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jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Buying an X-trail through Novated Lease & Car Brokers


Hi Guys,

I think this information will help many new members thinking of buying the exy using the Novated Lease option.

I have now copied all your posts relating to the NL from the "extras at cost" thread into this one.

Last edited by jalalski, 30/Sep/2011, 9:43 am


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7/Mar/2005, 7:06 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Reply posted by Tino66 (copied from the another thread)
============================================

One car broker at http://www.privatefleet.com.au can source your car Australia Wide to give you the best price. Go to there website, put in the detail and they do the chasing for you - free.

Just to give you and idea:
I picked up a 2004 build Automatic ST, Leather Seat, SideSteps, Towbar, Cargo Blind, Cargo tray, Tinted windows, Rubber matts, (Nudge bar and Roof Bar free). The regular price for this is about $ 38,000 but I got it via Leasing arrangement where I worked for $31,000 drive away.


Last edited by jalalski, 7/Mar/2005, 8:23 am


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7/Mar/2005, 8:20 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Reply posted by NPC73 (copied from another thread)
============================================
Tino66,

Sounds too good to be true (Free?). I can understand them charging you a little like $500 while saving you $5000 on the original purchase.

But free? How do they make their money?

Kind Regards


---
Noel & Silvia
03 Xtrail, TI, Manual, Twilight (Series I)
04 Elantra, GL, Manual, Exciting Blue
WEB: www.geocalc.net


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7/Mar/2005, 8:22 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Reply posted by dajmil (copied from another thread)
============================================

The big hint here is the fleet lease.

The fleet dealers can ask the car dwalers to get the best prices. They remove the gst from the deal and also the on-roads are reduced also.

We looked at a novated lease for our xtrail but in the end found it to expensive. The price they quoted for us was $29500 but when we went to the dealer it was $34500.

---
Cheers,
David

'05 Xtrail Blue, Manual
96 Ford Festiva, Teal
(Korean Body Bag).


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7/Mar/2005, 8:25 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
Reply | QUOTE
Re: Buying an X-trail through Novated Lease


Reply posted by Tino66 (copied from the another thread)
============================================

With http://www.privatefleet.com.au, free meant you don't have to register or pay any fee. They may get some commision but it 's the bottom line that counts. I gave them my price but they could not match it so you got nothing to lose.

With fleet lease, you get about 4 to 5 thousand fleet discount + no GST but then you have the FBT so it depends if you do a lots of km per year.

This was what I went through to get my car so hopefully it would help people looking for new car like Lone Ranger.
 


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7/Mar/2005, 8:26 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Reply posted by NPC73 (copied from another thread)
============================================

Tin,

Thanks for clarifing

Sounds a bit like what we got offered at Cairns City Council recently as a work incentive for staff.

Same sort of thing with a lease arrangement and no GST, etc, etc. Salary sacrificing your lease payments before tax is taken from your wages. Fuel and maintenance costs, etc included in the lease payment.

The lease company make 8% out of the lease payment, which is their commission. I queried that the 8% is higher than the standard Home Mortgage of 6.49%, although the guy delivering the presentation said, perhaps correct although your paying 6.49% on after tax money, which is really like paying 10%. Not sure what he meant by that?

So does that sound familiar to what your doing?

---
Noel & Silvia
03 Xtrail, TI, Manual, Twilight (Series I)
04 Elantra, GL, Manual, Exciting Blue
WEB: www.geocalc.net


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7/Mar/2005, 8:28 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Yes Noel that sounds very familiar to me as well. It's called Novated Lease through salary sacrifice. (pre-tax)

It doesn't work or suite everyone, as it has a huge dependency on the gross income and the number of Km's you intend to travel per financial year.

If you don't meet the minimum number of nominated km's it could backfire on you and you would up for FBT, hence loosing on the saving you made on your pre-tax deductions.

The other thing to watch-out for is the residual amount that you gonna have to pay at the end of the novated lease, should you decide to keep the car. If you decide to buy a newer model this amount will be carried-over to the new lease agreement.

