Cheapest EVs on Novated Lease 2026 — Under $500/Month
The 10 cheapest electric vehicles you can novated lease in Australia for 2026, all under $500 per month in take-home pay impact. Full cost breakdowns and savings calculations.
How we calculated the cheapest EVs on novated lease
To rank the cheapest EVs on novated lease in Australia, we calculated the actual take-home pay impact — not just the sticker price of the car. This is the number that matters to your bank balance. We used standardised assumptions: a 5-year lease term, 15,000 km per year, bundled running costs (comprehensive insurance, registration, scheduled servicing, one set of replacement tyres, and home charging at 30 cents per kWh), and a salary of $80,000 per year. The monthly impact figure represents how much less you take home each month compared to not having the novated lease — it accounts for the pre-tax salary sacrifice, the resulting tax savings, and the GST savings on the car and running costs. A lower monthly impact means more money stays in your account. We sourced driveaway prices from manufacturer websites and dealer quotes as of March 2026. Running cost estimates are based on industry averages for each vehicle category. Your actual costs may differ based on your state, driving patterns, insurance profile, and salary packaging provider fees. Use our Take Home Pay Calculator to model your specific situation.
1. BYD Dolphin Dynamic — $415/month take-home impact
The BYD Dolphin Dynamic takes the top spot as the cheapest EV you can novated lease in Australia. At $33,990 driveaway, it has the lowest entry price of any EV on sale, and the novated lease numbers reflect this. Total annual package cost including all running expenses is approximately $10,200. On an $80,000 salary, the pre-tax deduction reduces your taxable income to $69,800, generating tax savings of roughly $3,380 per year. The net impact to your take-home pay is approximately $415 per month or $192 per fortnight. For context, that is less than many people spend on fuel alone for a comparable petrol car. The Dolphin Dynamic offers 340 km WLTP range, which comfortably covers daily commuting and weekend errands. It charges from 30% to 80% in about 29 minutes on a DC fast charger. Standard features include adaptive cruise control, lane-keep assist, a 12.8-inch rotating touchscreen, and wireless phone connectivity. The 6-year warranty with 8 years on the battery means you are covered for the entire lease term. The main trade-off is rear seat space — the Dolphin is a hatchback, not an SUV — but for singles, couples, or as a second household car, it is the best value proposition in the market.
2. MG4 Excite 51 — $425/month take-home impact
The MG4 Excite 51 is neck-and-neck with the BYD Dolphin as the cheapest EV novated lease option. At $33,990 driveaway for the base Excite 51 variant, the sticker price matches the Dolphin exactly. Total annual package cost is approximately $10,400, slightly higher than the Dolphin due to marginally higher insurance premiums in some states. On an $80,000 salary, the monthly take-home impact is approximately $425. The MG4 has a few advantages over the Dolphin — its 350 km WLTP range is comparable, but it offers a more engaging driving experience with sharper handling thanks to its rear-wheel-drive layout and lower centre of gravity. The boot is slightly larger at 363 litres. However, the MG4 does not currently match BYD's warranty (MG offers a 7-year/unlimited km warranty, which is actually better on paper), and the MG charging speed is competitive at around 35 minutes for a 10–80% DC fast charge. The Extended Range 64 variant ($38,990 driveaway) pushes range to 450 km and costs approximately $465 per month on novated lease, making it an excellent option for those who want extra range without breaking the budget.
3. GWM Ora Standard Range — $435/month take-home impact
The GWM Ora has quietly become one of the most affordable EVs in Australia, with the Standard Range variant available from approximately $35,990 driveaway. On a novated lease, the total annual package cost is approximately $10,800, translating to a monthly take-home impact of around $435 on an $80,000 salary. The Ora stands out with its retro-styled design that appeals to buyers wanting something different from the typical EV look. It offers 310 km of WLTP range from its 48 kWh battery, which is adequate for urban and suburban driving. Features include a 10.25-inch digital instrument cluster, a 10.25-inch infotainment screen, and a comprehensive safety package. The GWM Ora Extended Range ($39,990 driveaway) pushes range to 420 km and adds features like a heat pump for more efficient cabin heating, which helps maintain range in winter. On novated lease, the Extended Range costs approximately $470 per month in take-home impact. GWM offers a 7-year warranty and 8 years on the battery, providing full coverage for a 5-year lease term.
