![[VIC] Kia Sorento GT-Line AWD MY18 (Maxiaa Novated Lease) $52,359+GST (RRP $64,249)](https://files.ozbargain.com.au/n/70/371170.jpg?h=c2361585)
Kia Sorento GT-Line AWD MY18 Automatic
5 Door SUV
Available with Novated Lease with Maxxia for $52,359
Kia's drive-away price is: $64,249 - the cheapest I see on Car Sales for a new GT-Line is $58,490
[VIC] Kia Sorento GT-Line AWD MY18 (Maxiaa Novated Lease) $52,359+GST (RRP $64,249)
52
sacs2k1 on 07/04/2018 - 21:17 maxxia.com.au (1579 clicks)
Last edited 09/04/2018 - 13:45 by 2 other users
Last edited 09/04/2018 - 13:45 by 2 other users
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Most likely metallic paint
We got our MY18 GTLine in Jan for $51400 including metallic paint and home delivery from a different lease provider in Melbourne, so ring Maxxia and negotiate for a better deal.
Comparing Lease to a Car loan ([email protected]% interest) we are $4.5K better off
Comparing Lease to a Cash Purchase we are $4K worse off apart from lease hassles
Calculations based on 5 year lease
thank
Maxiaa Novated Lease
And what are the additional costs?
Isn’t the $5k saving just GST which is exempt for leased vehicles.
Don't forget to add FBT
Plus insurance costs are a lot higher…
Yes JV, they giveth with one hand and taketh with the other!
They discount 10% and take back 20%…
Some providers are happy for you to use your own insurance (and by that i dont mean default insurance/dent insurance etc.. i mean comprehensive)
You can use whatever insurance you want. Just pay for and get it reimbursed under your lease
Yes. All novated lease deals just use bamboozlement to give the impressions of saving, when you only save GST and end up paying a lot more anyway.
The price quoted is ex GST.
Being able to take advantage of this offer is dependant on your employer having an agreement set up with Maxxia so at very best, this is targeted
This is the first time I've seen a car deal on this site. You get loads on the UK version of this site (hotukdeals) but those leasing deals are always amazing. This one doesn't seem particularly exciting.
I've been looking at novated leases on and off for a year and when compared to cash they never seen to make financial sense. However, I really want to find a scenario where it does make compelling sense.
Curious as to where it falls over for you. I've had a number of them, i've done spreadsheets, i can't find a cheaper way to buy a late model car.
I've also done the spreadsheets and if you have cash you are way ahead at the end.
One year lease, no insurance add ons and claiming 2 x lots of expenses within that yr (rego and insurance) you come up in front.
@BexForHeadache:
NO.1 year lease - claim insurance etc at the start of lease
Pay and Claim the following years expenses before the lease runs out
leasing is good for people who don’t have the cash.
people on this site are always buying stuff they don’t need but hopefully can afford.
Didn't realise a 2.2L diesel was considered "GT" worthy.
GT is short for Gran Tourismo, which is travel long distance in style.
A colleague bought this GT Sorento and I am quite impressed with the technology packed in it.
If that thing has an european badge, definitely can double the price.
I'm still to find a novated lease deal that after 5 years places me in a better financial position than if I buy it outright.
5 years is your problem. You're diluting the tax benefits too much. In my experience, 3 years is the sweet spot but if cashflow isn't important for you, go 2.
Also, are you taking into account the cost of having your cash tied up in the car for 5 years before you "release" the depreciated value?
What's your income?
Novated leases come into their own for people in higher tax bands with few deductions.
$140K. Maybe I should talk to them and see what they propose. Got my eye on a Kia Stinger.
Share some of that moolah Jon Snow.
I make 90k and have done my math on novated lease and somehow I feel it is better not to lease. Are there any good sites and calculators for research. Thanks
Try car <$20k value and a 12m 1 day lease
Maximises your loan repay, minimizes FBT component(car is low value) and gets u 2 years rego + insurance
Just make sure you don't do the filling your other car up with the fuel card as that is dodgy…
Sorry can you elaborate?
