The price war on electric vehicle is starting as manufacturers compete for sales demand created by the Federal Government’s FBT Exemption on EVs and PHEVs in a novated lease.
Hyundai is the latest manufacturer to announce specification changes and price reductions which position each of the latest MY24 IONIQ 5 models under $89,332 luxury car tax (LCT) limit for fuel efficient vehicles.
Looking at the latest EV models in the IONIQ 5 range, new car fleet and novated lease buyers can pick the range and level of luxury to suit their lifestyle and preferences.
If you need a long driving range, the IONIQ 5 extended range RWD in a 20″ wheel will give you 476km. It’s also available in the DYNAMIQ and EPIQ. For the extra $3,500 over the DYNAMIQ, the EPIQ looks like the pick.
When acceleration and straight line speed are the reasons you’re buying an electric vehicle, the AWD extended range IONIQ 5 is for you. Also available in the DYNAMIQ and the EPIQ for an additional $3,500. Unfortunately the optional digital mirror pack could push the dual motor AWD EPIQ above the LCT limit and eliminate the FBT Exemption so do your sums before ticking this box. And the available driving range drops with the extra motor using extra power but still provides a 454 km with the 20″ wheel.
For school runs, office commutes, and shopping trips, the Standard Range IONIQ 5 with a 58 kWh battery will give you 384 km of range with the 19″ wheel. With a Manufacturer’s List Price of $64,500 it offers great value for large SUV.
If you can stretch the budget an extra $6k, the Extended Range IONIQ 5 will give you 507 km with the 19″ wheel which will provide peace of mind for new EV owners concerned about the range.
IONIQ 5 – MY24 Model line-up with Manufacturers List Price
Luxury Car Tax Limit for fuel efficient vehicles
The LCT limit is reviewed each financial year and after remaining stagnant for several years pre-COVID, it increased significantly for FY23/24. A LCT limit for fuel efficient vehicles was introduced in 2008 and it did not change until FY20/21.
Since FY20/21, there has several increases to the LCT limit for fuel efficient vehicles and the current limit of $89,332 provides novated lease buyers with more new car models to consider.
A fuel-efficient car has a fuel consumption that does not exceed 7 litres per 100 kilometres as a combined rating under the vehicle standards in force under section 7 of the Motor Vehicle Standards Act 1989.
