This was posted 5 months 1 day ago, and might be an out-dated deal.

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$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 (6092 clicks)
Last edited 29/11/2024 - 12:55 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 (881)

Referee gets $350 off Model Y & 3 purchase.

Referrer gets $150 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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closed Comments

    • Windows98 on 31/10/2024 - 19:18

      You need to take the fact that all expenses are covered, it reduces your taxable income, and the money you would otherwise have used to pay for the car can earn interest in the bank or not cost interest if you used a redraw in your home loan.

      After you take those things into consideration, it should work out more enticing.

      Someone linked a good calculator that figures all this out earlier in the thread.

  • mboy on 31/10/2024 - 16:35

    Upvoting cause it's a great deal. Doesn't help me though, I bought my Model 3 with a NL a few months ago. Couldn't speak more highly of the car.

  • Mr Bob Dobalina on 31/10/2024 - 17:01
    -3

    Leasing cars. lol

    • Wildesy on 31/10/2024 - 17:39
      +3

      Good way of outing yourself as a low income earner.

      • moo on 31/10/2024 - 17:57

        Maybe he/she/it/they has no income or has generational wealth or living off parents. Never assume!

      • Mr Bob Dobalina on 31/10/2024 - 19:34
        -2

        Low income earner with Mustang GT lol sure bro

        • Wildesy on 31/10/2024 - 20:07
          +2

          Damn, son. You a made man.

        • May4th on 31/10/2024 - 21:30
          +3

          imagine thinking a Mustang is a flex

          • Mr Bob Dobalina on 01/11/2024 - 11:30
            -1

            @May4th: The latest Mustang GT costs nearly 90k on road. That's more than the average person can afford.

    • Buy2Much on 03/11/2024 - 12:47

      You are missing the point that had plenty of comments already - the $ benefit of novate leasing EVs.
      Which is no benefit to ICE cars like Mustang GT.
      Having an expensive car does not necessarily prove you are a high income earner. I know of people who drive expensive sport cars or pimped up pickups who spent a significant chunk of their income paying car loans and live pay check to pay check in rental homes or live with their parents.
      Warrent Buffet drives a 10-Year-Old Cadillac Bought With Hail Damage https://finance.yahoo.com/news/warren-buffett-drives-10-old-…
      Other billionaires are know to drive cheap cars https://www.cnbc.com/2018/08/21/9-billionaires-who-still-dri…

      • Mr Bob Dobalina on 03/11/2024 - 13:01

        I never said it proves you're a high income earner, only that you aren't a low income earner. Those two statements are not the same.

  • putshan on 31/10/2024 - 17:02

    Just want to clarify.

    I'm wanting the Model 3 LR AWD in red with white interior which comes to $70,800
    In WA you only get the EV rebate for vehicles <$70,000

    If I were to go through a NL and get the $3,000 incentive, would it take the price to $67,800 and thus allow me to also claim the Govt Rebate?

    • putshan on 31/10/2024 - 18:18
      +2

      Spoke with Tesla and indeed it will mean the cost is <$70,000 and therefore will be eligible for Govt rebate.

      • Repstar on 31/10/2024 - 19:09

        Just check the government website because in QLD when they had the $6k rebate, you couldn’t claim the $6k with a NL.

        • kfcsam on 01/11/2024 - 00:39

          In WA you can

  • The king on 31/10/2024 - 17:19
    +1

    I always read all the post and still I am not understanding how this works. If some one kindly guide me to read or watch some video to understand or explain in simple words how this whole things works and helpful in saving tax. TIA

    • putshan on 31/10/2024 - 18:17
      +23

      I can provide an example.

      You package up the cost of the car + loan as well as the running costs (insurance, tyres, 'fuel' etc.)

