Can I buy a used car with a Novated Lease and start saving thousands?
Using a Novated Lease on your used car can help save Australian employees thousands of dollars in the long run. If you have any doubts about whether you can use a Novated Lease to finance your next used car, here’s the lowdown on this innovative form of financing.
What is a Novated Lease?
A Novated Lease allows you to pay car repayments and other vehicle expenses from your pre-tax salary lowering your taxable income. Many Novated Lease consumers also prefer the ‘out of sight, out of mind’ no-fuss bill payments. Your Novated Lease can be configured to cover things like, fuel costs, rego, tyres, servicing, insurance, repairs and even roadside assistance!
Can I purchase a used vehicle using a Novated Lease?
Yes, you can. Positive Salary Packaging has helped many of our customers save thousands on the purchase price and running costs of used vehicles. With the current situation of extremely low new car availability throughout Australia, we are receiving used vehicle Novated Lease enquiries more than ever.
Can I set up a Novated Lease on my existing vehicle?
Another way to save thousands of dollars on your vehicle running costs is to convert your existing vehicle to a Novated Lease. Please note, most Novated Lease financiers prefer vehicles that are less than 12 years of age at the end of term. This means that you could novate an 8 year old car, for four years.
Many clients are not aware of the benefits of a Novated Lease until after they have bought their new car, or moved employer etc, and come to us to salary package their existing vehicle to realise the tax saving benefits. So why not look into packaging an existing vehicle as part of a Novated Lease solution?
We can set up a Novated Lease on a used car from a dealer, or a private seller or utilise your existing vehicle. The process is simple, so call Positive Salary Packaging today on 1300 946 527 to find out how you can package a used vehicle and gain the benefits of a Novated Lease at the same time. You might just save yourself some money in tax and overall running costs, reducing your weekly vehicle costs considerably!
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Common misconceptions around residual values and novated leasing?
Common misconceptions about residual values on a novated lease, including who owns the car, selling it, and your options as the lease term ends.
What happens at the end of a novated lease
Your options when a novated lease ends, whether you refinance and keep the car, trade it in for a new one, or pay out the residual and own it.
Should You Get an Electric Car Lease?
Things to know before leasing an EV, including home and public charging, claiming electricity costs, driving range and common concerns about switching.
What items can I claim on my novated lease?
The costs you can include in a novated lease budget, from finance, rego and insurance to servicing, tyres, roadside assistance and car detailing.
What happens with my car lease if I change my job?
What happens to your novated lease when you change jobs, your options to transfer, convert or pay it out, and what to consider before you make the move.
