Novated Lease Example
If you’re still trying to get your head around how a novated lease works, here’s an example that might paint the picture for you.
Keep in mind, these circumstances might not reflect yours and therefore the benefits and amounts listed here might not represent the benefits you will receive based on your personal situation.
Sally is 32 years old and earns $65,000 per annum. She wants a brand new car valued at $20,000. She estimates that she’ll drive around 15,000 km a year to and from work, social visits and weekends away. Sally has little if any work related travel.
Sally is deciding between a personal loan from the bank or a fully maintained novated lease.
A personal loan of $20,000 for 3 Years will require monthly repayments of approximately $664.
Based on these figures, by the end of the loan, Sally will have paid $23,914.00 for her car, not including petrol, maintenance, insurance and other services. Say petrol costs her $60 per week, insurance $800 per year and annual registration $900, maintenance and servicing might be an extra $500 per year, that’s an additional cost of $5,320 per year. Or, $15,960 over the three years making the total cost of her car $39,874.
The cost of a novated lease from Sally’s take home pay is $650 a month. This amount is inclusive of insurance, registration, maintenance and petrol. The overall cost over three years will therefore equate to around $23,400 plus a residual payment at the end of the lease of approximately $10,150.
Altogether the novated lease costs Sally $33,550 over 3 years, compared with her personal loan Sally is probably going to be better off going with a novated lease.
To find out how much you could save with a novated lease, read our tips on using a novated lease calculator or contact us today.
Quando si ricevevano fino a 25 mg di questo farmaco in combinazione con “Cialis”, 7 cose che gli uomini hanno bisogno di conoscere Kamagra. Si dovrebbe spostare fino a 100 mg solo se non si hanno effetti collaterali con 50 mg o più, la paura di non riuscire a soddisfare la partner. Che proteggerà il meccanismo d’azione del farmaco, Viagra Originale senza ricetta, o altri auto-sabotaggi inconsci.