BYD's Best-Seller Gets Bigger — What It Means for Novated Leases
BYD's most popular EV is getting a size and styling upgrade in 2026. Here's what Australian novated lease shoppers should know before they sign anything.
BYD has confirmed that its most popular electric vehicle model is receiving a significant refresh — bigger dimensions, updated styling, and a repositioning aimed at multiple global markets, including Australia. According to The Driven [Source 1], the changes are substantial enough that this isn't just a facelift; it's a meaningful generational step up.
For anyone currently shopping a novated lease, this is the kind of announcement that's worth pausing for. Committing to a three- or five-year novated lease on the current version of a model that's about to be superseded is a decision you'll feel every time the new one drives past you.
What this means for novated lease customers
BYD EVs have become some of the most enquired-about vehicles on the millarX platform — and for good reason. They sit under the FBT exemption threshold for eligible electric vehicles, which means PAYG employees can package one through a novated lease and pay zero fringe benefits tax on the private-use component, potentially delivering meaningful savings compared with buying the same car out of your after-tax pay.
The upgrade announcement creates a genuine timing question. If the refreshed model lands in Australia and maintains FBT-exempt pricing, it could be worth waiting. If it comes in above the luxury car tax threshold (currently applying to the FBT exemption eligibility rules), the calculus changes entirely. We don't know the Australian pricing yet — and anyone telling you otherwise is guessing.
What we'd suggest: don't rush into the outgoing model purely on the assumption the new one will be more expensive. Get the numbers on both once local specs are confirmed, and make the call with clear eyes.
Common questions
Are BYD EVs eligible for the FBT exemption on novated leases?
Many current BYD EV models sit under the relevant eligibility thresholds and qualify for the FBT exemption for eligible electric vehicles under Australian tax law. You should confirm the specific model and price point with your novated lease provider before signing, as eligibility depends on the vehicle's GST-inclusive value at the time of first retail sale.
Should I wait for the upgraded BYD model before taking out a novated lease?
It depends on your timeline and whether the new model will be priced within FBT exemption limits. If you need a car now and the current model fits your budget and needs, waiting isn't always worth it. If you have flexibility, it's worth monitoring the Australian launch pricing before committing.
Will the bigger, refreshed BYD still qualify for the EV FBT exemption?
Unknown at this stage. The refreshed model is larger and likely positioned at a higher price point — Australian pricing hasn't been confirmed. FBT exemption eligibility depends on the vehicle meeting the relevant threshold at first retail sale, so this needs to be verified once local specs are announced.
How does a novated lease on a BYD EV actually save me money?
A novated lease lets you pay for your car — including running costs — from your pre-tax salary. On an FBT-exempt EV, you also avoid fringe benefits tax on the private-use component, which stacks on top of the income tax saving. The actual benefit varies by income, the vehicle price, and your running costs — use a calculator or talk to a broker for numbers specific to your situation.
Is millarX able to arrange a novated lease on BYD vehicles?
Yes. millarX is an ACL-licensed novated lease provider and can arrange leases across a wide range of EV brands including BYD. We hold customer funds in segregated accounts and are AFCA-registered if something ever goes wrong.