Although electric vehicles generally have a higher purchase price, there could be cost savings associated with the lifetime of the car, including paying less in fuel and maintenance.

Each pay your budgeted contribution amount is added to your Maxxia novated lease account — think of it like a bank account for your lease.

While novated leasing might sound like something that only an accountant could get excited about, taking the time to understand it properly could save you a heap of time and money.

Also known as salary packaging a car, novated leasing through Maxxia could be a hugely convenient (as well as tax-effective) way to run a car. Here are five reasons why.