novated lease!

[CAELBLUE1]

AB, I have a novated lease on my JKU and I added about 15k of extras to my package to keep it just under the luxury car tax. This is my 5th leased vehicle and each year the govt is making it less attractive. You really need to get independent financial advice.

If you need a new/replacement vehicle then yes consider it. If you earn decent coin then yes consider it. Have a long hard look at your take home pay after packaging and remember to budget with what's left bearing in mind the length of the package (mine is 48 months).

Novated leasing even with the current rules, works well for me. Get independent financial advice as everyone's situation is different.

[rj_jk]

I have my JK on a lease. Works well. I can still modd it as long as the mods are all legal.

As other have said being able to do the servicing etc as soon as it is needed and now worry about the cost to an extent is a plus, I've done 60,000km in 18mths so servicing and fuel are big costs for me.

They did make changes to the FBT rates a while ago that it doesnlt matter as much how many kms you do, it's just a flat rate...I think.

Other thing to bear in mind is the residual at the end. If you put work into it you may not want to get rid of it and start all over again in 3, 4, or 5 years time.

Biggest downside I have found so far is you can;t use a trade in or put cash towards the cost (oficially but if the dealer wants the sale bad enough they can didge it up for you, mine did :-) )

Definately get some independant advice to help make the decision.

[AusJatzman]

I work for Qld Govt and do salary sacrifice, novated lease. Works out fantastic.

Dont need to meet kilometerage any more. Theys till ask for an estimated km's per year to work out fuel etc but it's not part of the lease requirement.

Not sure what they mean that you have to be able to undo any mods. I have quite a few on mine and have had before. At the end of the lease I just trade, sell or pay out. Never had any drama with extras of any kind fitted tot he car before.

[Army Barbie]

Cool! Thanks for the feedback guys!
I have just started a job in the mines and thought about getting a novated lease on e I finish 6 months probation. Before tax my salary is 6 figures but am not sure what it'll be after tax (haven't received my first pay yet lol)
The novated lease is through salary sacrifice too
Good to know the kilometerage doesn't matter anymore because on a 7/7 roster the car won't get driven much.
I will definitely get advice from a professional before I sign any paperwork. I am more interested in the pros and cons/something you wish you knew before you signed on the dotted line etc.
From what I've read, i won't be able to avoid "Luxury car tax" but that's not the end of the world
And aside from a towbar, I won't be doing any mods to it either. (Otherwise I'd buy a Wrangler and I couldn't trust myself to not go insane with it haha!)
And I think I'd prefer to pay the lease out and have the car at the end of it.

[AroGantz]

This is the first time I have leased a vehicle and after doing all the calculations of loans plus running costs it worked out better for me, as has been mentioned you are limited to your mods by legalities so getting a 4" lift without compliance would obviously be out but if you wanted to pay for compliance they wouldn't have a problem. My company would not let me get 285's on a 7.5" rim but I could have got them and a new set of rims if I wanted to increase my lease costs. It all comes down to individual circumstances but I love not having to think about running costs.

[AusJatzman]

My JKU is leased and has 285's. no problem with the lease. I have leased several cars now.

More than apply to help out anyone who wants any more advice etc. can also suggest some good people if you want too. I use a company that arranges the lease etc and are also financial advisers. They managed to increase my running costs per week and still couple thousands $$$ per year cheaper than the other companies I used. Based in Qld too.

As a Paramedic, salary sacrifice is one of the very few perks we get. I like to get the most from it. Do my car, home loan repayments, extra sup payments.... Works out great.

Anyways, hope that helps. Good luck.

[rollas]

It works like this, as long as the car is insured for the mods that are done, and the amount left on the lease is covered in case of a write off then you can do what you want. So it comes back to the laws in your state and what an insurance company that you have chosen will cover.