Novated Lease Calculator
What Does A Novated Lease Look Like With Your Budget?
At Novated Choice, we’re committed to providing you with the tools you need to make smart financial decisions that benefit your lifestyle. We don’t need you to take our word for it; that’s why you can use our novated lease calculator to understand exactly how much you can save when you choose a novated lease for your new vehicle. Understanding a novated lease helps you make a choice that’s right for you. That’s why we’ve provided you with clear and simple information that helps you break it down. Whether you’re seeking a new experience when you get behind the wheel or smart workplace perks, we’ll lay it out clearly for you. Novated leasing can be a game-changer for your lifestyle and work.
Electric
Car value:
$ 46,876
Lease term:
5 years
Estimated life
of lease savings^
$ 30,064
Weekly cost^
$ 191
Petrol
Car value:
$ 29,785
Lease term:
5 years
Estimated life
of lease savings^
$ 13,041
Weekly cost^
$ 191
E-vehicles vs. Petrol: What's the Difference?
Don't worry, the price tag isn't a typo! The electric car is definitely pricier upfront than the gas-powered one by $ 17,000 or so. But, with leasing, you might end up paying a similar amount each week.
Electric
Car value:
$ 46,876
Lease term:
5 years
Estimated life
of lease savings^
$30,064
Weekly cost^
$ 191
Petrol
Car value:
$ 29,785
Lease term:
5 years
Estimated life
of lease savings^
$ 13,041
Weekly cost^
$ 191
E-vehicles vs. Petrol: What's the Difference?
Don't worry, the price tag isn't a typo! The electric car is definitely pricier upfront than the gas-powered one by $ 17,000 or so. But, with leasing, you might end up paying a similar amount each week.
Disclaimer: This novated lease calculator is an educational tool only and should not be relied on for the purpose of making a decision about a financial product. Calculations produced are estimates only that do not take your personal circumstances into account and should not be relied on as an accurate quote or offer of finance. Users should seek independent financial and taxation advice before making any financial decisions. The figures generated by this calculator are based on several factors and assumptions. To view a full list of the terms & conditions, and the applicable assumptions.
What You Need To Know
Now that you’ve got an estimate of what a novated lease can save you, it’s important to understand the ins and outs of your future novated lease plan. So, let’s break down what the key terms mean.
Income Tax Savings
By opting for a novated lease, your car payments are taken from your pre-tax salary. This reduces your taxable income, meaning you pay less tax to the ATO. In other words, the money you would have paid in tax can instead go toward your car expenses.
GST savings
A novated lease may allow you to save the 10% GST on the car purchase (up to the GST cap) and on some running costs.
Take-home pay
This is an estimation of your weekly/fortnightly/monthly payments after all your car costs and taxes have been deducted. A common misconception is that this number will be significantly lower than it truly is.
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Drive smarter, save more. Get started today!
Drive smarter, save more. Get started today!
FAQ's
Your novated lease is your responsibility if you change jobs, and your employer is subsequently removed from the agreement. You can either transfer your lease to your new employer or continue to pay for your car from your post-tax salary.
At the end of your lease agreement, you have a couple of options. You can choose to pay the remaining amount to keep your car permanently, upgrade to a new car with a new lease or renew your current lease.
Our calculator works to provide you with an estimation based on average figures. For a more formal and tailored quote, we recommend you speak to one of our experts, as they can consider your personal use of the car and your lifestyle to provide you with more accurate running costs. Contact us to find out exactly what it might look like for you.
Calculate Smarter With Novated Choice
A novated lease plan doesn’t look the same for everyone, so our calculator is designed to show you what it could look like for you. It’s important to understand how a novated lease will work for you and your lifestyle before you leap. Novated Choice are by your side to make sure you understand the details of your agreement, and you know what to expect.
Our team are here to answer all your questions along the way. To get started, contact us today, and we’ll make sure that your novated lease makes sense for you.
