$3,000 Novated Lease Incentive Available for Tesla Model 3 and Model Y Variants @ Tesla

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$3,000 Novated Lease Incentive Available for Tesla Model 3 and Model Y Variants @ Tesla
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Brisbane1 on 31/10/2024 - 13:37 tesla.com (3653 clicks)
Last edited 31/10/2024 - 13:47 by 2 other users

For a limited time, access a $3,000 incentive when you order an eligible Tesla vehicle and finance the purchase by way of a novated lease.

This offer is valid exclusively for eligible purchases of all new Model 3 and Model Y Variants*. 

$3,000 Novated Lease Incentive

By participating in this offer, you agree to these Terms and Conditions. Order an eligible Tesla vehicle and finance the vehicle purchase by way of novated lease through a Novated Lease provider and take delivery by 20 December 2024 to qualify (unless extended). This offer is valid for eligible purchases of all new Model 3 and Model Y vehicles.

This offer is only available for eligible purchases financed through a novated lease with secured credit approval. Purchases of used vehicles and business customers (including fleet, enterprise, rental and government customers) are not eligible for this offer. If eligible, the incentive will be applied directly to your final invoice as a reduction from the vehicle purchase price once credit approval has been obtained and cannot be applied retroactively after delivery. Not redeemable for cash.

This information does not constitute financial or taxation advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. For detailed advice and to discuss finance options tailored to your needs, we recommend speaking with a licensed independent financial advisor.

Tesla reserves the right to change, modify, extend or terminate this offer at any time.

Referral Links

Referral: random (756)

Referee gets $700 off Model Y & 3 purchase.

Referrer gets $350 credit toward Supercharging, software upgrades, merchandise, service payments or a new vehicle. Limit of 10 referral benefits per calendar year.

Automotive Car Electric Vehicle Novated Lease SUV Tesla Inc

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Comments

  • abs898 on 31/10/2024 - 13:40
    +11

    Valid until 20th December, good timing to see if they drop price further to clear current inventory

    • netjock on 31/10/2024 - 13:42
      -2

      They need to keep the volumes up to show profitability and keep the share price up. Elon probably has a lot of the shares pledged to the banks.

      • sydboy007 on 31/10/2024 - 14:25
        +16

        So when you're adding close to $3B in a qtr to your cash balance, along with auto margins back to just under 20%, the company is struggling. sure

        • Brick Tamland on 31/10/2024 - 14:54
          +11

          Businesses often slash their prices because their products are so popular.

          • gromit on 31/10/2024 - 16:24
            +2

            @Brick Tamland: except in this case all the EV makers have been slashing prices as they fight for sales, Tesla are down yoy for cars sold.

        • shegeloaf on 31/10/2024 - 18:33

          3billion in cash balance is nothing. You want the ebita the net profit in order to make a judgement on a companies profit.

      • FujinShu on 31/10/2024 - 16:46
        -5

        It was really stupid of Elon to tie pretty much ALL of his net worth to Tesla shares.
        If Tesla tanks, his billionaire status crumbles.
        No wonder he's tied Tesla's stock price to his cult of personality, and no wonder he's going all in on Trump to save his company.

        • CyberDyn999 on 01/11/2024 - 09:24

          Somehow I feel one of the world's riches men and one of the foremost entrepreneurial geniuses of our generation….might have a better grasp of his financial situation than a random OzBarginer

          • buckerooni on 01/11/2024 - 09:57

            @CyberDyn999: genius? marketing genius potentially….major BS artist definitely - remember he said the self driving problem had been 'solved' in 2016 and you'll be able to have a fleet of taxis for yoself by 2020 …. the guy bought twitter which is widely regarded as one of the stupidest decisions ever. that being said, he's doing his best to influence people on twitter to vote trump. so he's using in money to try to get what he wants alright. deluded elon fanboys may beg to differ on all of this of course.

            billionaires be billionaring alright!

