EV Novated Lease vs Buy Calculator (Australia, Excel): Novated Lease vs Cash vs Car Loan
NEW: Google Sheets edition included.
Is a novated lease on an electric car really cheaper than paying cash or taking out a car loan? Enter your salary, the car and your lease quote. The workbook shows the total and yearly cost of all three options over the same term, what each does to your take-home pay, and which one comes out cheapest.
Built for Australian employees looking at a battery electric (or hydrogen fuel cell) car under the electric car FBT exemption.
What it works out for you:
- Whether the car qualifies for the electric car FBT exemption: car type, first held and used on or after 1 July 2022, and price at or below the luxury car tax threshold for fuel-efficient cars ($91,661 in 2026-27). Plug-in hybrids are flagged: since 1 April 2025 they qualify only under the ATO's transitional rule
- Your novated lease: the financier's GST credit (capped at $6,353 in 2026-27), the amount financed, the ATO minimum residual for your term, and an estimated finance payment if your quote doesn't show one
- Your pay with no car, with the lease fully pre-tax, and with the employee contribution method (ECM): pre-tax deduction, after-tax contribution, tax (2026-27 rates, Medicare levy and surcharge), take-home pay per year and per pay
- Your reportable fringe benefits amount (an exempt car is still reportable) and what it does to the Medicare levy surcharge and HELP repayments
- Novated lease vs cash vs car loan: up-front payment, yearly cost, residual or balloon, interest you give up on savings, the car's value at the end, total net cost and money left each pay
- A checklist of the figures to get from your lease provider, gold-tagged so you know which cells to fill from your quote
- A plain-English summary, and a Checks tab that confirms everything adds up
Why it matters: an electric car on a novated lease isn't taxed, but it still appears on your income statement. In the included example ($55,000 battery electric car, $120,000 salary, 3 years), the lease costs $33,909 net against $47,143 for cash and $49,598 for a car loan. But it adds a $20,755 reportable amount for income tests. Paying part after tax (ECM) removes that amount, but costs $4,200 a year more in take-home pay. The workbook shows both, so you can choose with the numbers in front of you.
Interest rates and running costs are your inputs. Nothing is assumed about your lease provider: you enter their rate, payment, residual and fees.
What you get: one Excel workbook (Home, Dashboard, Your Details, Summary, Calculator, Rules & Rates, Checks, Notes & Sources), with example data included. Works in Microsoft Excel and LibreOffice.
Every rate, threshold and rule was checked against the ATO website and the Federal Register of Legislation on 24 October 2026, and every source is listed inside the file.
Built and checked by a CPA. Every formula tested against a separate calculation.
Designed by Plain Numbers Co with the help of AI tools. Listing images are designed previews of the actual file.
30-DAY MONEY-BACK GUARANTEE: if it doesn't work for your situation, message us within 30 days. We'll fix it, or refund you in full if you'd rather. This is in addition to your rights under the Australian Consumer Law, which are not excluded.
General information only, not tax, financial or legal advice. It doesn't take your personal circumstances into account. Check with your employer, your lease provider or a registered tax agent before you sign.
