Mitsubishi Eclipse Cross Novated Lease Pricing (Save $1000's)

A novated lease on a Mitsubishi Eclipse Cross can you save you $1,000s in tax.
Massive extra tax savings on eligible Eclipse Cross PHEVs.

mitsubishi eclipse cross phev novated lease

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:

Written byShaun McGowanReviewed bySean Callery

Last updated3 November 2023

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)	$55,930	$4,985	$189.61	$33,816
Mitsubishi Eclipse Cross PHEV (Exceed)	$60,910	$5,437	$202.40	$35,862

Important: Vehicle price estimates as at June 2023. Calculations assume a NSW driver with annual pre-tax salary of $120,000 and 15,000km driven annually over a 5-year lease. Weekly lease cost includes electricity, comprehensive car insurance, servicing, registration, CTP and tyres.

Here's what'll happen with a Mitsubishi Eclipse Cross novated lease:

You enter into an agreement with your employer and a novated lease company.
The lease company buys the Mitsubishi Eclipse Cross on your behalf (with a GST discount).
Your employer deducts the regular car payments from your pre-tax salary and pays it to the lease company directly (this is known as salary sacrificing.)
You can also pay for pretty much all of your running costs pre-tax (with a GST discount on those costs too).
At the end of the lease you can pay the residual value of the lease to own the car, or extend the lease for a new term.

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:

Charging/fuel
Registration and CTP
Comprehensive car insurance
Servicing
Tyres
Car washes

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.

Mitsubishi Eclipse Cross Plug-in Hybrid EV AWD ES
Mitsubishi Eclipse Cross Plug-in Hybrid EV AWD Aspire
Mitsubishi Eclipse Cross Plug-in Hybrid EV AWD Exceed

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.

mitsubishi outlander novated lease residual payment

At the end of your Mitsubishi Eclipse Cross novated lease term (usually after 5 years), you will have three main options:

Make the residual payment on the lease to own the car outright.
Renew the lease to a new term with the same vehicle (you are essentially refinancing the residual amount).
Trade in your Eclipse Cross and use the sale funds to pay off the residual on the lease (any funds leftover are yours to keep as tax-free profit).

Get a quick novated lease quote

See how much you could save on a Mitsubishi Eclipse Cross plus running costs with a novated lease. Get a personalised, no-obligation quote today.

GET STARTED GET STARTED

How much will the residual payment on my Mitsubishi Eclipse Cross novated lease be?

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.

Can I get a novated lease on a used Eclipse Cross?

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.

In every other sense, a used car novated lease works the same as a novated lease for a new vehicles, with the same pros and cons applying.

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.