    • changyang1230 on 31/10/2024 - 14:28
      +2

      I suspect THIS is already their "price drop", alongside the low-interest-rate that they are providing via Plenti.

      Tesla has been roundly criticised in the last 1-2 years for their very aggressive price cutting result in huge depreciation in earlier cars, therefore I suspect that by providing these alternative discounts they can still reduce the effective price tag without changing the actual price labels itself.

      • abs898 on 31/10/2024 - 14:29
        +6

        That's one but also technology does get cheaper with team and R&D. LCD LED TVs don't cost as much either

        • shegeloaf on 31/10/2024 - 18:36
          +1

          Yes but price cuts have been too drastic over the past 2 years.
          Can technology prices fall that much when we are in this inflationary market?

      • Commenter on 01/11/2024 - 08:02

        Is it better to buy accessories such as a bike rack via NL or outside paying cash?

        • HaggleOz on 01/11/2024 - 08:24
          +1

          Tesla invoices all accessories separately. Novated lease companies normally do not cover what is not on original invoice, which in Tesla’s case is just the car. Talk to your novated provider as YMMV.

    • UltimateAI on 31/10/2024 - 15:10

      I keep hearing about the "current inventory" yet at the same time multiple friends claim to have Tesla's on back-order for months.

      • gromit on 31/10/2024 - 16:07
        +4

        they only are on backorder for months if they have specific accessories or colour options that aren't available on the lots, just like any other manufacturer.

        • UltimateAI on 31/10/2024 - 16:32
          +7

          2 are waiting base 3's and 1 is for a base Y. Pretty sure all were white with no options.
          Out of Interest, I just looked at the Tesla Inventory and most are "In-Transit" (presumably on a ship).
          There is no massive backlog of stock in Australia.
          if I had my guess, 1-2ships arrive close together (looks like Tesla's arrive in Waves, not just 1 ship at a time), then you have thousands of cars per ship being unloaded and the media has a field day.

    • legolad on 31/10/2024 - 19:52

      Take delivery by Dec 20 - some specs could take up to 6-8 weeks delivery if not in current inventory.

  • netjock on 31/10/2024 - 13:41
    +26

    Got to be at least $6k to make a dent in the interest rates wrapped into the NL contract.

    • samfisher5986 on 31/10/2024 - 13:45

      If you put the 50k you otherwise would have spent on a Tesla into an offset, you are generally only paying 2% or so interest.

      • netjock on 31/10/2024 - 13:47
        -4

        If you put it into the stock market you'll be getting +2% returns

        Or throw it into the NDQ and it will go to the moon (400% return in last 10 years) it pays hardly any dividends so it is all capital gains.

        • May4th on 31/10/2024 - 14:32
          +9

          or it could crater, investment returns is not the same as offset. it's basically a govt. guaranteed deposit netting you 10%+ gain pa tax free risk free.

          hence you are usually ahead if you NL in terms of opportunity cost. if the NL interest is 8%, it's 4-5% equivalent if you are on top bracket, and you are actually ahead by 1-2% if your mortgage is circa 6%

          • kobeduck on 31/10/2024 - 15:59

            @May4th: that's 100% complete BS. You are saying you're better of having a NL due to "opportunity cost" than investing? WOW that's enough ozbargain for me today..

            • jasiano on 31/10/2024 - 16:07
              +4

              @kobeduck: I think the 'better off' is in relation to if you'er already planning to buy a car and the NL is much better compared to paying for the cost up front because then the upfront payment is instead put into your mortgage offset.

        • Binchicken22 on 31/10/2024 - 14:37

          Absolutely cannot guarantee that over a 5 year term… Though to be fair, it looks almost guaranteed trump is getting in again so America shares will probably do well over the next few years.

          • netjock on 31/10/2024 - 22:46

            @Binchicken22: Look what happened last time Trump was in government. Stock markets went up.

            Trump is going to drop taxes and increase government spending which will go straight into the private sector. Lower taxes means higher profits.

