Hyundai Ioniq 5 vs Tesla Model Y — Novated Lease Comparison
Side-by-side novated lease comparison of the Hyundai Ioniq 5 and Tesla Model Y. Specs, costs, savings, and a clear winner.
Specs Comparison
| Spec | Hyundai Ioniq 5 | Tesla Model Y |
|---|---|---|
| Price | $63,000.00 | $65,900.00 |
| Type | EV | EV |
| Battery | 77.4 kWh | 75 kWh |
| Range | 507 km | 533 km |
| FBT Status | Exempt | Exempt |
Novated Lease Costs at $80K Salary
| Hyundai Ioniq 5 | Tesla Model Y | |
|---|---|---|
| Fortnightly Deduction | $609.62 | $637.69 |
| Annual Lease Cost | $15,850.00 | $16,580.00 |
| Annual Tax Saving | $5,072.00 | $5,305.60 |
| Annual GST Saving | $1,145.45 | $1,198.18 |
| FBT Cost/yr | $0 (exempt) | $0 (exempt) |
| Net Annual Saving | $6,217.45 | $6,503.78 |
| 5-Year Total Saving | $31,087.27 | $32,518.91 |
Running Costs Comparison
| Cost | Hyundai Ioniq 5 | Tesla Model Y |
|---|---|---|
| Fuel/Charging | $700.00 | $750.00 |
| Insurance | $1,700.00 | $1,900.00 |
| Registration | $350.00 | $350.00 |
| Servicing | $500.00 | $400.00 |
| Total/yr | $3,250.00 | $3,400.00 |
Verdict
The Tesla Model Y wins on novated lease value, saving $6,503.78 per year vs $6,217.45 for the Hyundai Ioniq 5. Over 5 years that is $32,518.91 in total savings. The FBT exemption is a major factor.
Related Pages
Frequently Asked Questions
Which is cheaper to novated lease — Hyundai Ioniq 5 or Tesla Model Y?
The Tesla Model Y is cheaper to lease. On an $80K salary, the Hyundai Ioniq 5 costs $609.62 fortnightly vs $637.69 for the Tesla Model Y.
Which saves more on tax — Hyundai Ioniq 5 or Tesla Model Y?
The Tesla Model Y delivers higher tax savings because it has a lower annual lease deduction, reducing more of your taxable income.
Are both the Hyundai Ioniq 5 and Tesla Model Y FBT exempt?
The Hyundai Ioniq 5 is FBT exempt. The Tesla Model Y is FBT exempt.
Which has lower running costs?
The Hyundai Ioniq 5 has lower annual running costs at $3,250.00/year vs $3,400.00/year.
Which car should I novated lease?
If budget is the priority, go with the Tesla Model Y. Consider range (507 km vs 533 km), boot space, and your daily driving needs too.
Want exact numbers for your situation?
Use our full novated lease calculator with your exact salary, car price, and lease term.
Open Novated Lease CalculatorEstimates based on 2025-26 Australian tax rates. Actual savings depend on your employer arrangement, residual value, and exact running costs. Car prices are drive-away estimates and may vary by dealer. This is general information only, not financial advice. Consult a financial adviser for personal guidance.