I earn 82k, and drive 900 km a week to work
Currently own Mazda 2 with 20k km on the clock, which use approx 50 litres a week, so 60-70 dollars.
Do I keep the car and drive it till it dies, or get a novated lease.
Really don't follow fbt etc.
Thanks
Car Novated Lease, Do The Maths for Me
Donaldhump on 05/08/2016 - 22:55
Last edited 05/08/2016 - 23:27 by 1 other user
Last edited 05/08/2016 - 23:27 by 1 other user
Comments
50,000km a year is quite a lot.
u'll get the savings straight away as ur fuel will be paid using pre-tax dollars.it'd cost u about $200-250 a week going novated lease.
theres advantages when u buy the car new when going novated lease with GST savings. Doesn't help in this case as you already have the car.theres heaps of novated lease calculators out there if you google it.
do you get FBT?
ie. a company car or car allowance? it doesn't sound like you do and your car is not used for business but rather commuting.
You can get a novated lease with you current car as long as its not 6 yo or older.
Basically you sell it to them, they lease it to you and you get the novated lease benefit. But unless you spend big bucks on servicing fuel etc. the savings of novated lease are usually offset by the high car losn interest rate