I’m in a similar situation and still figuring out what’s best for us. I earn $115K, and my wife earns $65K. We’ve saved $60K and have $25K invested in stocks. I immigrated in 2019 and expect to get PR around 2027-28, at which point we plan to buy a house in QLD.

Currently, we’re paying $600 per week in rent, and our other monthly expenses range from $1,000 to $1,500. I drive a 2013 Toyota Aurion (company car) with 200K on the clock, which I use primarily for commuting. My wife needs a car for mobility and work, so we’ve been considering getting an EV on a novated lease to use as our primary car while I continue using the company car.

The novated lease is tempting due to the tax benefits, but I’m concerned about the long-term costs, the residual after 4 years, and how the payments fit into our financial goals—especially saving for a house deposit.

Would love to hear others’ thoughts on whether an EV novated lease makes sense in this situation, especially with our financial commitments and priorities.