        • bennybaubles on 31/10/2024 - 15:31

          Or buy about half a Bitcoin before it shoots off once the alUS election is over.

      • inherentchoice on 01/11/2024 - 09:06

        Bank interest earned is taxable income.

        • samfisher5986 on 01/11/2024 - 09:37

          Not if its in an offset which I mentioned.

    • Aznmadness on 31/10/2024 - 13:49
      +10

      But you save your tax bracket in percentage terms? which greatly outweighs the interest rate you pay.

      • samfisher5986 on 31/10/2024 - 13:50
        +8

        Thats correct. An EV Novated lease is well worth it for multiple reasons.

      • Fredfloresjr on 31/10/2024 - 13:52
        +2

        This, and some still can't understand. Lol.

        First time I get NL and can only ask myself why only now FFS!! When I am paying 50-60k tax yearly. Finally, this time I feel like "I am happy to pay tax".

        • kobeduck on 31/10/2024 - 16:01
          +1

          You need to speak to an accountant. You need urgent help if you're paying 50-60k tax yearly and I guarantee you getting a novated lease is not one the solutions you will be given to maximise your tax return lol.

          • 31mop on 31/10/2024 - 16:39

            @kobeduck: If you earn $300k a year 50-60k tax is good!

          • Attlas on 31/10/2024 - 16:50
            +1

            @kobeduck: lol

          • May4th on 31/10/2024 - 20:14

            @kobeduck: lol

          • Nom on 31/10/2024 - 23:44
            +2

            @kobeduck:

            You need urgent help if you're paying 50-60k tax yearly

            If you're earning a salary of $190K then you're paying $51K tax on that income - this is just the normal PAYE rate that your employer will be withholding.

      • abs898 on 31/10/2024 - 13:57
        +2

        Yes but NL companies have upped the interest rate. I got a quote from 2 NL companies, one was 7.9 and another 12.5 for the model Y.

        But yea with no FBT, that gets subsidised to 4-5%.

        • Fredfloresjr on 31/10/2024 - 13:59
          +9

          Not sure why someone negged me, I did the calculations and everything and NL will make most of my money. Just the insurance alone, I feel like the real winner on my end.

          But again, do your homework.

          • abs898 on 31/10/2024 - 14:01
            +1

            @Fredfloresjr: I didn't neg you mate, but also my comment wasn't a reply to you.

          • Buy2Much on 31/10/2024 - 14:56

            @Fredfloresjr:

            Not sure why someone negged me,

            May be some people are jealous that your taxable income is around $180k a year in order to pay that much tax ;-)

            • casey2 on 31/10/2024 - 15:19
              +3

              @Buy2Much: Nah, not on OzBargain. Everyone on here is $250k+ and has a couple of high return investment BMWs

          • Commenter on 31/10/2024 - 18:59

            @Fredfloresjr: You don’t have to take insurance with NL and can be with anyone.

        • fremeer on 31/10/2024 - 14:17

          I suggest going through your own finance then. Novated lease providers resell most of the products to take a cut but technically you can source everything yourself and save quite a bit of money. Just more work

          • abs898 on 31/10/2024 - 14:26
            +3

            @fremeer: I have been doing NL for a few years. Just want to tap into no FBT for EVs now.

            Based on the calcs, it's still beneficial to go with NL at around 7-8% interest purely because
            1. No finance on GST component(5-6K)
            2. All running cost is pretax
            3. No GST on running cost either

        • Commenter on 31/10/2024 - 18:58

          Smart group used 13% in their quote and said it will go down once I submit income docs.

          Asked how low it can go and they said 9%. Not sure if it worthy.

          • Maz78 on 31/10/2024 - 21:10

            @Commenter: Why not just go to a bank? (Or won't your employer let you?)
            CBA rate is about 7.2%

            • Commenter on 01/11/2024 - 05:44

              @Maz78: My employer allows three NL companies but only one responded with a quote.