      Let's say your income is $140,000 (which means after tax you are left with $105,000)
      For a $70,000 car, let's say the cost of the Novated Lease comes to $20,000 per year

      That $20,000 is taken PRE-tax so your taxable income is now $120,000 (140,000-20,000)
      This means that after tax your take home income is about $92,000

      So the "cost" to your take home income is about $13,000 ($105,000 - 92,000) per year.

      At the end of the lease you then have a residual to pay (which is what is left over from the loan, which is likely to around $15,000) - so you need to pay that off to keep the car or sell it and you keep whatever you sell it for over the $15,000.

      If you choose to buy the car via a regular loan (at 2.99%) on a $70,000 car is about $15,000 per year
      So this is about $2,000 per year more than a Novated Lease AND this is JUST for the car, it doesn't include Insurance, Tyres, Rego, Maintenance etc.
      Conservatively you would say running costs are about $2,000-3,000 depending on your travel etc.
      So now you're paying about $4,000-5,000 more per year than the NL

      After 5 years this is about $20,000-25,000 more, which is very likely to be higher than the residual of the NL, so after 5 years you could realistically be $5,000-10,000 better off even after residual.

      Plus you've been spending less money on repayments so you have more in your offset or to put towards other investments.
      On the flip-side because your costs are coming out pre-tax your super contribution is lower (so take this into account).

      Your other option is to just pay the $70,000 for the car today and don't have a loan.
      However this means the $70,000 is going into a depreciating asset rather than an offset account or shares, so there is still a 'cost'.

      I hope this info is accurate, If I'm off base with this, please correct me.

      • shegeloaf on 31/10/2024 - 19:00
        +1

        Fantastic explanation.
        I just didnt get the last parts when you were talking about offsets..
        That's assuming a person had the 70k upfront and choses to buy the car outright rather than invest it whilst taking a NL right?

        • putshan on 31/10/2024 - 19:38

          Yeah correct, so the last part is a 3rd option of just buying the car with cash.

      • amsaini15 on 31/10/2024 - 19:04
        +1

        Thanks mate. Well explained.

      • Weisman on 31/10/2024 - 21:30
        +1

        One of the best OB comments this year. Well explained.

      • jenesis33 on 31/10/2024 - 22:31
        +2

        I think Super contribution been lower is not 100%. You should check with your payroll to see if they calculate super contribution before Novated Lease amount or after.

        I would imagine most company do it before. So your contribution is not affected.

        Great post btw

        • changyang1230 on 01/11/2024 - 03:08
          +3

          Yeah vast majority of employers use the original super contribution amount rather than the reduced gross salary figure post NL for the super calculation.

          Some 5-10% of them do however which result in significant reduction in super contributions each year. (I ran a poll among existing NL owner on an EV group) I agree that everyone should check with their own payroll how their super is treated.

      • The king on 01/11/2024 - 09:55

        Thanks mate this make more sense to me. I appreciate it.

      • kronosxmate on 01/11/2024 - 11:23

        How would this look for some1 earning 58~60k annual pre tax and has salary packaging and NL available thru an healthcare employer in VIC? Asking for a friend :P

        • putshan on 01/11/2024 - 12:01
          +4

          Don't buy a $70k car on $60k income :)

          Go to paycalculator.com.au and you can use this to determine the outcome based on your pay.

  • VBHBAU on 31/10/2024 - 17:21
    -2

    Nup. Still too expensive.

    • Brisbane1 on 31/10/2024 - 17:21
      +2

      Ok don't buy 😒

  • VBHBAU on 31/10/2024 - 17:40

    I'm Qld Gov and my leasing companies are a ripoff.

    • tcommy79 on 01/11/2024 - 00:50

      Me too, bit have found one for 8.9% and no fees. Need to check using that calculator but seems ok

  • frank1989 on 31/10/2024 - 18:02

    I just made an order few days ago and going with sgfleet for NL. Who should I contact to discuss about it? Or would it be automatically applied in my final invoice?

    • H_J on 31/10/2024 - 18:16

      Same with sgfleet. Whats the interest rate you get? Cheers.

