Welcome to everything BYD Novated Lease in Australia
All of the BYD vehicles below can be Salary Packaged 100% Tax Free on a Novated Lease. Click on any vehicles below for more details and useful links. We’ll update this list as soon as more models become available.
Below the calculator is all the information you’ll need to know on owning and leasing one of these magical BYD vehicles.
For even more information, you can talk to one of our Novated Leasing experts who work very closely with the local BYD team to organise test drives and great deals.
Benefits of Novated Lease for BYD EV and PHEV vehicles in Australia
Novated leasing in Australia offers several benefits for employees, including:
The best benefit is all of the BYD vehicles can be Salary Packaged 100% Tax Free on a Novated Lease. Other benefits include
- Consolidated Payment of Car Expenses: Novated leasing in Australia allows employees to bundle lease payments and running costs into one convenient regular payment.
- Significant Tax Savings: Employees can reduce their taxable income and increase their disposable income by making lease payments with pre-tax salary.
- Inclusive Coverage of Running Costs: Novated leasing in Australia can include coverage of running costs such as charging, comprehensive car insurance, servicing, registration, and tyres.
- Flexibility: Novated leasing in Australia allows employees to choose from various Tesla models and add approved optional extras and accessories.
- Customised Driving Experience: Employees can tailor their driving experience to their needs and preferences.
- Options to Upgrade, Extend, or Purchase the Vehicle at the End of the Lease Term: Employees have flexibility in their choices at the end of the lease term.
What’s BYD Ownership Like in Australia?
BYD has been making a notable impact in the Australian electric vehicle market, particularly with its range of electric cars and buses. The ownership experience generally reflects a few key points:
- Growing Popularity: As awareness of electric vehicles (EVs) increases, BYD has gained traction, especially among environmentally conscious consumers looking for alternatives to traditional combustion vehicles.
- Service and Maintenance: The availability of service centers and parts may vary, so it’s essential for potential buyers to consider local support options.
- Community and Support: As BYD’s presence grows, so does the community of owners, which can provide support and share experiences.
- Government Incentives: Various state and federal incentives support EV ownership, including rebates and exemptions from certain fees, including the federal government incentive which makes your BYD vehicle 100% tax free on a Novated Lease.
- Charging Infrastructure: Owners are benefiting from an expanding charging network across Australia, making it easier to charge their vehicles, especially in urban areas.
- Variety of Models: BYD offers a range of models, including sedans and SUVs, which appeals to different segments of the market. Their vehicles often come with competitive pricing and features.
- Overall, BYD vehicle ownership in Australia is seen as a promising choice for those looking to transition to electric mobility.
The long awaited BYD Shark now Tax free on Novated Leases in Australia!
$217 per week including all running costs!
The new BYD Shark ute is possibly the most exciting vehicle to hit Australian shores in a long time. The interest in this vehicle has been enormous as it combines practicality with the brand’s electric vehicle technology. Here are some key aspects:
Electric Powertrain:
The Shark ute features a fully electric drivetrain, providing strong torque and smooth acceleration, which is beneficial for both urban and off-road driving.
Range and Charging:
It offers a competitive driving range on a single charge, making it suitable for daily use and longer trips. Fast-charging capabilities are also typically included, allowing for quicker recharging at charging stations.
Design:
The ute sports a rugged, modern design that appeals to traditional ute buyers while incorporating BYD’s sleek aesthetic. It has a spacious bed for hauling cargo, which is a key requirement for ute owners.
Interior Comfort and Technology:
Inside, the Shark ute is equipped with a user-friendly infotainment system, ample storage, and comfortable seating. Features like smartphone connectivity and advanced driver-assistance systems enhance the driving experience.
Payload and Towing Capacity:
Designed to handle various tasks, the Shark ute generally offers respectable payload and towing capacities, making it suitable for both work and recreational use.
Affordability and Incentives:
Positioned competitively in the market, it may also benefit from government incentives for electric vehicles, making it an attractive option for those looking to transition to electric mobility.
