Tesla on Lease: Breaking Down the Novated Lease Price
Novated leasing is a financial arrangement that allows employees to lease a Tesla vehicle using pre-tax income, resulting in significant tax savings and lowering overall taxable income. The leasing agreement typically covers various vehicle-related expenses, making it a convenient and cost-effective option for many.
Benefits of a Novated Lease for a Tesla Model 3
The Tesla Model 3 Novated Lease through Novated Finance Australia offers extensive financial benefits. Notably, it utilises pre-tax salary deductions, directly reducing your taxable income and, subsequently, your tax obligations. This arrangement includes charging the vehicle, insurance, and regular maintenance.
Moreover, Tesla vehicles benefit from a fringe benefits tax (FBT) exemption if the car's value exceeds the $89,332 luxury car tax threshold. This comprehensive leasing package generally encompasses service and maintenance, replacement tyres, accident management, registration, roadside assistance, comprehensive insurance, and finance repayments.
Cost Analysis of Tesla Novated Lease
When opting for a novated lease with a Tesla Model 3, the total on-road costs amount to $65,832. With a weekly payment of $212, the lease is structured to maximise affordability and cost efficiency.
Over the lease term, you can save up to $52,000 compared to traditional financing methods. This significant saving is primarily due to the efficient use of pre-tax dollars and the comprehensive coverage of vehicular costs included in the lease.
How Does It Work?
Drive on Your Terms
With a Tesla novated lease, you can drive your Tesla Model 3 or any other Tesla model without usage constraints. Whether you're commuting to work, going on a business trip, or setting off on personal adventures, the flexibility of this leasing option allows your vehicle to integrate into any aspect of your lifestyle seamlessly. This unrestricted use ensures you can enjoy your Tesla exactly how you see fit, aligning perfectly with your professional and personal driving needs.
Salary Packaging Simplified
Starting the journey of leasing a Tesla Model 3 is made even smoother through the use of pre-tax salary deductions. This arrangement means your employer allocates a portion of your pre-tax income directly towards the lease payments. This strategic financial setup optimises your tax position by reducing your taxable income and maximises your overall savings, making the dream of driving a Tesla more accessible and economically advantageous.
Effortless Payments With Direct Debit
To further simplify the novated lease process, lease payments are directly debited from your employer's account by Novated Finance Australia. This direct debit setup eliminates manual payment handling, ensuring payments are made timely and efficiently. This hassle-free payment method benefits you and your employer, making the Tesla Novated lease a highly convenient and reliable vehicle financing option.
How to Set Up Your Tesla Novated Lease
Setting up a novated lease for your Tesla involves several straightforward steps to ensure ease and clarity throughout the process.
Choosing Your Tesla Model
The first step in the novated leasing process is selecting the Tesla model that best suits your needs and preferences. Tesla offers a range of models, each with unique features and capabilities.
Initiating the Lease Process
Once you've chosen your model, the next step is to fill out a quick form called the Fast Form. This form starts the process and schedules a preliminary discussion or call.
Credit Application and Documentation
After the initial contact, you will need to complete a credit application. You will sign the lease documentation upon approval, which officially moves your application forward.
Employer Engagement and Documentation
Parallel to your application, your employer will receive onboarding information to understand and approve the novated lease setup. They will sign a deed of activation to confirm the arrangement.
Finalising the Lease and Vehicle Delivery
Your new Tesla will be prepared for delivery once all paperwork is in place and the finance is settled. Additionally, payroll advice will be issued to ensure that payments are seamlessly managed through your employer or directly from your salary.
Elevating Your Drive: The Tesla Experience
Comprehensive Coverage and Service
The Tesla novated lease not only simplifies the financial aspect of owning a Tesla but also includes extensive service and maintenance coverage. This ensures that your vehicle is always in top condition and that unexpected costs are minimised.
On-road Support and Assistance
Tesla's novated lease package also includes roadside assistance, providing peace of mind and support whenever needed. Whether it's a flat tyre or an emergency, help is just a call away.
Ready to reduce your tax bill and enjoy the luxury of a Tesla? Contact Novated Finance Australia today to find out more about our Tesla Model 3 novated leases and start your journey towards smart, cost-effective driving.
Frequently Asked Question
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The lease includes service, maintenance, tyres, accident management, registration, roadside assistance, comprehensive insurance, and finance repayments.
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You can save up to $52,000 over the lease term thanks to tax benefits and inclusive lease terms.
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The process includes selecting your Tesla model, completing a Fast Form, undergoing a credit check, signing documents, and engaging your employer in the lease setup.
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Generally, there is no additional fee for processing a lease extension online, but reviewing the terms for any potential charges is wise.
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Start by choosing your BYD ATTO 3 model, fill out the Fast Form, and follow the subsequent steps outlined in the guide to complete the process.