Polestar.

Polestar 2

• Described as a premium electric fastback, every detail of the Polestar 2 is designed to be quietly distinctive and it’s clean, spacious environment pairs avant-garde styling with innovative materials. Polestar 2 makes every moment behind the wheel easier and safer with intuitive software, smart collision avoidance systems and seamless connectivity.
• It comes from a production plant where 100% of energy used is renewable, and its climate impact has been reduced further by a move to low-carbon aluminium wheels and battery casing.
• The material in the car is free from animal products, and water-based – not solvent-based – and designed to be like a wetsuit, so everything wipes off. With the help of chemical experts and design engineers, we were able to reduce the amount of plasticiser down to 1%, compared to an industry standard of 35-45%.
• Polestar 2 was the first vehicle globally to be equipped with Android Automotive OS with Google built-in. As part of Polestar’s digital-first thinking, customers also benefit from Over-The-Air (OTA) updates like your mobile phone.
• Polestar 2 can be paired to your phone to act as a Digital Key along with the Polestar app (beta) as part of the ownership experience. Functionality such as pre-heating or cooling the vehicle, locking, and checking the charging status can all be managed via the app.

Polestar is not just another EV

Polestar is a Swedish car company leading the way in creating 100% electric cars that deliver incredible performance, whilst reducing the environmental impact.

Each year Polestar publishes a lifecycle assessment report on the Polestar 2 and shares the methodology with the industry. The report demonstrates that EVs have a long way to go before production becomes truly sustainable – but you have to start somewhere!

A survey last year shows one third (34%) of Australian consumers support a ban of new sales of petrol and diesel cars by 2030 and 44% of Australians intend to drive an electric vehicle within the next 10 years

For example, Polestar was the first car maker globally to use Blockchain technology to trace the Cobalt in its batteries.

As a brand, transparency is what sets Polestar apart from the rest. Polestar is committed to tracking and reporting on the impact of its supply chain by monitoring its CO2 emissions and ethical sourcing of risk minerals and materials.

Australia recently joined the global call-out to universities and clever, innovative companies who might be able to help us on our journey.

Polestar’s moon-shot goal is to produce the world’s first truly climate neutral vehicle by 2030, currently dubbed the Polestar 0 Project.

Information about our EV Novated Lease Calculator

New government legislation aims to use Novated Leasing to make EV’s as affordable as possible. However the main question still needs to be answered, “What is this car going to cost me out of my take home pay?”. A good Novated Lease calculator will provide this information up front. Vehicle Solutions Novated Lease calculator tells you in seconds the cost to your take home pay for any vehicle value you enter up to the FBT exempt amount of $91,387.

But what does all this mean?

When looking at any Novated Lease calculator it is important to understand what is included and importantly what is not included. On a Novated Lease calculator the provider can change the way fuel/charge, tyres and scheduled services are calculated which will reduce the amount allocated to the running costs to make their quotes look cheaper, but in the end you could be paying a lot more. It is very important to understand what is in each of the running cost budgets and how they are calculated.

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. This can be changed prior to starting the lease or at any point during the lease term depending on usage.

Tyres

In a Novated Lease calculator a tyre budget is a little harder to estimate simple because tyre prices can vary so much depending on the type of tyre the driver wants, for example a lower profile tyre maybe more expensive, but important to the vehicle driver. In our Novated Lease calculator we research an average cost for each of the vehicle categories we use. We simple apply this cost to an average tyre change time period and the budget is set.

(Average cost of a tyre X 4) = Cost of a set of tyres.

Your annual kms 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 15,000kms per year and is about to start a 5 year lease. The cost of a set of her tyres is $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 of this service depends on the type of vehicle you choose. However EV’s in general require less serving so we have set an allocation of $350 per year.

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 a few small variations.

1. The lease is two months in arrears. This means that the payments for the first two months are $0.00. These payments are spread over the balance of the lease term. For example if you are wanting to take a 5 year (60 month) lease then there will be 60 payments, however the 1^st and 2^nd month will be $0.00 and then 58 payments of $400 for example. This structure allows the Salary Packaging company such as Vehicle Solutions Australia to establish the service including the payroll deductions and collect several deductions prior to the first real payment is due.
2. The first years Comprehensive Car Insurance can be financed if required. This means that you never have to come up with the cash for your insurance. When the insurance fall due again in 12 months simple send in the renewal and the Salary Packaging provider can pay this out of the funds in your Novated Lease account.

Residual Value

There is always a lot of talk about the balloon payment that falls due at the end of your lease. This is call the residual value or the final value (for tax purposes). The ATO allow you to pay for your car through your employer. This arrangement saves you take and is very convenient to run. However for tax purposes only, because your employer is paying for the car from money deducted from your salary you can’t get any equity in this vehicle. That means it needs to be paid back to a realistic market value 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 a ATO set percentage based on the lease term, but has a buffer of approximately 5% either side of required rates. Please read a more details 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 normal 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

After you have finished used our Novated Lease Calculator and being happy that you can afford the deduction from your salary the next step is getting the finance or lease approved. In general getting a Novated lease approved is a little easier than normal finance. The reason for this is simply because the financier is getting the repayments directly from your employer before you even get taxed. This gives the financier more confidence that their loan is going to be repaid.

To get a pre-approval started click HERE. The pre-approved will provide you with an approval in principle on the vehicle you choose. This approval is not binding and we never put any pressure on you to use this approval. The approval will provide you with a better negotiating position in the vehicle purchase. People who are ready to buy and have the funds in place can 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.

However if you have any questions regarding the numbers or would like to discuss the process please feel free to call us during office hours on 1300 990 880 or click the button below to send us an enquire form.