Novated leasing has always been a great way to own a new car without needing to save a large amount of cash to make the purchase. Now electric vehicles, thanks to the Electric Car Discount Bill which gives EVs and PHEVs an exemption from FBT, make more sense in a salary packaging arrangement despite the high purchase price.
Electric and PHEVs have been made exempt from FBT by the Federal Government to encourage fast adoption and to help reduce the carbon emissions from transport. The FBT is a huge component of a novated lease repayment so without it, the savings are significant.
In the table below you can see the significant difference in Manufacturer’s List Price for the petrol version of the Peugeot 2008 SUV compared to the electric e-2008. This is the number one reason people don’t consider purchasing an electric vehicle when looking for a new car.
When comparing the Peugeot e-2008 to the petrol 2008 in a novated lease, the higher purchase price of an electric vehicle is no longer a factor in the consideration of which powertrain to buy because the Out of Pocket cost is lower when there’s no FBT to pay. This is making electric cars more accessible to more people and helping employees reduce their environmental footprint.
| Recommended Retail Price | Out of Pocket (fortnightly) | Estimated Savings (Over 5 years) | |
| Peugeot 2008 | $43,397 | $575 | $14,489 |
| Peugeot e-2008 | $59,990 | $477 | $32,643 |
| Based on a novated lease quote from Fleet Network in September 2023. (Annual salary $95k, 15,000km per annum, 5 year novated lease) | |||
