Massive GST discount on the initial purchase price
Include car running costs in your lease for extra savings
Pay using pre-tax salary (saving you $1000s)
$0 fringe benefits tax on eligible PHEV models
Shopping around for the right novated lease can save you thousands of dollars in interest and fees.
In our Mitsubishi Eclipse Cross novated lease guide:
The market for electric vehicles in Australia is really beginning to heat up, as more and more Aussie drivers transition away from petrol and diesel engines. But the market for PHEVs (plug-in hybrid electric vehicles) is also getting interesting.
Mitsubishi's Eclipse Cross PHEV is a formidable contender, with estimated driveaway pricing starting from around $51,000 – a full $10,000 less than the beefier Outlander PHEV.
The Eclipse Cross is still certainly not the cheapest PHEV out there. But for those looking to make a gradual transition to an EV, it's a good chunk cheaper than a lot of equivalent fully-electric vehicles, including the likes of the Hyundai IONIQ5 and the Volvo C40 Recharge.
It's also comfortably within the limit to be eligible for the government's fringe benefits tax incentive on PHEV and EV novated leases. This will make a massive difference to the cost for those eligible to pay for their Eclipse Cross PHEV with a novated lease instead of other forms of Mitsubishi finance.
|Vehicle||Estimated drive-away price||Up-front GST saving||Weekly novated lease cost||Total tax saving during lease|
Mitsubishi Eclipse Cross PHEV (Aspire)
Mitsubishi Eclipse Cross PHEV (Exceed)
Here's what'll happen with a Mitsubishi Eclipse Cross novated lease:
Your Mitsubishi Eclipse Cross novated lease can include most running costs. This boosts the tax savings, as you pay for them from pre-tax salary and enjoy a GST discount on packaged costs:
Please note that certain related costs can’t be included. For instance, the cost of installing a home battery or fast charger if you opt for the Mitsubishi Eclipse Cross PHEV.
Based on estimated pricing from Mitsubishi, the following variants will be eligible for the novated lease fringe benefits tax exemption on low- and zero-emission vehicles in FY 2023/24.
This exemption applies to EVs and PHEVs below Australia's luxury car tax threshold.
If you're eligible, the FBT exemption makes a novated lease on a Mitsubishi Eclipse Cross PHEV considerably cheaper than a car loan, or even buying the car with cash.
At the end of your Mitsubishi Eclipse Cross novated lease term (usually after 5 years), you will have three main options:
The residual payment on your Mitsubishi Eclipse Cross novated lease will be a percentage of the the purchase price of the vehicle. The exact percentage will depend on the duration of your lease (between 1-5 years).
The longer the lease, the lower the residual amount.
As an example, the residual payment on a Mitsubishi Eclipse Cross PHEV ES (estimated purchase price: $51,290) with a 5-year novated lease would be around $14,428 (inclusive of GST) or 28.13% of the purchase price. This is based on the minimum residual value rates set by the ATO.
The exact residual on your lease will be different depending on the specifics of your situation, so be sure to get a personalised quote before committing.
Yes you can, it's possible to acquire a new or used Mitsubishi Eclipse Cross with a novated lease. The main stipulation is that the vehicle cannot be more than 12 years old at the end of the novated lease term.
Novated lease guides and resources
Find out more about the possible savings, benefits and things to watch out for, plus your range of options with a novated lease in Australia.