrol or diesel car.
The survey ran from August 27th to November 20th, 2024, with over 23,000 EV drivers polled across 18 countries.
The magic of EV novated leases with Oly
With an Oly novated lease and the government’s EV Discount, you could save thousands in tax every year on an electric car.
Say goodbye to surprise bills - your car and almost all its running costs are bundled into one neat regular payment that’s taken straight from your salary (100% before-tax for eligible EVs!).
And you get to sit back and let Oly do the heavy lifting; looking after the admin, helping you find your car, sorting the finance and insurance – even setting up the automatic payments with your work.
Plus, Oly’s handy app lets you check your budget and submit claims anytime, anywhere – sweet!
Novated leasing was typically a perk available for big corporations. But Oly brings the big business perks to employees of small and medium businesses too.
How much could you save on your dream EV with Oly? Find out now
Ready to drive?
Fill out this form to kick things off, then check your inbox for a link to create your Oly dashboard login to apply online, build your own quotes, compare your favourite cars and put yourself behind the wheel of your dream ride.
Keen to talk now? Give Oly a call on 1300 328 182.
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