Jump to content
Guest taylorvillas

Novated lease dilemma

Recommended Posts

Guest taylorvillas

Hello,

 

I have the option of a novated lease through work, I have compared the cost v's a car loan for the same vehicle and the novated lease comes out tops.

 

It's via sg fleet and I wondered if anyone could give any advice if they have done the same, and what there thoughts are?

 

I have done a search on here and there are some conflicting views.

 

Many thanks

 

Tracy

Share this post


Link to post
Share on other sites
Hello,

 

I have the option of a novated lease through work, I have compared the cost v's a car loan for the same vehicle and the novated lease comes out tops.

 

It's via sg fleet and I wondered if anyone could give any advice if they have done the same, and what there thoughts are?

 

I have done a search on here and there are some conflicting views.

 

Many thanks

 

Tracy

 

I lease an X-trail through my work with SgFleet. For me it's worked out great. Once you get used to the money not being in your salary you don't really miss it.

 

I have known people have complicated spreadsheets open for days trying to work out if it's worth it. There are too many things to take into consideration, not just financial.

 

We had a Holden Commodore wagon befoe the novated lease and the engine seized up and cost us $4,500. You never have that kind of money put by in case and it's the same when you go to fill up the car, always a shock.

 

There was no way we could have affoded a new car but with the lease deal they get so much off the new car price. Have you had a quote yet?

 

For me to buy the same car when we got ours it would have been nearly $10,000 dearer than SgFleet got it for. I thought they had quoted me on the wrong model.

 

You usually get a couple of fuel cards and I have a deal with them for insurance too which comes out of my gross salary and goes into a fund. You get a monthly report from SgFleet on where you stand with yuor fund and whether you are on track to meet you nominated Km's.

 

The FBT rules changed last year so I think it is now a 20% FBTflat charge. If you did over 25,000 a year it used to drop to 11%.

 

Basically if you do less than 25,000 the FBT will now be less, if over 25,000 you will pay more FBT.

 

It's nice to have a good car in Aus and not have to worry about going on long trips. Usually there is more money in the account than I spend on the car. So in credit. I've had my lease for 6 years now and it's been a good experience. I've had the car serviced regularly so know it's still in good condition. The new cars are not easy to work on now if something goes wrong. It's nice to have the feeling that you can take it to the garage if something goes wrong and the bill is sent to sgfleet.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×