BYD's Most Popular EV Just Got Bigger and Bolder
BYD's best-selling EV is getting a size and styling upgrade. Here's what Australian novated lease buyers should know before they sign anything.
BYD has confirmed an upgrade to its most popular electric vehicle model — a refresh that brings changes to both exterior styling and overall vehicle dimensions, according to The Driven. The update is positioned across multiple markets, and Australia is firmly in the frame.
BYD has been one of the fastest-moving players in the Australian EV market. If you've been sitting on the fence about whether to lock in a novated lease on a current-generation model, an imminent refresh is exactly the kind of thing worth pausing for — or accelerating, depending on your priorities.
What this means for novated lease customers
A mid-cycle refresh or new generation of a popular EV typically does one of two things to the market: it pushes down the residual value of outgoing stock, or it creates a short-term supply squeeze on the new version while everyone waits. Both scenarios have real implications for your novated lease structure.
On the upside, if BYD Australia moves the updated model through its dealer network promptly, eligible buyers could access the FBT exemption for zero-emission vehicles — which remains in place for EVs under the luxury car tax threshold, as legislated and administered by the ATO. That exemption means a BYD EV through a novated lease can deliver meaningful after-tax savings compared to buying the same car outright.
The practical takeaway: if you're comparing current-generation stock versus waiting for the refreshed model, talk to a broker who can model both scenarios against your specific salary and lease term — not just the sticker price.
Common questions
Is the updated BYD EV eligible for the FBT exemption on novated leases?
Provided the vehicle qualifies as a zero-emission vehicle and sits under the luxury car tax threshold, it should be eligible under the current FBT exemption rules. You'll want to confirm the final drive-away price before signing, as the threshold is applied at the time of the lease.
Should I wait for the new model or lease the current one now?
It depends on your timeline and what matters to you. Outgoing stock sometimes becomes available at sharper drive-away prices, which can work in your favour. The refreshed model may offer more features or better residual value down the track. There's no universal right answer — it's a conversation worth having with a broker.
Does a bigger car affect how a novated lease is structured?
Not structurally, no. The lease is built around the vehicle price, your salary, and the lease term. A size upgrade doesn't change the mechanics, though it may affect the purchase price and therefore how the numbers stack up.
How does BYD's warranty and service affect the residual value used in my lease?
Residual values on novated leases are set by the ATO's statutory schedule, not the dealer. That said, a vehicle's market resale performance can affect your position at the end of the lease if you choose to buy the car out. Brand reputation and service network coverage both play into real-world resale.
Can millarX help me compare BYD against other EV options on a novated lease?
Yes. millarX is ACL-licensed and AFCA-registered, and works across a broad range of eligible EVs. We can put comparable scenarios side by side so you're choosing on substance, not marketing.