I got a quote for 5 years with 30% residual on a Tiguan for $85 per week including "everything" which meant it would cost me 75k over 5 years plus i had to pay 30% residual once it was up!!
um marketing is best guess?
If you're paying for VW and Audi , congratulations!
The MY18 Sorento is probably the best value SUV in that segment. Not as refined as the Mazda CX9, but the warranty is second-to-none and it drives well. The new 8spd gearbox is also really good.
I narrowed my choice down to this and the CX9 - ultimately I decided to get the CX9 but this was a very close second and if warranty or price were my main considerations I'd have bought the Sorento instead.
Euro?? You have to be even more INSANE
Now you need to get a lease on a service bay….
What euro brand has a 7 seat SUV for $50k with equivalent specs to the Sorrento GT?
Curious to know
Available with Novated Lease with Maxxia for $52,359
Kia's drive-away price is: $64,249 - the cheapest I see on Car Sales for a new GT-Line is $58,490
$52,359+gst = $57,594.90
$900 off the Carsales price… Meh
and you can negotiate a lower price?
I don't know Kia's margins.
But yes I can negotiate
You realise the fees involved in a Novated lease?
never done a novated lease before. always assumed buying would be better unless im in a high tax bracket. could be wrong
Thanks whoever fixed up the title .. certainly was a bit misleading..
Wrong place
No deal.
No one pays RRP unless it's a very sought after model or the buyer really has no clue. Ie. The Mustang when it was first launched.
There's alot of "room" for negotiation on "top end" models. 10-15% on the cheapest price on carsales is about right.
The number for lease doesn't add up, compared to paying cash.
10-15% on the cheapest price on carsales is about right.
😂😂 No, it's not
Why is this car $50k?
Is it incredibly powerful?
The Kia Sorento has more torque than your old 5.0 litre V8 holden
Where do I get this free car I own?
I own one. It's awesome.
you know nothing jon snow
It's on the same level as the Toyota Prado right? Though the specs seem a bit less… the price seems the same.
Prado starts at $62,990 d/a. And no, not the same cars
@Spackbace: Well the price is similar and they seem to want to do the same thing, so I'd guess yes, similar.
Yeah I’m still trying to workout when Kia’s become desirable and anyone would pay 50,000 for one ?
stinger?
Kias are nice cars… but it's a Kia SUV, wouldn't think anything would cost $50k unless it's made to pull 5x it's own power.
They have been desirable for many years now.
Compared to it's competitors, Kia tends offers great value for money - plenty of features and a seven year warranty.7 seater diesel suv that has decent style and tech.
Not many in that price range.You must be a slow learner
cheapest I see on Car Sales for a new GT-Line is $58,490
Minus GST = $53,172
So total saving is $813.
I have a noveted lease with streetfleet and just signed up as they promised hudge tax benefit as I drive a lot. They were very vague with the fees beforehand and made me confuse so I just got it for 1 year and the repayment seemeds manageable . After several months and asking for clarification I found out that I will be paying aroud 3-4 k in interest and fees in a year where my car price is 8500(second hand small hatchback.). It evens out for me due to the tax benefit but I am not whatever I am getting back from tax streetfleet have put it in this profit not mine. Maybe it would have worked with longer lease but be sure to ask for clear fees and interest beforehand.
All finance has interest. Sounds like street fleet are making some cash on additional products
I left a review on Google on them and they have been trying to make me change my comment on hi fees but all they are doing is talking about the tax savings and how much better off I am with novated lease than regular loan and completely ignoring the fact that they are charging over 3k in interest and charges in 1 year for a 8k loan. That's more than 33% if my calculations are not wrong. If that's not hi fees I am not sure what is.
Sorry you were bamboozled. “Drive a lot” hasn’t been a tax benefit for about 10 years now.
