Tesla offers $3,000 incentive for purchases on novated leases in new sales push

Tesla has announced a major new incentive to help boost its EV sales during the last quarter of the calendar year – this time targeted to buyer of its Model Y and Model 3 electric EVs through novated leases.

The offer was revealed on X by Thom Drew, Tesla’s country director: “Model Y. More Affordable Than You Think. $3,000 Novated Lease Incentive now available on eligible orders in Australia. Ending 20 December 2024.”

The offer also applies to the Model 3, as long as the lease eligibility requirements are met.

Leasing has proved popular for EV buyers, helped along by an exemption from fringe benefit tax (FBT), and lease providers says a majority of cars now bough under novated leases are electric.

This latest initiative comes less than a month after Tesla launched a new set of incentives to help boost sales in the last quarter of 2024, including the re-introduction of the company’s referral program, which provides referral credits for both referrers and referees.

On top of that program, Tesla has been offering a 2.99% p.a interest rate or a 3.99 p.a.comparison rate on select inventory Model Y vehicles.

Tesla has multiple levers it can pull to help boost its sales after selling more than 30,000 EVs in the first three quarters of this year. This has included 16,697 Model Y SUVs and 14,053 Model 3 sedans.

With October sales data yet to be released, Tesla is aiming for a big quarter 4 as it aims to outdo its Q3 sales of 7,634 units, but while it remains the biggest seller of electric cars in Australia, its share of the EV market has been gradually eroded by new competitors from China.