Tesla Model Y L Arrives With V2L — What Novated Lease Buyers Need to Know
The new Tesla Model Y L brings V2L and a plusher cabin to Australia. Here's what it means for your novated lease and FBT-exempt EV strategy. Read more.
The refreshed Tesla Model Y L has landed in Australia, and early reviews are calling it the most versatile and refined Model Y yet. Critically for EV-aware drivers, it finally adds Vehicle-to-Load (V2L) — the ability to power devices and appliances directly from the car's battery. According to The Driven's review [Source 1], the Model Y L looks set to keep Tesla at the top of Australia's EV sales charts for the foreseeable future.
For PAYG employees considering a novated lease, this matters. The Model Y has consistently been one of the most-leased EVs in Australia — partly because of its popularity, partly because of how cleanly it fits under the federal government's FBT exemption for eligible EVs. The L variant adds more reason to look at it seriously.
What this means for novated lease customers
The FBT exemption for battery electric vehicles — still in place for eligible cars at or under the luxury car tax threshold — means a Model Y L on a novated lease can be packaged from your pre-tax salary, reducing your taxable income. The V2L capability is a practical sweetener: it turns your car into a portable power source for camping, job sites, or running appliances during an outage. That's real-world utility, not just a spec-sheet number.
Worth being straight about: the Model Y L sits at a higher price point than the standard Model Y. Whether it clears the luxury car tax threshold or not will affect your FBT position — your exact numbers depend on the vehicle price, your salary, and lease term. A decent novated lease broker should run those figures for you before you commit, not after.
The addition of V2L also signals Tesla is responding to what buyers and fleets actually want from a premium EV — not just range and software, but genuine utility. That tends to hold resale value, which is relevant when your novated lease residual is calculated at the end of the term.
Common questions
Is the Tesla Model Y L eligible for the FBT exemption on a novated lease?
Eligibility depends on the vehicle's final drive-away price relative to the luxury car tax threshold for fuel-efficient vehicles. You'll need to confirm the on-road price before assuming full FBT exemption applies — your broker should verify this before structuring the lease.
What is V2L and why does it matter for a leased car?
V2L (Vehicle-to-Load) lets you plug appliances directly into the car's battery — think power tools, camping gear, or a laptop. It doesn't affect your FBT or lease structure, but it adds practical value and can support stronger residuals at lease end.
How does the Model Y L compare to the standard Model Y on a novated lease?
The L variant is priced higher and offers a larger, more premium cabin along with V2L. The pre-tax savings through novated leasing may be greater in dollar terms on a higher-priced vehicle, but the LCT threshold remains a key checkpoint — cross it and the exemption becomes partial.
Can I include charging costs in my novated lease for the Model Y L?
Yes. Under a fully maintained novated lease, running costs including electricity for charging can typically be bundled into your pre-tax salary deductions. Confirm the specifics with your broker, as treatment can vary by employer arrangement.
Is now a good time to lease a Tesla given new models are arriving?
New variants generally stabilise or lift residual values for well-regarded models. The Model Y L's V2L and cabin upgrades suggest Tesla is investing in the platform, which is a reasonable signal for resale strength — but residual forecasts are never guaranteed.