Hi All,
I know this is a property forum but given I spend so much time on here I thought I would ask some of the finance gurus.
In October my novated lease through my PAYG employment expires and I am unsure whether or not to do it again. To be honest I am unsure of the benefits I even received doing this? It just seemed really convenient.
I have the money to purchase a vehicle outright but I am unsure if that is the best option. I am well aware of how novated leases affect serviceability but this is not a real issue for me at the moment as I am only holding my PPOR and likely only 1 additional property at years end that i will EVENTUALLY develop.
Just some basic figures/assumptions:
- Looking to spend 35k (If leased would buy from a dealer for GST discount).
- Average around 15,000 km's per year
- Want a vehicle that will last 5 years
- Current home interest rate is 4.58% (So if i purchased outright this amount would be reduced from offset account).
- Both wife and I have small businesses that require travel but for the most part the 15,000km's are personal use.
So from a financial stand point am I better of leasing again? Or should i just purchase the vehicle outright?
I know this is a property forum but given I spend so much time on here I thought I would ask some of the finance gurus.
In October my novated lease through my PAYG employment expires and I am unsure whether or not to do it again. To be honest I am unsure of the benefits I even received doing this? It just seemed really convenient.
I have the money to purchase a vehicle outright but I am unsure if that is the best option. I am well aware of how novated leases affect serviceability but this is not a real issue for me at the moment as I am only holding my PPOR and likely only 1 additional property at years end that i will EVENTUALLY develop.
Just some basic figures/assumptions:
- Looking to spend 35k (If leased would buy from a dealer for GST discount).
- Average around 15,000 km's per year
- Want a vehicle that will last 5 years
- Current home interest rate is 4.58% (So if i purchased outright this amount would be reduced from offset account).
- Both wife and I have small businesses that require travel but for the most part the 15,000km's are personal use.
So from a financial stand point am I better of leasing again? Or should i just purchase the vehicle outright?