Overall, the BYD Shark ute aims to blend the utility of traditional utes with the benefits of electric driving, appealing to a wide range of consumers from tradespeople to environmentally conscious buyers.
Information about our EV Novated Lease Calculator
New government legislation aims to make EVs more affordable through novated leasing, but the critical question remains: “What will it cost me?” Vehicle Solutions in Australia’s novated lease calculator gives you an instant estimate of the cost to your take-home pay for any vehicle up to the FBT-exempt limit of $91,387.
When using a novated lease calculator, it’s essential to know what’s included and what’s not. Providers may adjust fuel, tyres, and service costs to lower quotes, which can lead to higher expenses later. Always review the running costs and their calculation to ensure an accurate estimate.
The Calculations
Charge Allocation (Was the old-fashioned fuel)
In our novated lease calculator, we have included an allocation of $750 per year for charging your vehicle. Depending on usage, this can be changed before starting the lease or at any point during the lease term.
Tyres
In a novated lease calculator, tyre budgets vary due to price differences based on tyre type. We research average costs per vehicle category and apply them to an estimated tyre replacement schedule to set the budget.
(Average cost of a tyre X 4) = Cost of a set of tyres.
Your annual km travelled X the lease term in years = Total KMs
Total KMs/35,000kms (average tyre change period) = Sets of tyres required.
Sets of tyres required X Cost of the set/years of lease = Total tyre budget per year.
Example: Mary drives 15,000 km per year and is about to start a 5-year lease. A set of her tyres costs $850.
15,000 X 5 = 75,000kms /35000 = 2.14 sets of tyres X $850 per set = $1,819/5 years = $363.80 per year.
Maintenance
Most cars need a service every 10,000 to 15,000km, and the cost depends on the type of vehicle you choose. However, EVs generally require less servicing, so we have allocated $350 annually.
Registration and Insurance
For registration and insurance renewals, we use an estimate again depending on the type of vehicle chosen.
Finance
The finance is on a standard novated lease calculation with minor variations.
- There’s often concern about the balloon payment at the end of a lease, called the residual or final value. While novated leasing lets you pay for the car through your employer, saving on tax, you don’t gain equity in the vehicle. Leasing a vehicle below the luxury car tax threshold can result in substantial tax savings, mainly due to exemptions from fringe benefits tax. At the end of the lease, you’ll need to pay the car’s market value.
- Your first year of Comprehensive Car Insurance can be financed, so no upfront payment is needed. When it’s due again, simply send the renewal, and your Salary Packaging provider can pay it from your novated lease account.
Residual Value
The balloon payment at the end of your lease, known as the residual value, must be paid based on the car’s market value. Individuals can purchase the vehicle outright at the end of the lease term. While paying through your employer saves on tax, you don’t gain equity in the car, so the balance is due at the end of the lease.
GOOD NEWS! Because there is a residual value at the end, your repayments are cheaper during the lease term. Most people use these cheap finance payments to get into a more expensive car.
The residual value is an ATO-set percentage based on the lease term, but it has a buffer of approximately 5% on either side of the required rates. Please read a more detailed article and view the ATO-set percentages by clicking HERE.
Loan or Lease
For most people buying a car means they need some form of finance. One of the most common questions is wouldn’t I be better off putting the car on a standard car loan? To get a true comparison of the difference between a loan and a lease, please read our article by clicking HERE.
Finance Approval Conditions
Once you’re satisfied with the results from our novated lease calculator, the next step is lease approval. Approval is typically easier than standard finance since payments are deducted from your pre-tax salary, giving financiers confidence in repayment.
To get a pre-approval started, click HERE. Pre-approval gives you non-binding approval on your chosen vehicle without pressure to proceed. It strengthens your negotiating position, allowing you to request a cash price for immediate delivery.
We hope that you have found both our Novated Lease Calculator and information on each aspect of the calculator helpful.
If you have any questions about the figures or want to discuss the process, please call us during business hours at 1300 990 880 or simply click the button below to send us an inquiry form.