What cars can you get with a novated lease? More than you think!
5:50 minute read
Key takeaways
What’s a novated lease?
Picture this: one nifty payment straight from your salary each pay that gets you behind the wheel of your dream car and covers your regular car expenses (think rego, servicing, fuel or charging, insurance and tyres). Even better, part of that payment comes out of your pay before-tax. That means the chance to save on tax and have easier budgeting each month - nice!
Pretty great, right? But here’s the game-changer: A lot of people think novated leases are only for new cars, when the truth is you can lease used cars too (with a few minor rules of the road).
1:40 minute video
New vs. used: what can you lease?
Novated lease for new cars
Can’t resist the smell of a new car? With a novated lease, you could renew the freshness with every upgrade! And by leasing a new car, you get to:
- Choose any make, model, or type (sedan, SUV, ute, luxury car)
- Skip upfront GST on cars valued up to $69,674
- Pay no upfront deposit
Novated lease for used cars
Yes, you can lease a used car with the same benefits to leasing a new car. But there are a few teeny particulars:
- The car can’t be older than 12 years by the end of your lease term (e.g. if your lease runs for 5 years, the car must be 7 years old or newer when you start)
- It must have less than 150,000 km on the odometer at the start of your lease
Are there any cars you can't lease?
Most cars are good for leasing. However, you can’t lease vehicles that are designed to carry more than one tonne (the weight of a fully loaded taco truck!) or more than 9 passengers (no limos, sorry).
What are the hottest cars right now?
Aussies love their cars - especially their utes. No surprise, utes dominated the sales charts in 2024, claiming four of the top three spots, with the Ford Ranger leading the pack as the nation’s best-seller.
The Ford Ranger also took out the top spot for used car sales in 2024, followed by the Mitsubishi Triton at number 5 and the Nissan Navara taking out the 8th spot. The Toyota Camry was the best-selling used sedan.
Aussies are also shifting toward cleaner, more affordable transport with EVs reaching a whopping 300k total sales in Australia. Not surprising with more than 120 EV car models now available on the market and over 220 variants!
Find out how you could save even more on an electric car with a novated lease.
Upcoming models available for lease
For Aussies eyeing a fresh set of wheels in 2025, it’s prime time to lease. A surge of new models is flooding local showrooms, cranking up the competition, lowering prices, and giving drivers more choices than ever.
If you want to jump on the ute bandwagon, the Mitsubishi Triton has been a go-to for budget-savvy buyers in the booming ute scene.
Hybrid lovers, keep your eyes on the BYD Shark.
For EV enthusiasts, there’s the BYD Sealion 7 and the upgraded Tesla Model Y. Or, if you’re all about that retro-cool electric vibe, the revamped Kombi - the Volkswagen ID. Buzz GTX - is set to hit local roads soon.
Petrol fans may want to hold out for the refreshed GWM Haval H6. And if you’re a Hyundai fan, the Ioniq 6 is due to get a facelift in 2025.
Why EVs are a smart choice for a novated lease
Under the governments EV Discount initiative, eligible EVs are FBT-exempt. This means, you can cover your entire lease (plus running costs like rego, servicing, fuel, and insurance) using your before-tax salary. That means you could be cruising in a Tesla Model 3 for about the same weekly cost as a Mazda CX-5 - and the only way to unlock these savings opportunities is with a novated lease.
Which EVs qualify?
The EV Discount applies to battery-electric vehicles (EVs) costing under the luxury car tax threshold - $91,387 for FY24/25, that are registered before 1 July 2022.
Which car is right for you?
Choosing the right car is personal. What’s perfect for one driver might not suit another. Whatever you decide, a novated lease gives you stacks of flexibility.
Eco-conscious? By scoring an electric car with a novated lease, you have the chance to save the greatest amount of tax thanks to the EV Discount.
Love the latest tech? Leasing a brand-new car gives you the latest features and safety tech - plus there’s no upfront deposit needed with a novated lease, don’t forget!
Life change? A novated lease on a used (or new) car lets you enjoy all the tax perks while keeping your running costs flexible to fit your budget.
Why Oly?
Oly puts novated leasing within easy reach for small and medium business employees, unlocking pricing that’s usually reserved for the big leagues. Now, you could save thousands in tax on your dream car with an Oly novated lease.
And leasing with Oly is easy as pie. Oly takes care of the admin, helps find your car, gets the finance and insurance sorted and sets up the automatic payments with your work. Plus, Oly’s handy app lets you check your budget and submit claims on the go.
Get a quote on your dream car with Oly today
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.
Oly is available:
9am – 5pm AEST Monday to Friday
Excluding public holidays
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