  • Ronerrlaw on 31/10/2024 - 18:08

    Anyone with remserv, what sort of interest rate did you get?

    • tcommy79 on 01/11/2024 - 00:51
      +1

      They offered me around 11%. I said no

      • Ronerrlaw on 01/11/2024 - 09:18

        I would be saying no at 11% too.

  • kfcsam on 31/10/2024 - 18:22
    +2

    Don't forget in WA you can also claim the gov EV $3500 rebate on novated leases

    • ChickenAdobo on 05/11/2024 - 02:44

      The cost of the car must be less than 70k though. So the performance and optioned LR is out of luck on the model Y

  • Windows98 on 31/10/2024 - 18:53

    Just ordered. Don't forget Further $700 off with a referral code.

    • cheapsuits on 01/11/2024 - 09:13
      +1

      Except that it's $350 now, not $700.

      • Windows98 on 01/11/2024 - 09:21
        +1

        That's true. As of this morning

        • Repstar on 01/11/2024 - 15:41
          +1

          Tesla La give and Tesla La take

  • scud70 on 31/10/2024 - 19:09
    +2

    Nice! Enough for two PS5 pros WITH a stand … 🙌

  • n3ck3ntry8bort0rgasm on 31/10/2024 - 20:46

    I am a best tesla. I am the best tesla.

  • hopper on 31/10/2024 - 21:38
    +1

    It's high time they re introduce model x.

  • djz on 01/11/2024 - 09:25

    Is there a way to get a novated lease if you’re self employed? I work for an employer 1 day a week who offers NL but I may not be continuing my employment for another 3 years so I don’t want to have to terminate the NL early.

    I am also self employed (Personal services Income though not a company) for the other 4 days a week and have my wife as an employee and I’m on the maximum tax bracket.

    Is there any companies that offer some kind of Novated Lease under these arrangements?

  • sandman87 on 01/11/2024 - 09:35

    Is this a cashback to the customer or is it $3000 off the purchase price?

    • frank1989 on 01/11/2024 - 10:21
      +3

      $3000 off the purchase price

  • kungfuman on 01/11/2024 - 13:30
    -2

    you are better off owning the car

    • Nom on 02/11/2024 - 19:31

      At the end of the lease period, you pay the final residual payment and then you DO own the car.

      • kungfuman on 03/11/2024 - 10:23

        i have talked to many accountants on this and with the all what I learned about it, you don't benefit from this. eg a 5 year lease for say a model Y ends up being 130k with all the fees you end up paying.

        • Nom on 03/11/2024 - 10:40
          +4

          That's completely incorrect.

          If you're on the 45% tax bracket, then the Model Y will cost you quite a lot less to Novated Lease than it would to buy outright.
          If you're on the 37% tax bracket then you're likely to save a small amount on the Novated Lease.
          If you're on the 30% tax bracket then the Novated Lease will probably cost you a similar amount to just buying the car - and you also get the benefit of being able to spread the payments over 5 years. This is where the real saving comes from - instead of spending $70K on the car, you can invest that $70K into your mortgage/shares/whatever - this can earn you a significant amount over a 5 year period, whilst you just pay for the lease from your salary instead of needing to spend the lump sum in one go.

          Read this post for a thorough breakdown - https://www.ozbargain.com.au/comment/15867085/redir

        • May4th on 03/11/2024 - 12:30

          130k pre-tax over 5 years is 65k for the top tax bracket inclusive of all maintenance/insurance/rego/tyres etc and initial GST. even accounting for the 30% balloon at the end you're basically breaking even and then adding the interest from keeping 60k in offset from day 1 of lease you're ahead by a long margin

        • changyang1230 on 03/11/2024 - 12:39
          +2

          You either need a better accountant, or you were talking to the accountant in the context of NL with no FBT-exemption ie ICE vehicles.