4. BYD Atto 3 Standard Range — $455/month | 5. BYD Dolphin Extended Range — $460/month
Coming in at fourth place is the BYD Atto 3 Standard Range at $39,381 driveaway. This is where you step up from hatchback to compact SUV territory, gaining significantly more interior space and a 345 km range. Total annual package cost is approximately $11,400, with a monthly take-home impact of roughly $455 on an $80,000 salary. The Atto 3 is the best-selling EV on novated lease in Australia for a reason — the SUV body style appeals to the mainstream market, the interior is well-appointed, and the boot space (440 litres) is genuinely practical for families. In fifth place is the BYD Dolphin Extended Range at $38,890 driveaway. Despite a lower sticker price than the Atto 3, the monthly impact is similar ($460) because the insurance and running cost profiles are nearly identical. The Dolphin Extended Range gives you 427 km of range in the smaller hatchback body. The choice between these two comes down to whether you prefer the Dolphin's nimble city-car character or the Atto 3's extra space and higher driving position. Both represent exceptional value on novated lease, coming in well under $500 per month in take-home impact.
6–8: MG4 Extended Range, GWM Ora Extended Range, BYD Atto 3 Extended Range
Sixth place goes to the MG4 Excite 64 Extended Range at $38,990 driveaway, with a monthly take-home impact of approximately $465. This gives you 450 km of range and the excellent MG4 driving dynamics in a well-equipped package. Seventh is the GWM Ora Extended Range at $39,990 driveaway and approximately $470 per month, offering 420 km range with the distinctive retro styling. Eighth is the BYD Atto 3 Extended Range at $44,381 driveaway, coming in at approximately $490 per month. This is pushing close to the $500 threshold but remains under it, and for many buyers the Atto 3 Extended Range is the sweet spot of the entire novated lease market — 420 km range, spacious SUV, comprehensive warranty, and a monthly cost that is less than leasing a mid-spec Toyota Corolla on a traditional car loan when you factor in fuel and running costs. All three of these vehicles offer the full FBT exemption, meaning the salary sacrifice savings are maximised. The tax savings at an $80,000 salary range from $3,600 to $4,200 per year across these three models.
9–10: Cupra Born, BYD Seal Dynamic — just under $500/month
Rounding out the top 10, ninth place goes to the Cupra Born (from $46,990 driveaway) at approximately $495 per month take-home impact. The Born brings European design and build quality to the affordable EV segment, with a 420 km range and a well-sorted driving experience. It appeals to buyers who want something with a more premium feel than the Chinese-brand alternatives. Tenth place is the BYD Seal Dynamic at $47,888 driveaway, squeaking in at approximately $498 per month. The Seal is a step up in every way — a full-size sedan with 520 km of range, rear-wheel drive with 230 kW, and interior quality that challenges cars costing $20,000 more. At just under $500 per month in take-home impact, it represents remarkable value. Honourable mentions go to the Tesla Model 3 (from $54,900 driveaway, approximately $540 per month) and the Hyundai Kona Electric (from $48,000 driveaway, approximately $505 per month) — both excellent choices but just over the $500 monthly threshold on an $80,000 salary. On higher salaries ($100K+), both of these drop below $500 thanks to the higher marginal tax rate.
How salary level changes the monthly cost ranking
The monthly take-home impact figures above assume an $80,000 salary, but the ranking shifts if your income is different. On a $60,000 salary, the tax savings are lower (you are in the 32.5% bracket rather than a mix of 32.5% and 37%), so each car costs more in take-home impact — roughly 10–15% more. The BYD Dolphin Dynamic would cost approximately $465 per month instead of $415. On a $100,000 salary, the savings are greater, and you would see costs drop by 8–12% — the Dolphin Dynamic falls to approximately $375 per month, and even the Tesla Model 3 comes in under $500. On a $120,000 or $150,000 salary, almost every EV on the market under $91,387 comes in under $500 per month on novated lease. This is the key insight: the higher your salary, the more EVs become affordable via novated lease. The FBT exemption combined with higher marginal tax rates makes salary sacrifice disproportionately beneficial for higher earners. But even on $60,000–$70,000, the cheapest EVs like the Dolphin and MG4 are genuinely affordable on novated lease — far cheaper than running an equivalent petrol car when you factor in fuel savings and the tax benefit.
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General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.
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