Polestar 4 Gets a 2026 Update — Is It Worth Leasing?
Polestar's updated 2026 Polestar 4 is now orderable in Australia with a lower carbon footprint. Here's what PAYG employees should know about novated leasing it.
Polestar has quietly refreshed the Polestar 4 electric coupé-SUV for 2026, and according to The Driven, Australian buyers can order it now. The headline change is a lower carbon footprint across the vehicle's lifecycle — not just the tailpipe emissions, but the manufacturing side too. That matters if you care about the full picture, not just the 'zero emissions' badge.
For context: Polestar has been locked out of selling EVs in the US following a regulatory decision there. That's irrelevant to Australian buyers, but it does signal that Polestar is doubling down on markets like ours — which generally means better stock availability and more competitive pricing over time.
What this means for novated lease customers
The Polestar 4 is a battery electric vehicle (BEV), which means it qualifies for the Federal Government's Electric Car Discount — the FBT exemption that removes Fringe Benefits Tax on eligible zero-emission vehicles under the luxury car tax threshold for fuel-efficient vehicles. That exemption can meaningfully reduce the effective cost of leasing a car like this through your pre-tax salary, compared with buying it outright or leasing a petrol equivalent.
The 2026 update doesn't change the fundamental leasing equation — the car still qualifies as a BEV — but a lower lifecycle carbon footprint does make the sustainability case stronger if that's part of your decision. What you should be focused on as a potential lessee: the drive-away price relative to the LCT threshold, your income bracket, and whether the running costs (charging vs fuel) work for your lifestyle. Potential savings are real, but they vary significantly by salary and usage — don't let anyone quote you a headline number without running your actual figures.
Common questions
Does the Polestar 4 qualify for the FBT electric car exemption?
Yes — as a battery electric vehicle it meets the base eligibility criteria under the Federal Government's Electric Car Discount, provided the vehicle's value sits within the relevant luxury car tax threshold for fuel-efficient vehicles at the time of the lease. Your novated lease provider should confirm this against the current threshold before you sign anything.
Can I order the 2026 Polestar 4 on a novated lease right now?
Polestar has opened Australian orders for the updated 2026 model according to The Driven's June 2026 report. You can structure a novated lease around a new order — delivery timelines will depend on Polestar's local allocation, so factor that in if your financial year timing matters.
What's the difference between a novated lease and just financing the car through Polestar?
With a novated lease, your employer deducts lease payments from your pre-tax salary, reducing your taxable income. A standard car loan or manufacturer finance arrangement is paid from after-tax dollars — you get no income tax advantage. For eligible EVs, the FBT exemption stacks on top of that pre-tax benefit, which is why the numbers can look quite different.
Does the lower carbon footprint of the new Polestar 4 affect my lease or tax treatment?
No — the FBT exemption is based on vehicle type and price threshold, not carbon footprint metrics. The sustainability improvement is a product story, not a tax story.
Is the Polestar 4 available through millarX?
millarX can novated lease most passenger EVs available in Australia through franchised dealers. Get in touch and we'll run a comparison using your actual salary and the current Polestar 4 drive-away price.