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Old 04-28-2003, 22:29   #1 (permalink)
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How do I lease a Brand new car?

I haven't had a chance to ask my mate how he does his, and as soon as I do i will. In the mean time, how do i go about leasing say an BA XR6?

Now My mate is 21 years old, he bought a $53K BA XR6T via Commonwealth bank lease thing (HFBC?) or something. Now, he only earns roughly less than $30K a year.

When I Graduate uni, I will become a full-time employee at my current workplace and will be payed around $33K a year to start with.

I obviously would love to own (or finance) a car like his or maybe something a little cheaper (hence the NA XR6). So, how does it work, how do i go about doin it?

I understand that leasing can be a cheaper week to week payment option, but your left with a residual at the end to pay out, or you can give the car back?

On my rough calcs, if my mate borrowed the money from the back he'd be paying over $200 a week for 5 years just to have it, not including insurance, fuel, tyres repairs etc. It is my understanding he is paying something around $160 a week, so this already looks good to me.

Please help me as I'd like to start planning and saving for this now so I am ready sometime next year to go ahead with this! :s1
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Old 04-28-2003, 22:46   #2 (permalink)
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Do you know how much deposit he had?

I was 21 when I got my car too, but I went for the cheaper car, $31K with $6K deposit (2yo AU Fairmont, bodykit, wheels, 40K km blah blah) pay roughly the same as your mate is per week ($600 a month - Ford Credit), but then after 5 years, I will own it without this residual bullshit (what is it these days, 30-40%?) Depends if you know you're gonna keep it and pay it off at the end or upgrade, which in that case, you'll be spending $600 on a car every month until you decide to pay one off, hehe, or that's how I see it anyway. Looking back, sometimes I wish I didn't spend that much on a car, so think about it (and don't take any family along!!!).
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Old 04-28-2003, 22:54   #3 (permalink)
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It would also be effected with a balloon payment so after a 5 year period their would be a residual to pay usually 30-40%. Take a normal loan at say 7% and $53000 over 5 years equatess to repayments of $1050 per month, but use a 40% residual and these come down to $650 per month, so their a difference (and a residual balloon) New car finance is easy to get at present, but what yuou have to remember is that all your funds are going into a vehicle and you cant live their, my suggestion is cheep car 1st time round, buy a home and then do the car upgrade, after your house anybody will give you a car loan, its a little harder the other way around.
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Old 04-28-2003, 23:10   #4 (permalink)
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Could be a Novated Lease deal thru his company combined with a high residual and his effective after tax weekly repayment is the 160 odd.
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Old 04-28-2003, 23:16   #5 (permalink)
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Old 04-28-2003, 23:31   #6 (permalink)
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As a bank employee he would get low interest finance plus lease pricing which is likely to be well below rrp of the car.

This would explain the price that he pays.

In your case, depending on your employer, you may have to pay quite a bit more. Regardless, novated leasing where you pay for the car out of pre-tax salary is likely to be the most cost effective way of getting the car you want.

The Orix website provides a great Novated Lease Calculator to work out the cost of the car to you each month. Just be aware that novated leases typically include, petrol, servicing, new tyres, insurance, etc. Which can make the $$$ involved seem high.

If you have any probs finding the ORIX calculator, which can be downloaded from their site, PM me an email address and I will forward a copy to you.
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Old 04-28-2003, 23:39   #7 (permalink)
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Go the ute and pay no FBT - significantly cheaper as you will get full benefit from PAYE tax rate credits.

Anyhow, ask for expert advice - in my opinion $50 spent on advice from an accountant would be top value! For example, at a salary of $33k novated leases are WOFTAM. You will need to set up a contributory method lease to make the benefits real.

Normally, novated leases on FBT payable vehicles only become viable above $55k.
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Old 04-29-2003, 00:05   #8 (permalink)
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Quote:
Originally posted by Aussie Pete
Go the ute and pay no FBT - significantly cheaper as you will get full benefit from PAYE tax rate credits.

Anyhow, ask for expert advice - in my opinion $50 spent on advice from an accountant would be top value! For example, at a salary of $33k novated leases are WOFTAM. You will need to set up a contributory method lease to make the benefits real.

Normally, novated leases on FBT payable vehicles only become viable above $55k.
Exactly right Pete. You'll only really benefit if your repayments drop down your tax rate significantly, which doesn't happen until you hit the top tax brackets.

Leasing is a highly individual thing, it depends on a lot of different figures for your particular circumstance, so giving broad figures is pretty pointless. Speak to an accountant and get some proper advice and figures, then start to think about making a decision! Without advice, don't bother thinking too far ahead.

You may be surprised at how much you can save, or conversely how much you can spend, when it comes to novated leases!
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Old 04-29-2003, 00:20   #9 (permalink)
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Here are some rough sums from my leasing company

BA XR6 N/A with 18" wheels and LSD, of course

Vehicle price for calculation of lease payments $38,480

Lease payments per month $701.15
Operating costs $392.17 fully maintained
FBT $688.52 based on 20,000 km per year

Total Costs per month $1,781.84

If you will be earning $33,000.00 you will have approx $10,489.00 per year in your hand after the car costs are deducted, tax and medicare levy etc. If you can live on $200 a week... at least you'll have a nice car. If you do less than 15000km then the costs will increase significantly.

Unless you can get a "company car" where they pay for everything, or you do a hell of a lot of km's then its not worth the trouble.

Or you earn a shitload of cash and need to get rid of it.
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Old 04-29-2003, 03:00   #10 (permalink)
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94ED_Fairmont, I am in the same situation as you at the moment. I will pretty much walk straight into my full-time job when I get my degree. I dont think that leasing is a the best idea, I was thinking more like saveing for a year and then going out looking for a car (BA ofcourse). It would make life a lot easier, and living at home makes it even better.

My plan is to be picking up my nice new BA2 XR6 around the time of my 22nd birthday!
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