          Get your accountant to have a look at my calculations and point out exactly how I was not saving 46,000 dollars overall.

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

          • kungfuman on 03/11/2024 - 19:18
            +1

            @changyang1230: as I said I get information from multiple accountants not just one. None agree that this is a good idea.

            • changyang1230 on 03/11/2024 - 19:35
              +2

              @kungfuman: And as I have presented, all the maths are there in the spreadsheet. I am literally 46,000 dollars better off than choosing the purchase with cash, and when it comes to numbers there isn't even opinion, numbers are facts.

              It's up to you whether you put your faith in "a few accountants", vs verifying the maths yourself, and many thousands of people who are happy with their decision.

            • Nom on 03/11/2024 - 19:58
              +3

              @kungfuman: We've all just explained in detail why you are incorrect.
              It doesn't matter how many accountants you've spoken to, if you're asking them the wrong questions.

              Novated Lease operation isn't a secret - get a quote from your employer's provider, and look at the numbers for yourself.
              You don't need an accountant to compare the cost to your take home pay, with the cost of a car loan, and/or the saving from dropping the $70K into your mortgage for 5 years. One of these three options costs you $X, the second option costs you $Y, and the third option saves you $Z.

  • megadeth on 01/11/2024 - 23:24

    That's a nice way of inserting a floor under the RRP to see through the Chinese EV bloodbath.

  • WhipSmart on 02/11/2024 - 00:23

    For anyone that's interested in finding out more about this, we've published an article here: https://whipsmart.au/2024/11/01/tesla-novated-lease-unlock-3…

    And we're happy to assist anyone looking to take advantage of this great offer - www.whipsmart.au/contact

    • Brisbane1 on 02/11/2024 - 06:07

      Do I get any deal for posting this thread 😃

    • naira on 02/11/2024 - 21:09

      Hi, can you tell us what your interest rate is? Can you give an example of current repayment per month for 100k salary? I am looking at toyotafleetmanagement calculator and seems reasonable.

      • Nom on 02/11/2024 - 21:18
        +1

        On a 100K salary, the fortnightly payment for a 50K EV will be somewhere around $370.

        ie If you were getting $3000 paid into your bank account on pay day, then you'll get $2630 once the lease is underway.

        • naira on 02/11/2024 - 22:43

          Thanks, so this is your experience with whipsmart?

          • Nom on 02/11/2024 - 22:50
            +1

            @naira: Nope, they're just generic novated lease approximations.

            In theory, WhipSmart should be cheaper than those numbers…

  • Estrana on 03/11/2024 - 19:17

    Does anyone know how long is the delivery for a RWD with colour, either grey or red? I need another week or 2 to decide

  • KingJuf on 06/11/2024 - 21:52

    Just wondering if there is a good way of working out whether the NL company is actually charging you the rate they quoted? They did tell me 8.6% but not sure they can be trusted, even though the website said self managed lease with own finance they said it was not for private employees…

    Lease repayments worked out $283 per week plus $85 for maintenance etc over 3 years. Still seems abit high too me?

    This was for the model y base SR vehicle value shown as $54580

    I ran my numbers through the calculator of changyang and it said 21k less then paying cash for it and less then 1k based on my circumstances keeping old car.

    Does anyone know if this mean if I have a second source of income aside from my base salary of $140k then I will see further benefits come tax time?

    • Gebb on 07/11/2024 - 08:50

      who was the vendor you used here?

    • Nom on 07/11/2024 - 11:06

      @KingJuf your figures don't add up, something is wrong.

      283 + 85 = 368 per week (this number is humongous and cannot be correct - it's probably a useless pre-tax figure that the lease companies love to use - you need to ask them what is the weekly cost TO YOU, ie What is the effect on your weekly pay ? It's probably more like 200-250 ish)

      368 * 52 = 19,136 per year

      19136 * 3 = 57,408 total

      Residual payment after 3 years = 46.88% of original price $54580 = 25,587.104

      57408 lease + 25587 residual = 82995 total.

