Trade in and upgrade your novated lease with TradeLab
TradeLab connects you with dealers across our network to sell your car and upgrade into the next with a novated lease. Sell without the hassle, and keep any profit tax-free.
Trade in your vehicle
Can you trade in a car on a novated lease?
Yes. At the end of your novated lease, you can trade in your vehicle and keep any profit. If your car is worth more than what you still owe (the residual), the difference is yours to keep, tax-free.
This is one of the unique financial advantages of novated leasing.
But trading in is just one of the options you have at the end of your lease. If you’d like to refinance or pay out the residual, we can help manage that, too.
How does TradeLab work?
Selling your car through TradeLab takes five simple steps:
- Evaluate
Complete a guided vehicle inspection through the TradeLab app. Answer questions about your car's condition, mileage, service history and any damage.
- Bid
Dealers across Leaselab's network review your vehicle details and submit bids.
- Accept
You'll see all offers and can accept the one that works best for you. There’s no negotiating or pressure involved, and you see all the offers side by side.
- Handover
Once you've accepted an offer, arrange a collection time that suits you. Your vehicle is picked up from your home, workplace or preferred location. We handle the paperwork and logistics with the dealership.
- Earn
The sale proceeds go directly to you. If your car's sale price is higher than your outstanding residual (the balloon payment), you pocket the difference tax-free.
If it's lower, you'll need to cover the lease payout, though this situation is rare because residuals are set conservatively.
Find your new dream ride
Get a quote on your existing car and speak to a consultant about your next novated lease. They'll help you understand the process and coordinate everything seamlessly.
What happens to the equity in my car?
Equity is the difference between what your car is worth and what you still owe on your lease.
Equity in action
Your residual is $25,000, but you sell your car on Tradelab for $32,000. That $7,000 difference in equity is yours to keep, completely tax-free.
Get ahead of your valuation
Vehicle values fluctuate. Not every car will have positive equity at lease end. Factors like mileage, condition, service history and market demand all affect final value.
We can provide indicative valuations 3-6 months before your lease ends, so you understand what to expect.
Make selling easy with the TradeLab App
After a few simple steps, your car is listed toour network of dealers who bid to get youthe best price
Make selling easy with the Tradelab app
Once TradeLab sells your current car, you're ready to step into your next one. Browse our full range of novated lease vehicles, from practical family SUVs to premium EVs.
Or let our team help you source and negotiate your next car directly.
FAQs
Can I sell my car privately instead of trading it in?
Yes. You can sell privately and use proceeds to pay the residual, keeping any profit. However, you miss the convenience of a dealer trade-in and may pay GST on the sale if using a private buyer. Trading in through a dealer saves GST, making it often more valuable financially.
How do I know what my car will be worth at lease end?
Market values fluctuate, but we can provide indicative trade-in valuations 3-6 months before your lease ends. We'll also help you understand factors affecting value: mileage, condition, service history and market demand for your specific model.
What if my car is worth less than the residual?
It's rare. Residual values are set conservatively by the ATO, but it can happen. If your sale price comes in below the residual, you'll need to cover the shortfall. Your consultant can talk you through your options if this looks likely as your lease end approaches.
Do I have to use TradeLab to trade in my car?
No. TradeLab is just one option designed to make the end-of-lease process simple, but you can also sell privately, pay out the residual and keep the car or refinance into a new term. It’s all part of how we help manage your lease to suit your situation.