        • MetalPhreak on 31/10/2024 - 22:33
          +2

          Yeah some nl companies are vultures especially if your employer locks you in to one as the only option. Just did the process for a sealion 6 premium.

          Some lease companies throw numbers and potential savings numbers at you, in a bid to confuse you. Found one that was upfront mostly honest. 9.7% but you can’t compare to a secured personal loan as it’s not structured the same. Nominated my own insurance and expenses - you only need to compare lease rental and admin fees, the rest is your budget to spend and gets returned if unspent.

          3 yr lease. Vehicle cost 60k. Total paid over the lease 59k inc 5k of rego/insurance. This is including balloon to buy out car at the end. So in the end I save 6k, and pay no interest for the finance (effectively). Get to keep that money in stocks etc for three years.

          A good deal, yes. Mind blowing enough to buy an EV/PHEV if you didn’t want one anyway? Arguably no.

      • boretentsu on 31/10/2024 - 14:25
        +2

        And everyone on ozbargain is in the top tax bracket

    • changyang1230 on 31/10/2024 - 14:37
      +59

      For vast majority of people NL would still emerge cheaper than cash despite the interest.

      For a top bracket earner, it can be cheaper by some tens of thousands of dollars over 5 years of ownership. My 8.6% interest NL for a 81k Tesla ended up 46,000 dollars cheaper over 5 years when compared to buying it with cash.

      My spreadsheet goes into huge details and many have found it helpful in navigating this confusing area.

      https://www.reddit.com/r/AusFinance/s/VHJ25VpNKu

      • theHMASfriendship on 31/10/2024 - 14:38
        +9

        Your spreadsheet is excellent thank you for your service 🫡

      • Fredfloresjr on 31/10/2024 - 14:40
        +1

        Hey mate, I found this helpful really and read this prior to deciding getting my Tesla last August via NL instead of paying cash after I sold my previous car.

      • shiny1 on 31/10/2024 - 14:45
        +7

        Your calculator helped me make lay out the costs and over 5 years it ended up being cheaper by 20k for my situation. People who blanket statement "NL=bad" have no clue.

      • Jaycastle on 31/10/2024 - 15:01
        +2

        Thank you for this spreadsheet mate.

        I used this earlier this year and worked out a novated lease with Model Y was very cost effective for me vs buying a diesel 4WD of similar upfront cost.

        Essentially this saved me 50k over 5 years with the decision it helped me make.

        Just expressing my gratitude for your work on this!

      • macca on 31/10/2024 - 15:03

        What are your thoughts on longer vs shorter NL terms (3 vs 5 yr) and cost impact?

        • WhyAmICommenting on 31/10/2024 - 15:14

          I hear somethings changing (fbt rules or something) in about 4 years - anyone have any idea what that might be?

          • May4th on 31/10/2024 - 16:34
            +1

            @WhyAmICommenting: ?ongoing FBT exemption will be reviewed in 2027

            • WhyAmICommenting on 31/10/2024 - 16:48

              @May4th: So 3 year lease may be “safest” or the benefit should be maintained for those already on it?

              • Dbuiz on 31/10/2024 - 17:48
                +3

                @WhyAmICommenting: I believe the FBT exemption cut-off is based on when you start the NL. So if it gets removed in 2027, any novated lease started before then will still have the benefits until the end of the lease

                • Buy2Much on 31/10/2024 - 19:04

                  @Dbuiz: Correct, with some conditions. If you look at PHEV as an example (FBT being phased out middle next year).
                  You lose benefit if one of these happens:

                  Taking up an optional extension to a lease.
                  Breaks in novated leases, such as periods of unpaid leave where employees pay lease payments directly.
                  Adding accessories to the car that are added into the lease and cause a change in the amount subject to finance.
                  A novated lease being transferred to a new employer.

        • changyang1230 on 31/10/2024 - 18:45
          +2

          Hey mate. A big question involving multiple nuanced perspectives.

          I think for most people, the biggest questions when it comes to considering the length of lease is:
          - how likely are you to want to change a car before the lease ends
          - how likely are you going to have job changes before the lease ends.