      Some of these figures are clearly wrong, check your quote again.

      • KingJuf on 07/11/2024 - 12:08

        Yeh sorry those figures were pre tax, if I just include my main income source which the novated lease would be under it comes to $250 per week out of pocket after tax. But I just discovered section 4 in @changyang1230 spread sheet and that indicates my rate would be around 10% assuming I use my pre tax fortnightly figure here.

        $250 x 156 weeks $39k plus $28k residual is the actual cost to me.

    • changyang1230 on 07/11/2024 - 12:45

      Hi sorry didn't see your mention earlier.

      Yeah "effective interest rate" is an interesting one. As the NL has such complex structure with 2-month deferment and a balloon amount, the usual online loan calculator wouldn't work out of the box so you would have to literally draw up your own amortisation table and set your own formula in your spreadsheet etc (as I tried to explain on the page).

      The thing is - using 36 months as an example.

      2 months deferred means that instead of the regular loan where repayment payment goes in at month 1, 2, 3, etc until month 36, they would only start from month 3, 4, etc till month 36. However they still charge interest every single month including month 1 and 2 where you haven't started making payment.

      And with the balloon amount, it means that instead of hitting zero at the end of the term, you hit the balloon amount (which then gets GST added to it to become the figure you need to pay).

      Anyway. The reason I am mentioning the details above is - by using some company's figures and some back-engineering, I realised that some companies (at least Maxxia and SG fleet) use this alternative formula where instead of month 3 to 36, the payment goes in month 2 to 35 which is odd - but that's the payment structure that their figure assumes, which partially contributes to the discrepancy seen between their interest number and mine.

      As for your last question: as mentioned on my original "taxable income" cell, your benefit will be based on ALL income, not just your base salary at your workplace. In the end, if your income is say 140 base and 90 bonus, the effect of tax saving is going to come from reducing your taxable income from 230k to say 210k (hence 45+2% discount effect), instead of 140k to 120k (hence only 37+2 and 30+2 effect).

      • KingJuf on 07/11/2024 - 17:34

        Yeh I am trying to work out if there is any way to hold them to their word based on the calculations but I get that it could get tricky with the 2months deferred etc. might see if they can offer any better but I suspect as my employer only allows this company they might not be willing to budge.

        Regarding the secondary income I guess this is where I may have some benefit come tax time if my base is 140k and additional income pre tax is 20k since its subcontracted work.

        Thanks for your help with the calculator it definitely helps put things into perspective.

        Do you know if we can still use a Tesla referral if we purchase via NL? Or would the NL company handle all the ordering?

        • changyang1230 on 07/11/2024 - 19:41
          +2

          For a Tesla you have to purchase the car yourself (you first click the referral link of your choosing to enter the Tesla website which will see your discount automatically applied) - then pay the 400 dollars deposit with your own money. And then you send the invoice to the NL company and they deal with the rest which is to pay Tesla when everything is settled, plus to refund you the 400 dollars you paid.

          • KingJuf on 08/11/2024 - 22:11
            +2

            @changyang1230: Cheers for that!

            One more question, whats your thoughts on taking a 2 year lease then follow up with another 1-2 year lease?

            I really feel like being locked in for more than a couple years could be abit of a trap.

  • Frozensage on 07/11/2024 - 15:56

    My employer said I can use any NL company, so what's the best way to go? Get a bunch of quotes from the big players?

  • Bond-007WA on 16/11/2024 - 11:07
    +3

    Wondering if this will be extended into 2025? $3K is incentive is tempting. Keen to hear others thoughts?

    My NL expiring in March 2025. Looking at the M3 RWD in Quicksilver.

    • 4to on 17/11/2024 - 15:58
      +1

      I don't believe it will be extended into 2025.