On the plus side the vehicle MIGHT be worth more than anticipated at the end of the lease.
not sure how a novated lease is a deal.
you are taking out a loan and budgeting for all expenses.Comparative interest rates on these leases tend to be around 20% once the BS fees and hidden costs are taken into account. If you have cash use that instead. If you have a mortgage and have the cash to redraw or sitting in an offset account it works out about the same over 3 years wether you buy with cash or lease. Make sure you get all the fine details from Maxxia before you sign anything.
Novated lease only good for salaries above $80,000 ( doctors , high level nurses , lawyers , Minings , managers in big companies etc ) and intending to change your car every 2-3 years without actually owning it , so you are car trouble free , Looks rich all the time to your neighbours and friends , savings more than few thousand dollars per year by lowering your high income tax , and keep you motivated Stay longer in that 1 company . Oh yeah , always ask for the interest rate of the loan before committing plus the fees …
I'm on my 3rd lease with maxxia….I absolutely love it..a tip….search carsales for the particular model your after….print out the cheapest one (even interstate) and call the dealer even if interstate and ask would he deliver it with all extras on top for that price, if so get them to email you the quote, then call other dealers and see if they will beat it.
I got a Peugeot 208 GTi for $27,888 with 8 years warranty YES 8 years on a 4 yr lease…3-4 yrs is the sweet spot…don't be fussed about the "Ballon or residual" payment….just make sure you trade it in for the $$$ owing or higher (profit is your tax free)…btw my projection tax savings over 4 years is $16500.
all I say is do your research and before you go to the dealer, make sure you have been PRE APPROVED by maxxia or whoever the company your dealing with.
I personally love it…all the best
email you the quote
Lol!
I don't know if many dealers who will do that, for the exact reason as you listed:
then call other dealers and see if they will beat it.
Could you please let me know the fees and interest rate u we're paying with maxis. I did my one with streetfleet and I feel like the fees and interest are very high. Might switch to maxis for my next car( Tesla) if they do electric vehicle.
I have a 3 year lease currently with maxxia, everyone’s savings differ but in my case after tax savings considered I save 7k off the price off the car when compared to buying in a outright situation. Pays to do quote and see if it works out for you, a lot of cases they can even better there advertised prices.
On the surface they always look like a good deal but you'll find the good deal is largely in the lease companies favour. After FBT and lease costs you actually save very little on most new cars - maybe a few hundred $. Thats good but not something to make you run out and grab a new car.
Some situations where it can be beneficial.
You plan on replacing your car every 2 or 3 years anyway and are able to negotiate good price / trade in. Good if you like to pre plan your budget and all your bills in one place.
You get a great price on a high value low km car. eg 2016 5series BMW, you can sometimes pick a luxury car from a private seller who is pissed off with the poor trade in value he has been offered from a dealer. The 3yr residual the lease company asks will probably be far less than the market value - this could make you many $1000s !
You are young and want to drive a performance car - the lease company can arrange fleet insurance far cheaper than you can get personally.
Always bear in mind these companies make a very good living out of making you think they are nice guys doing you a favour. Check the small print very carefully, analyse all costs before signing anything and do realistic calculations against other purchasing methods.
The reason you don't see many of these "Deals" on OB is that most ozbargainers have done their math
Ozbargain is a very small subset of the market. Most here (i assume) would have assets/cash reserves. If you look at the general population though, very few people have actual cash in the bank to go and buy a new car, which means they're going to finance it. Novated, after all the products, interest, tax benefits might come out close to a cash purchase (make sure you include opportunity cost on the cash element) but when comparing to a straight car loan with no deductibility (i.e. you're not a rep, just a boring office dweller like me) i can't see how its not the cheapest way to buy a car.
If you have some overhead in your mortgage, can split it, and have a partner on a lower tax bracket, then an "Associate Lease" is worth considering. Simply get the quote for a Novated Lease, then use the same basis and fund it yourself. You'll need a savvy accountant, and some salary packaging companies (?) might help out with the documentation as well.
Ultimately with cars though, buy the cheapest car your ego will let you, and pay cash.
Says From $52,359. What's the extra for?