If you’re looking to save big on your next car, novated leasing is one of the most efficient and affordable ways to get behind the wheel of a brand-new vehicle. Novated leasing in Australia allows you to salary package a car, meaning the costs are taken from your pre-tax salary, giving you tax savings while making car ownership simpler. Whether you’re interested in electric vehicles (EVs), SUVs, or the latest petrol models, 2024 offers some exciting novated lease deals.
Let’s break down the best novated lease
deals in Australia for 2024, covering top brands like Toyota, Tesla, BYD, MG, Ford, Mitsubishi, Mazda, Hyundai, and Kia. We’ll also explain the benefits of novated leasing, including driveaway prices, GST savings, and the tax advantages you can enjoy over the term of the lease.
What is Novated Leasing?
Before we dive into the deals, let’s quickly review what novated leasing is and why it’s a great option for many Australians. A novated lease is a three-way agreement between you, your employer, and a leasing company. Your employer deducts the cost of the lease from your pre-tax salary, which means your taxable income is reduced, leading to significant tax savings.
For those interested in novated leasing in Australia, whether you’re in Sydney, Melbourne, Brisbane, Adelaide or Perth, this arrangement bundles all your car expenses—such as maintenance, insurance, and registration—into one payment. This makes managing a vehicle more convenient, and the tax benefits can help you save thousands over the lease period.
Top Novated Lease Deals for 2024
1. Toyota Corolla Hybrid
The Toyota Corolla Hybrid is a fantastic option for anyone looking for a reliable and fuel-efficient vehicle. With its hybrid engine, you’ll enjoy excellent fuel savings, making it a great choice for budget-conscious drivers.
- Usual Driveaway Price: $35,000
- Up-Front GST Discount: $3,181
- Weekly Novated Lease Cost: $231(including running costs)
- Total Tax Savings: $13,110
The Toyota Corolla Hybrid is perfect for those looking to combine sustainability with affordability in a novated lease deal.
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
2. Tesla Model 3 – Performance (Electric Vehicle)
For those interested in electric vehicle leasing in Australia, the Tesla Model 3 is one of the best options in 2024. Known for its impressive range, advanced technology, and eco-friendly performance, the Model 3 is a great investment for the future.
- Usual Driveaway Price: $68,000
- Up-Front GST Discount: $6,181
- Weekly Novated Lease Cost: $284 (including running costs)
- Total Tax Saving During Lease: $38,965
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
With electric vehicle leasing becoming more popular, the Tesla Model 3 is a top choice for those in big, dense cities like Sydney or Melbourne looking to go green.
3. BYD Atto 3 – Standard
BYD is making waves in the EV market, and the Atto 3 is one of the most affordable electric SUVs you can lease in 2024.
- Usual Driveaway Price: $52,000
- Up-Front GST Discount: $4,727
- Weekly Novated Lease Cost: $180 (including running costs)
- Total Tax Saving During Lease: $24,665
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
Great for suburban drivers, the BYD Atto 3 offers both performance and affordability for those looking for the best novated lease deals.
4. MG ZS EV – Excite
The MG ZS EV is one of the most affordable electric vehicles available, making it an attractive choice for those new to electric cars. With its sleek design and solid range, it’s ideal for city and suburban driving.
- Usual Driveaway Price: $46,000
- Up-Front GST Discount: $4,181
- Weekly Novated Lease Cost: $157(including running costs)
- Total Tax Saving During Lease: $21,570
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
For novated lease deals in Australia, the MG ZS EV offers great value for those wanting to switch to an electric vehicle.
5. Ford Ranger – Black Edition
If you’re looking for something rugged and reliable, the Ford Ranger is an excellent choice. Known for its durability, it’s one of the best utes on the market, making it ideal for both personal use and work.
- Usual Driveaway Price: $68,500
- Up-Front GST Discount: $6,227
- Weekly Novated Lease Cost: $325 (including running costs)
- Total Tax Saving During Lease: $14,685
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
The Ford Ranger is a popular option in Australia, where off-road capability and utility are in high demand.
6. Mitsubishi Outlander PHEV
For a plug-in hybrid SUV, the Mitsubishi Outlander PHEV offers a great combination of electric efficiency and petrol backup for long drives.
- Usual Driveaway Price: $57,000
- Up-Front GST Discount: $5,181
- Weekly Novated Lease Cost: $324 (including running costs)
- Total Tax Saving During Lease: $14,670
The Outlander PHEV is perfect for families looking for an eco-friendly, spacious SUV.
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
7. Mazda CX-5 –G20 Maxx
The Mazda CX-5 is one of Australia’s most popular SUVs, and for good reason. It’s stylish, comfortable, and practical, making it an excellent novated lease option.
- Usual Driveaway Price: $45,000
- Up-Front GST Discount: $4,090
- Weekly Novated Lease Cost: $235 (including running costs)
- Total Tax Saving During Lease: $13,170
The Mazda CX-5 is a great all-rounder for novated leasing in Australia, particularly if you want a balance between luxury and practicality.
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
8. Hyundai Ioniq 5 -Dynamic (Electric Vehicle)
The Hyundai Ioniq 5 is another stellar EV option, offering a futuristic design and advanced electric technology. It’s one of the most anticipated EVs in 2024.
- Usual Driveaway Price: $75,000
- Up-Front GST Discount: $6,818
- Weekly Novated Lease Cost: $249 (including running costs)
- Total Tax Saving During Lease: $34,110
The Hyundai Ioniq 5 is ideal for those in Sydney, Melbourne, Brisbane, Perth and Adelaide looking to lease an electric vehicle with top-notch features.
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
9. Kia Sorento – S
The Kia Sorento is a spacious, feature-packed SUV perfect for larger families or those who want a bit more room. It’s one of the top novated lease SUVs in 2024.
- Usual Driveaway Price: $55,000
- Up-Front GST Discount: $5,000
- Weekly Novated Lease Cost: $299 (including running costs)
- Total Tax Saving During Lease: $14,230
The Kia Sorento is perfect for families, offering great value and space through a novated lease.
*Based on a 5 year lease, $100,000 annual salary & 15,000 km traveled per year in NSW
How to Maximise Your Savings?
Using a novated leasing calculator can help you estimate your total savings when considering a novated lease. Input your income, car choice, and lease duration to see how much you’ll save through salary packaging in Australia. Don’t forget that a novated lease includes running costs like fuel, insurance, and maintenance, further streamlining your vehicle expenses.
Conclusion
With a range of vehicles available, 2024 is shaping up to be a great year for finding the best car lease deals in Australia. Whether you’re after a hybrid, electric vehicle, or SUV, novated leasing offers flexibility, convenience, and significant tax savings. Explore our novated lease calculator to discover how much you can save today!
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