      Can't remember if they have ever extended any of their special deals besides with all the news rumours regarding refresh M3 & MY for next year 2025, my guess would be less special deal offers and or potentially a slight price increase for the new updated model versions but its like anyones guess lol.

      I would love a 0% interest deal on financing MY like in the USA !

      Even with all the new Chines EV competitors entering the Australian market I doubt Tesla will be partaking in the Chinese EV price wars, instead reducing even more the manufacturing costs :)

      Next year I would expect them to announce Australian CyberTruck release & delivery dates for late 2025 early 2026

    • Gebb on 18/11/2024 - 09:49
      +1

      Speaking with Tesla they said it may but that will based on volume of orders and also how many of those vehicles arrived before the deadline.

      • Bond-007WA on 19/11/2024 - 02:04

        Thankyou. I'm contacting them tomorrow to confirm wait time for Quicksilver in WA for the M3.

        Going to clear my NL early (no penalty) and pull the trigger if they can apply the $3K in time.

        You looking at one?

        • Gebb on 19/11/2024 - 07:10
          +1

          Yes Model Y performance, I’ve seen the available vehicles en route. Will get either plain white with enhanced auto pilot or Quicksilver w/white interior + enhanced auto pilot. Both should come below the LCT threshold when factoring in $3k discount and $350 referral fee.

  • cerealsmok3r on 01/12/2024 - 06:43

    Not sure if it’s been shared around but there is a NL spreadsheet that helps with the calculations. The 3000 incentive is already included into it and it’s a good way to compare it against an ICE vehicle and any quotes that you’re getting. You might also want to ask if they have any other quote providers. NSW govt usually uses Maxxia but it’s possible to ask sg fleets depending on the department and they’re much cheaper compared to them.

    • Xetrok on 02/12/2024 - 09:47

      Do you have a link to this spreadsheet by any chance? :)

      • dust on 03/12/2024 - 13:20
        +2

        This(reddit.com) is the spreadsheet. I believe the creator of it is also on OzBargain (of course he is).

        • Xetrok on 03/12/2024 - 13:52

          Legend!

  • browser on 09/12/2024 - 16:31

    Can this be combined with the $1,400 referee discount? https://www.ozbargain.com.au/node/880660

    Also, any experience on how accurate is Tesla's estimated delivery? There's no inventory of Model 3 RWD in the colour we want, but estimate says December 2024.

    Then again all Model 3/Y RWD/AWD 18"/19" all colours are estimated December 2024, only performance variants are Jan-Feb 2025.

    • Heybargain on 09/12/2024 - 16:56

      Yes you can combine the two.

    • dust on 11/12/2024 - 11:06

      Also, any experience on how accurate is Tesla's estimated delivery?

      Call the dealership and ask. Will be more accurate than on the website.

      • browser on 12/12/2024 - 10:34
        +1

        Thanks, did ask them when we where there to test drive.

        They can't guarantee it, but some are coming in December. They encourage us to order soon.

  • browser on 12/12/2024 - 14:47

    Unlike the referee bonus (-$1,400), is the novated lease discount (-$3,000) not reflected in the order summary?

  • achew on 20/12/2024 - 14:42
    +1

    Very cool. A colleague of mine in Newcastle just got a 7-day turnaround on her novated Lease for a Model Y! She's so happy :D

  • FlyingMiffy on 20/12/2024 - 15:00

    Considering Tesla has a centralized pricing model and that this is specifically for leasing which is already minus the full GST for a car priced at this level, this is a decent deal for people looking to novate. That said, i wont buy a Tesla. The chinese EVs are so much better.

  • Trying2SaveABuck on 20/12/2024 - 18:09
    +1

    Not a bad deal

  • BigLeviathan on 22/12/2024 - 14:03
    -2

    I'm totally interested with Tesla until I see this video(youtu.be) this morning and now I'm thinking twice to get it now; especially I love the idea of FSD option…

    And yes, I know that this feature is a small part of other great functions of the car…

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