What Happens at the End of a Novated Lease? Your Residual Payment Options
TL;DR
On the same $110,000 salary, the BYD Sealion 7 Premium comes out about $3,862 cheaper than the Tesla Model Y RWD in our five-year example, including the final residual. The BYD starts with a lower assumed price. Both get the same finance rate and running-cost budget, so you can see the difference without mismatched weekly-payment offers getting in the way.
The Model Y and Sealion 7 are natural cars to compare when you're shopping for an electric family SUV. But which costs less through a novated lease? Here's one worked example, with the final payment included.
Put both cars on the same footing
We're comparing the Model Y RWD at $63,963 and Sealion 7 Premium at $59,857. These are fixed snapshots of our indicative catalogue drive-away estimates, not current dealer quotes. Check the final configured price with Tesla or BYD.
Both calculations use a $110,000 salary, five-year term, no deposit and 7.5% annual finance rate. We allow $3,500 a year for running costs on each car and assume eligibility for the full EV FBT exemption.
Using the same running budget keeps the comparison simple. It doesn't mean insurance, charging and servicing will actually cost the same. Replace it with your own budget when you have quotes.
What you'd pay over five years
| Compare |  TeslaModel YRWD |  BYDSealion 7Premium |
|---|---|---|
| Official specifications | ||
| Drivetrain | Rear-wheel drive | Rear-wheel drive |
| Claimed rangeWLTP | 466 km | 482 km |
| 0–100 km/h | 5.9 s | 6.7 s |
| Peak DC charging | 175 kW | 150 kW |
| Vehicle warranty | 5 years / unlimited km | 6 years / 150,000 km |
| Battery warrantyTesla includes drive unit | 8 years / 160,000 km | 8 years / 160,000 km |
| Estimated lease costs | ||
| Vehicle priceIndicative estimate | $63,963 | $59,857 |
| Weekly costExcludes residual | $208 | $198 |
| Five-year paymentsIncludes running costs | $54,071 | $51,364 |
| Estimated final paymentPayment to keep the car | $17,993 | $16,838 |
| Five-year totalPayments + residual | $72,064 | $68,202 |
Specs checked 14 September 2026: Tesla Australia (Rear-Wheel Drive) and BYD Australia (Premium). WLTP is a lab comparison; real range varies. Peak charging rates are not sustained charging speeds. Warranty limits apply at the earlier of time or kilometres, with manufacturer terms and exclusions. Tesla’s five-year vehicle warranty applies to new vehicles delivered from 1 January 2026.
Sealion 7 costs $3,862 less over five yearsIncludes estimated running costs and final payment.
Weekly figures show the estimated reduction in take-home pay, including running costs but excluding the residual. They are rounded equivalents, not provider quotes. Totals are calculated before rounding.
The residual is the final payment to keep the car, not its predicted resale value. Our model uses 28.13% of the financed price for five years, following the percentage in the ATO's residual example. A provider's cost base and GST treatment can differ. Neither total deducts what your car might be worth afterwards.
What could change the winner?
A better negotiated price, lower finance rate or cheaper insurance can move the result. At this example's tax rate, an extra $1,000 a year of fully pre-tax running costs adds about $3,400 to five-year net payments. That's almost the entire gap between these cars.
Future resale values matter too. These figures compare payments plus residual, not resale-adjusted ownership costs. They also exclude provider fees, separate GST adjustments, early-exit costs and household effects such as HELP repayments and Centrelink. Tax settings and the full exemption are held constant for the example.
Run the comparison for yourself
Start with the or the . Each opens a calculator here with that car selected and the exact example price and assumptions above. Confirm the employer question and continue to results; add the residual above to the calculator's five-year net payment figure.
Then replace the example inputs with your salary and written quotes. For help choosing a variant, see our Model Y guide and Sealion 7 guide.
General information only. Confirm eligibility and an itemised quote with your provider or adviser. How we calculate these estimates.
Illustrative stock photography, not the exact variants compared. Photos: Ernest Ojeh and Autotrader UK, used under the Unsplash License.
