Get the electric car of your dreams with Oly
Oly loves electric cars and is charged about helping you find the perfect fit for your budget and lifestyle.
Thanks to the Australian government’s Electric Vehicle Discount, and the perks of a novated lease, there’s never been a more bank account-friendly time to get into a rechargeable car.
You could save thousands of dollars by having your car payments taken out of your salary before tax and no upfront GST cost to you. Sound good? These wallet-filling perks are *only* available when you use a novated lease to get into an eligible EV.
Petrol vs electric
A Tesla 3 for the same cost per week as a Mazda CX-5? Oly could make it happen.
Ordinarily, when you take out a novated lease, some of your payment comes from your pre-tax salary, and the rest is taken after tax.
But when you use a novated lease to get into an eligible electric car under the EV Discount, Oly can take your whole car payment from your pre-tax salary. That could mean more tax savings. Cha-ching!
Novated lease vs a car loan
Thousands of dollars off the cost of an EV
Okay, let’s say you earn $80k a year, and you want to get yourself a sweet Tesla 3. With a car loan over five years, that’ll set you back around $105k.
But get the same ride with a five-year novated lease and you’ll pay around $63k.
That’s an approx. saving of $42k^. Imagine how many drive-thru iced lattes you could buy with that.
Use Oly’s electric vehicle calculator to see how much you could save.
Electric cars + a novated lease: what’s in it for you…?
Oly’s gigantic network of car dealers could help you find your dream EV for an amazing price. Not only that but taking advantage of a novated lease means there is no upfront GST cost to you.
You might already be saving on petrol costs with an electric car, but keeping it on the road can still add up. With a novated lease, electricity for home charging, public charging stations, insurance, rego, servicing and all your other driving costs are included in your one regular payment.
Use a novated lease to get yourself into an eligible electric car and all your payments come out of your salary before tax. For most people, that could mean paying a heap less tax per year.
Ready to get behind the wheel of your own electric car?
Oly loves EVs. With a giant network of dealers, and the inside goss on all the latest releases, Oly’s novated leases could put you in an electric car quicker than it takes to charge the battery (and that’s pretty quick…).
Check out Oly's EV deals |
EV myths
Oly gets to the bottom of some of the misinformation about rechargeable cars.
"They cost too much"
You might think that EVs are more expensive to buy than their petrol buddies, but with the government discounts on electric vehicles and the savings you could make with an Oly novated lease, the price difference between an EV and a petrol model actually isn't as much as you think.
If you do end up paying a little extra, any extra money you paid to get your ride is quickly made back in savings once you're on the road.
In fact, running an EV can cost up to 70% less per km than a standard car. So, while someone driving 15,000kms a year could spend more than $2k on petrol, an EV would only cost $600 for the same distance (depending on your electricity costs, of course).
Use Oly’s EV calculator
"A charge doesn’t get you very far..."
The average range of an EV on a single charge is nearly 480kms, and the tech keeps getting better all the time. Even if you drive 40kms a day, that’s at least 10 days between charges.
“It’s too hard to find somewhere to charge them.”
Most new EVs come with a charger that plugs into your standard home power points, so you can find a charge pretty much anywhere. If you’re on the road, the Electric Vehicle Council Australia has a handy list of all the places in the country you can grab a recharge (like at most major shopping centres, so you can recharge while you shop).
“Charging takes too long”
While a full charge from your regular home power point can take up to 30 hours for older EV models, super-charge stations can add nearly 300kms worth of juice in 10 minutes. Regular charging stations can fill up the battery in five hours. Plug your car in while you’re at work and you’re all set for the next week and a half!
“They’re not powerful enough”
Don’t judge an engine by how quiet it is... Without a fuel system, an EV can deliver all its torque as soon as you hit the accelerator, so you can take off quicker than in a regular petrol car. Plus, the weight of the battery at the bottom of the car gives you better handling and cornering, making EVs easier and safer to drive.
Want to know more about electric cars, or how a novated lease could save thousands on one of your own? Oly’s got all the answers!
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^ Displayed price is only available through a novated lease administered by Oly. Estimated costs have been determined based on the following assumptions: 1) The example assumes that the car is an eligible zero or low emissions vehicle, 2) The lease is an Oly fully maintained lease, 3) A 5-year lease term, 4) A residual value of 28.13% of the vehicle purchase price payable at the end of term, 5) The interest rate used to calculate the weekly lease payment (in the case of a novated lease) and the weekly repayment (in the case of a car loan) is the same, 6) Gross annual salary of $80,000, 7) An annual distance travelled of 15,000kms, 8) The value of the car at the first retail sale was below the luxury car tax threshold of $89,332 for fuel efficient vehicles, 9) The car is first held and used on or after 1 July 2022, and 10) The vehicle is purchased in VIC. Additionally, the estimated annual operating costs includes estimates of fuel/electricity, maintenance, four replacement tyres, registration, CTP and comprehensive insurance, roadside assistance, and fleet management fee have been calculated on a GST exclusive basis, on the assumption that your employer will be entitled to GST input tax credits and that they will pass on the benefit to you. GST is payable on your ECM contributions. State Stamp Duty rates apply. PAYG tax rates effective 1 July 2023 have been used. The indicative price quoted for the novated lease is based on vehicle quotations received on 1 June 2023 and does not include any optional extras. Any optional extras that you choose will affect the cost of the novated lease and residual value. The novated lease offer is based on the assumption outlined in the comparison table and is an indicative cost approximation of the selected vehicle and model stated and the amounts may change at the time the novated lease quotation is completed and finalised. Your individual circumstances have not been taken into account as this will affect the overall weekly cost amount and the benefits of a novated lease. Savings shown are indicative and reflect estimated tax savings over the full-term of the lease. The total amount saved is a comparison between a novated lease based on the assumption outlined above and the purchase of a vehicle and payment of running and maintenance costs using post-tax earnings. Actual savings will depend on your personal circumstances and may vary depending on the vehicle model and price. Oly recommends that you seek independent financial and taxation advice.
Did you know?
Oly could save you thousands of dollars in tax with a novated lease. Cha-ching!