          These two questions are the biggest determinants of whether people go for a shorter lease. If you think you might want to change employer in a few years, yes it's technically possible for people to simply transfer the lease to the new employer, the process can sometimes be not straightforward or occasionally even impossible (eg the new employer simply does not support novated lease). If that is the case, you are forced to pay out the residual lease payments with post-tax money, resulting in huge additional expense.

          With the biggest consideration out of the way, the other considerations are:
          - if you want to go for shorter term, e.g. 1, 2 or 3 years, what is the game plan? Are you the type of person who wants to sell it, and change to a new car? Or are you someone who tends to keep a car for longer than that, so you are simply going to pay the residual / extend the lease?
          - don't forget that the FBT exemption for NL is up for review in mid 2027, and by then the FBT exemption might end. So if you start a 3-year lease now which will last till end of 2027, and by then FBT exemption has ended, then you no longer have the option of continuing the cheap FBT-exempt lease.

          Personally I went for 5-year lease because I know I will keep the car for 5 years or longer, and I will simply pay the residual (or even better, if FBT exemption is still in place, I will extend the lease for a few more years). I also enjoy good job security as a specialist doctor with fixed employee, and don't intend to borrow more for houses so no concern about reduced borrowing capacity, etc. But people will have to make their own decision based on considerations above.

          • Buy2Much on 31/10/2024 - 19:08

            @changyang1230:

            So if you start a 3-year lease now which will last till end of 2027, and by then FBT exemption has ended, then you no longer have the option of continuing the cheap FBT-exempt lease.

            Even if FBT benefit gets phased out, if you are already contracted to the lease, benefit remains with some caveats.

            • changyang1230 on 31/10/2024 - 19:14
              +1

              @Buy2Much: I am referring to someone who signs for 3 years today ending December 2027, and if FBT exemption doesn’t continue at that stage, they can’t extend their lease and enjoy FBT exemption further.

              Contrast this to the person who signs up for 5 years straight today and lasting till December 2029, even if FBT exemption doesn’t continue in 2027, the current arrangement will likely continue for the rest of the term. (If they decide to give it the same treatment as PHEV)

      • UltimateAI on 31/10/2024 - 15:14
        +2

        Agree, people forget the cost of money. For many people leasing means their money can sit in an offset account or be earning money in shares.
        - No FBT
        - No GST (includes expenses like Insurance)
        - Cost of Money
        Offsets the higher interest rates ~7.5% would be paying to lease.

        Although the best way to save is don't buy a new car.

        • Frosty17 on 31/10/2024 - 15:44

          Haha yes, in most cases just not getting a new car is the best option. But if you want/need one, then NL makes sense in a lot of situations

          • changyang1230 on 31/10/2024 - 18:12
            +5

            @Frosty17: While "not getting a new car" is often cheaper, in the face of crazy discount effect of novated lease (especially for higher bracket earners), people actually often save money by swapping out their older used car for a novate-leased car.

            A numerical example (that I show in my spreadsheet) is: when I changed my 4-year-old Mazda 6 worth 25k dollars to a novate-leased Tesla Model 3 Long Range (worth 81k when I bought), the overall 5-year financial outcome is on par whether I keep the Mazda or NL this Tesla (with the assumption of the Tesla being worth around 32k in 5 years and the Mazda worth 14k).

            Therefore:
            - if instead of the 81k EV I got a cheaper one e.g. the current 60k Tesla, 50k BYD or 30K MG4, I would have literally saved tens of thousands compared to keeping my old Mazda 6.
            - if instead of 25k Mazda 6 my current car is a Mercedes still worth 40k, I would have literally saved 10k plus changing over to this Tesla.

            So this old "keeping your old car is always the best" is a mantra that is no longer true in the FBT-exempt novated lease environment. You have to crunch the number instead of simply following this "rule of thumb".

