At a time where inflation and cost-of-living pressures show few signs of easing anytime soon, car ownership is seen by many as a more significant financial commitment than ever before - and exploring alternative ways to enjoy the freedom of driving becomes crucial.
In this landscape, a novated car subscription emerges as an attractive and flexible solution - enabling those with a keen eye for sustainability to delve into the world of electric vehicles (EVs). The 2023 lineup includes impressive options like the Tesla Model 3 and Model Y, the BYD Atto 3 Extended Range, the Kia EV6 Air, the MG ZS, and the Hyundai Ioniq 6. Enjoy the benefits of an electric ride without the commitment associated with traditional ownership.
To help you find the option that’s right for you, we’ve compiled a shortlist of five compelling reasons to consider embracing the novated car subscription model and get into your new EV today.
1. Unparalleled Convenience
Novated car subscriptions offer unparalleled convenience. With all-inclusive weekly payments covering major operating and running costs, subscribers enjoy peace of mind as tolls and pesky (avoidable) fines are the only exceptions. This hassle-free approach to getting into a new vehicle simplifies the entire experience, making it a seamless and stress-free way to navigate your daily commute.
2. Flexibility Without Commitment
Unlike traditional car ownership or leasing, novated subscriptions provide the freedom to adapt to life's changes. Whether you're heading overseas for a promotion or your family is growing, carbar requires only a two-week notice to modify or end your subscription. This flexibility ensures your transportation aligns with your ever-evolving lifestyle.
3. Simplicity? Standard.
A novated car subscription is designed to be simple and straightforward, offering a personalised service that prioritises your convenience. From the subscription process to the ongoing experience, carbar ensures a hassle-free journey for its subscribers. The straightforward approach extends throughout the subscription, providing a user-friendly experience from registration.
4. Staff Saving with Salary Sacrifice
Novated subscriptions often translate into cost savings for subscribers. As subscription and fuel costs are typically managed through employer payroll, participants can enjoy reduced expenses compared to traditional ownership or leasing. This financial advantage, coupled with potential tax benefits, makes a novated car subscription an appealing option - especially in times of economic uncertainty.
5. Tax Benefits
Choosing a novated electric car subscription aligns with salary sacrifice schemes, offering many potential tax benefits. By combining pre and post-tax salary, subscribers can efficiently manage their subscription costs - meaning the cost of your car is also effectively reducing your pre-tax salary, resulting in a lower tax rate. Additionally, there may be further savings for eligible cars classified as zero or low-emission vehicles, exempt from Fringe Benefits Tax (FBT) for those first held and used after 1 July 2022.
An electric car subscription presents a modern and adaptive approach to securing your new car, with minimal fuss. As car ownership dynamics evolve in the face of economic change, the flexibility, simplicity, and financial advantages of a novated car subscription make it an appealing option for those seeking a stress-free and cost-effective driving experience.
But what if circumstances change and you’re keen to own your new wheels? Well, we have great news. If you love your subscription car and want to own it down the line, you can also purchase your beloved subscription car when it works for you, too.
Unlike any other car retailers in Australia, carbar customers can retain weekly payments and seamlessly switch their carbar subscription to a loan arrangement thanks to our latest partnership with car loan comparison platform, CarClarity.
You don’t even need to decide straight away. A car is a big purchase, so we allow our subscribers to switch to finance once they’re ready. Taking some time to try before you buy could save you a lot of money, time and hassle in the long run, especially in a time of inflation.
We’re adding new cars to our fleet every week – whether you choose to subscribe, finance or buy. The choice is always yours.
