The Tesla Model Y has been named the 2026 Fleet News Group Novated Lease Car of the Year, after recording the highest number of novated leases among NALSPA members.
Unlike the other vehicle categories in the Fleet News Group Awards program, the Novated Lease Car of the Year was not decided by a judging panel or an industry vote.
Instead, the award was determined using actual novated leasing data from members of the National Automotive Leasing and Salary Packaging Association (NALSPA), providing a clear indication of which vehicle Australian employees are choosing through salary packaging.
The Model Y finished ahead of fellow finalists the BYD Sealion 7 and Zeekr 7X.
An award decided by customer choice
The methodology makes the Novated Lease Car of the Year different from a traditional automotive award.
Rather than assessing vehicles against a set of judging criteria, the winner reflects the purchasing decisions being made by novated lease customers.
For Fleet News Group, this provides an important insight into the vehicles gaining traction in one of the fastest-changing parts of the Australian new vehicle market.
Novated leasing has become an increasingly important sales channel for electric vehicles, particularly since the introduction of the Electric Car Discount and the Fringe Benefits Tax exemption for eligible battery electric vehicles.
The Tesla Model Y has been one of the strongest performers through this period and its 2026 award confirms its continuing popularity with novated lease customers.
Three very different EV finalists
The 2026 finalist group also highlighted the growing level of competition in the electric vehicle market.
Tesla’s Model Y was joined by the BYD Sealion 7 and Zeekr 7X, with all three offering customers different interpretations of the increasingly competitive electric SUV segment.
The presence of three battery electric vehicles among the finalists also reflects the important role novated leasing continues to play in Australia’s transition to electric vehicles.
As more manufacturers enter the market and the range of eligible vehicles expands, novated lease customers now have significantly more choice than they did only a few years ago.
Real market data behind the trophy
Fleet News Group partnered with NALSPA to determine the award using novated lease volumes from its member organisations.
NALSPA represents organisations across the salary packaging and vehicle leasing sector, meaning the award provides a broad view of vehicle demand within the novated leasing market.
It also gives the Novated Lease Car of the Year a different purpose within the Fleet News Group Awards program.
While the Fleet Car of the Year categories assess how vehicles perform against the requirements of fleet buyers, the Novated Lease Car of the Year recognises the vehicle that employees themselves are selecting when given the opportunity to choose through a salary package.
For 2026, that vehicle is the Tesla Model Y.