      • jasiano on 31/10/2024 - 16:09
        +4

        ah it's YOUR spreadsheet!! Thanks!! I used it recently and worked out I actually 'saved' money through a NL vs buying a car upfront after selling my current car as well.

      • Ozybargdias on 31/10/2024 - 18:36
        +2

        Love your work dude. I often refer colleagues to your spreadsheet. Happy (though completely unsurprised) to see you post here on Ozbargain!

      • shegeloaf on 31/10/2024 - 18:46
        +1

        Thanks buddy.

    • truemana on 31/10/2024 - 15:17
      +1

      That’s… not how a NL works. It’s a cash flow analysis and the finance interest rate has minimal impact on the overall cost effectiveness for a NL.

      This is especially true for electric vehicles with the FBT discount.

    • arcticmonkey on 31/10/2024 - 22:21

      Especially with the risk of losing your job and not being able to transfer.

      The novated lease fees will cost you thousands with no offset.

  • ZIngerBurgR on 31/10/2024 - 13:52
    +7

    I have a Zeekr X pre-ordered but they are seriously dragging their feet in terms of timelines and availability. I may have to consider Tesla with this deal.

    • onlinepred on 31/10/2024 - 14:30
      +4

      You have a what?

    • HunterBargainHunter on 31/10/2024 - 15:15
      +3

      I have to say I considered the zeekr for about 5 minutes until I saw its price and not much to justify it (nice materials, few extra options, that’s about it)

      • May4th on 31/10/2024 - 16:36

        I thought it looked hideous.. the people mover looks good but will be quite expensive over LCT threshold

      • ZIngerBurgR on 31/10/2024 - 17:42

        For me it's a balance of:

        • Luxury interior.
        • Soft ride (we've test driven it in another country already).
        • A bloody fridge! Well, it can also go up to I think 40C, very helpful addition for our lifestyle.
        • 3.8s to 100KM/H (actually a bit quicker with better tyres) in the AWD model.
        • Very funky colour options, we're considering Pine Green over Blue/White.

        For just under $70K driveaway, it's a very sweet deal on a novated lease.

  • dammit on 31/10/2024 - 13:56
    +3

    What's a good novated lease provider to get a quote from?

    I found this brilliant EV novated lease calculator on Reddit - I believe changyang1230 also frequents ozbargain too… but I got a bit stuck when it asked the fortnightly lease payments and I couldn't find a provider to churn out a quote. I should be only in the 30% tax bracket ($45,001 – $135,000) for now so might not be worth it…

    • abs898 on 31/10/2024 - 13:58

      With your employer work with any NL company?

      If yes, then go with the bigger ones likes Sgfleet, Novated lease Australia etc. they tend to offer a lower rate

    • changyang1230 on 31/10/2024 - 14:31
      +12

      Thanks for the plug.

      The spreadsheet works best if you already get a quote from an NL provider. However, if you simply want to explore, you can simply simulate "what would happen if my NL interest rate is 9%" by following the instruction on that reddit page, under the section called "I Don't Have A Quote For A Car, Can I Still Use This Calculator?".

      • dammit on 31/10/2024 - 14:53
        +1

        Great work on this comprehensive resource! Sorry, I completely missed that in the Reddit page… Looks like I should go back and look through that in detail as I’m sure there are other tips as well. Cheers!

      • theguyrules on 31/10/2024 - 16:13
        +1

        Super handy, thanks

      • Seabass17 on 31/10/2024 - 17:56
        +1

        Your calculator is amazing changyang, thanks.

    • Timm on 31/10/2024 - 15:18
      -2

      I got a few quotes recently. SG Fleet was the best, around $300 per fortnight for a Model Y with no extras.

  • 0 0 0 on 31/10/2024 - 14:01
    -8

    Make sure you factor in that you're paying $2-3k more for insurance on a Tesla so the saving might not be so good

    • abs898 on 31/10/2024 - 14:02
      +6

      Not really. My current Sportage came at 1300 and Tesla at 1600.

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