Fleet Vehicle Purchase Not Such a Great Deal?
Was looking into buying a car through salary sacrifice, but after doing some basic maths it doesn't look that great.
- Driveaway price: $62,000 (before negotiation)
- Running costs:
- Registration: $600 x 2 (rego & CPT for 2 years)
- Insurance: $1,000 x 3 (compo for 3 years)
- Service: $500 x 3 (maintenance for 3 years)
- Fuel: $1,500 x 3 (1,000L @ $1.50/L per year for 3 years, assuming 10,000km/year)
- Total cost over 3 years: $72,200
- Lease term: 36 months (3 years)
- Weekly deduction: $310 (covers all running costs, exclude tolls)
- Total cost over 3 years: $48,360
- At the end of the lease, either walkaway or purchase the car at market value
- Market value is unknown, will be determined a month before lease ends, I'm guessing $30,000?
It seems buying outright is at least $6,000 cheaper than leasing, am I missing something? I thought with GST and pre-tax advantages, leasing should be cheaper than buying, much cheaper. But it is the opposite.