I was very close to signing the novated lease contract, in fact I had it approved in my hand, but when I thought about the km's commitment thing and the residual amount, I thought nope, I'd rather pay-off the car sooner and get it over and done with and this what I exactly did.

For someone considering buying a car through novated lease, it's better to speak and consult your accountant as he/she would know your financial situation better and can put things together (including the kms) to see if its gonna work for you.


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7/Mar/2005, 8:28 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
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Re: Buying an X-trail through Novated Lease


Reply posted by NPC73 (copied from another thread)
============================================

Yes, the one that we are offered you needed a signature from your accountant/financial advisor that you understand what it’s all about.

And the mileage thing is a concern as well if you underestimate.

And for me it’s not worth it with the X-Tail as it’s fully paid for, however our Elantra is basically on top of our home mortgage.

Cheers
---
Noel & Silvia
03 Xtrail, TI, Manual, Twilight (Series I)
04 Elantra, GL, Manual, Exciting Blue
WEB: www.geocalc.net


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7/Mar/2005, 8:30 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
Reply | QUOTE
Re: Buying an X-trail through Novated Lease


Reply posted by dajmil (copied from another thread)
============================================

Yes I looked into the novated lease issue to get the xtrail. We eventually went for the home loan option,which ended up cheaper. My wife will be driving the xtrail m-f and she will do 20000 km/yr and we estimated that we would easily do 5000 km driving around the year camping, shopping, relatives etc). This meant that we be able to claim the 11% fbt component

We did our sums and for me it would mean that I would lose $416/fn per pretax ($238 actual) and then get hit with a extra $136/fn post tax. All up it would have costs us $374/fn actually to pay for the car over five years. This included all running and service costs.

if we went for our home loan calculating it would be an extra $50/fn.
 
---
Cheers,
David

'05 Xtrail Blue, Manual
96 Ford Festiva, Teal
(Korean Body Bag).


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7/Mar/2005, 8:31 am Link to this post Send Private Message MSN Blog
 
jalalski Profile
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Date Registered: 02-2004
Location: SUTHERLAND, SYDNEY
TOTAL POSTS: 29100
Reply | QUOTE
Re: Buying an X-trail through Novated Lease


Reply posted by Tino66 (copied from the another thread)
============================================

I went to an accountant once to get advice about Novated Lease (NL) but turned out I know more than he does so I went back and did my own research. I read all the policy regarding NL from my Company, Fleet Company and Magazine article. Also, this is my second NL so I know a bit about it from experience. There are pros and cons and NL only suited for people on high tax bracket >$70,000 this finacial year or >$80,000 next financial year. If you do lots of km and above 25,000 it is worth consideration.

One example:
Mary is on $100,000 pa and found a car worth $38000. Under NL, she gets $8000 discount which include $5000 Fleet discount and $3000 GST. So for a $30,000 car and Mary estimates she does about 20,000 km per year, below is the calculation:

Mary pay $20,000/year pre tax which works out to be approx. $10,000 after tax since she is on $100,000 a year. The $10,000 split up as follow: $5000 for running cost (Petrol, Rego, Insurance, Tyres and Service) and $5000 towards the car.
After 3 years, Mary have to pay $15,000 residual to keep the car. So excluding the running cost, after 3 years Mary had paid $30,000 for the car ($5000 per year for 3 years and $15000 at the end). The above calculation is for 15,000-24,999 km per year. If Mary was doing more than 25,000 km per year, she would be paying about $17,000 per year (less FBT since she does more km).
Also, after 3 years, she can return the car and not pay the $15,000 or sell it if it has a good resale value.

If Mary was not under NL, she had to try and get a loan for not $30000 but $38000 over 3 years out of her after tax money.

Anyway, I am not an accoutant or financial adviser and everyone cisrcumstances is different so do talk to an Accoutant who had experience with NL. The above is an example which you should find in many Fleet Company Website. Look also for calculator showing the difference b/t Lease and no Lease. One thing you definitely have to consider is job security as you are locked into the company for the period of the lease because if you leave, you will start paying out of your after tax dollards.

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7/Mar/2005, 8:32 am Link to this post Send Private Message MSN Blog
 


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