A novated lease might be your ideal solution if you want to drive a Tesla but can’t justify the outright purchase price. It allows you to pay for all of your EV’s financing and running costs before taxes – giving you up to 45% savings on average.
Budgeting with a lease can be more straightforward since payments are fixed compared to loans. Furthermore, leasing allows for frequent vehicle upgrades which help keep costs lower overall.
Payback Period
Tesla novated lease, or one in which you don’t own the vehicle at the end of the term, can be an attractive option if you want to drive a new car every few years. It helps you sidestep the expense of owning outright and any hassle of selling it.
When making a financial decision like buying or leasing a Tesla vehicle, there are several elements to consider. First and foremost, determine if you need a loan or lease – typically, leasing is more cost-effective than borrowing as the monthly payment will be lower with either option.
If you’re uncertain which payment option is best, Tesla provides a tool to compare lease and loan payments in 45 seconds quickly. Furthermore, you can use their lease calculator to estimate the payback period on a specific Model 3.
The payback period of your lease depends on the amount you put down on the car and how long you decide to lease it. For instance, Tesla’s payment calculator estimates that a three-year basic Model 3 lease with $4,500 down will cost between $519 and $779 per month.
Taxes
Tesla novated lease is a financial arrangement in which all car payments and running costs are combined and deducted from your salary before taxation by your employer, giving you access to thousands of dollars in savings!
When you purchase a new car, its value will decrease rapidly over the initial few years. Unfortunately, this makes it difficult to recoup your initial investment when selling your vehicle in the future.
Tesla novated lease also gives you access to the $7,500 tax credit for qualifying electric vehicles. This credit may reduce your overall lease cost by up to $7,500 if you purchase an eligible vehicle, though exact figures depend on income and running expenses.
Insurance
Tesla’s novated lease is an ideal solution for those who want to get a new car without paying the full price upfront. This option allows payments directly out of your salary, meaning you won’t miss a payment or be in debt. Furthermore, it helps save you a large chunk of tax as payments are taken out before income becomes taxable.
You should choose your insurance company carefully, as some can be more costly. Research and compare rates and look into consumer complaints each company has received. Ultimately, find a provider with the coverage levels necessary for you and excellent customer service.
A Tesla’s insurance requires comprehensive and personal injury protection, which covers your medical bills and those of passengers in case of an accident. Comprehensive coverage provides peace of mind during disruption, while personal injury protection pays for expenses beyond what was already included in your lease agreement.
When looking for insurance for a Tesla, several factors come into play – your car model, your driving history and how much coverage you require. Typically, one of the foremost providers will provide the cheapest policy.
Selecting an insurance company that monitors and rewards safe driving behaviour is essential. Doing so can save money on premiums if you remain accident-free and a responsible driver.
Like other telematics-based insurance providers, Tesla uses real-time driving data to monitor your safety and assign you a Safety Score. The higher this score is, the lower your rate will be.
Safe drivers can reduce their insurance costs by as much as 60%. This behaviour-based approach to coverage is becoming increasingly commonplace within the industry, with some of the largest insurers offering discounts to electric vehicle owners who demonstrate safe driving behaviours.