$3k Novated lease incentives available for Tesla Model 3 and Y in Australia

Tesla has announced that Model 3 and Model Y are available with $3,000 (AUD) Novated lease incentives in Australia, allowing customers to purchase these electric vehicles (EVs) with new cost cuts.

A Novated lease enables you to finance a car through salary packaging, where your employer pays the lease payment from your pre-tax salary. This can result in tax savings because payments are made before tax.

Similar to other car finance, a Novated lease has different payments over a fixed term with residual payment due at the end of the lease. Parties involved including the employer, employee, and financier will have a separate role in this financial process.

1. Employers will have to make regular, automated payroll deductions from employee’s pre-tax salary.
2. Employee agrees to pre-tax salary deductions to use the vehicle. The vehicle can be used for business or personal use
3. The financier will procure the vehicle, establish the lease, and manage the administrative, contractual, and compliance aspects of the transaction.

Tesla Model 3 Quicksilver (image – Tesla)

Customers will have to order an eligible Tesla Model 3 or Y and finance it via a Novated Lease provider and take delivery by 20 December 2024 to quality.

Used vehicles and business purchases for fleet, enterprise, rental, and government customers aren’t eligible for a novated lease. Once eligible, the incentive will be applied to your final invoice as a reduction from the vehicle purchase price once credit approval has been obtained.

It cannot be applied retroactively after delivery and it’s not redeemable for cash.

(source)