Tesla Model 3 vs Hyundai Ioniq 5 — Novated Lease Comparison
Side-by-side novated lease comparison of the Tesla Model 3 and Hyundai Ioniq 5. Specs, costs, savings, and a clear winner.
Specs Comparison
| Spec | Tesla Model 3 | Hyundai Ioniq 5 |
|---|---|---|
| Price | $55,900.00 | $63,000.00 |
| Type | EV | EV |
| Battery | 60 kWh | 77.4 kWh |
| Range | 510 km | 507 km |
| FBT Status | Exempt | Exempt |
Novated Lease Costs at $80K Salary
| Tesla Model 3 | Hyundai Ioniq 5 | |
|---|---|---|
| Fortnightly Deduction | $551.15 | $609.62 |
| Annual Lease Cost | $14,330.00 | $15,850.00 |
| Annual Tax Saving | $4,585.60 | $5,072.00 |
| Annual GST Saving | $1,016.36 | $1,145.45 |
| FBT Cost/yr | $0 (exempt) | $0 (exempt) |
| Net Annual Saving | $5,601.96 | $6,217.45 |
| 5-Year Total Saving | $28,009.82 | $31,087.27 |
Running Costs Comparison
| Cost | Tesla Model 3 | Hyundai Ioniq 5 |
|---|---|---|
| Fuel/Charging | $650.00 | $700.00 |
| Insurance | $1,800.00 | $1,700.00 |
| Registration | $350.00 | $350.00 |
| Servicing | $350.00 | $500.00 |
| Total/yr | $3,150.00 | $3,250.00 |
Verdict
The Hyundai Ioniq 5 wins on novated lease value, saving $6,217.45 per year vs $5,601.96 for the Tesla Model 3. Over 5 years that is $31,087.27 in total savings. The FBT exemption is a major factor.
Related Pages
Frequently Asked Questions
Which is cheaper to novated lease — Tesla Model 3 or Hyundai Ioniq 5?
The Hyundai Ioniq 5 is cheaper to lease. On an $80K salary, the Tesla Model 3 costs $551.15 fortnightly vs $609.62 for the Hyundai Ioniq 5.
Which saves more on tax — Tesla Model 3 or Hyundai Ioniq 5?
The Hyundai Ioniq 5 delivers higher tax savings because it has a lower annual lease deduction, reducing more of your taxable income.
Are both the Tesla Model 3 and Hyundai Ioniq 5 FBT exempt?
The Tesla Model 3 is FBT exempt. The Hyundai Ioniq 5 is FBT exempt.
Which has lower running costs?
The Tesla Model 3 has lower annual running costs at $3,150.00/year vs $3,250.00/year.
Which car should I novated lease?
If budget is the priority, go with the Hyundai Ioniq 5. Consider range (510 km vs 507 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.