XR8 or GT on Novated Lease. Advice please. - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars

jg66me · 12-10-2005, 22:40

My BA XR6 ute will come up for replacement at the end of next year. Its a company car that is leased by my employer for my personal use along with a fuel card. I do about 40000k a year. Anyway, I just got a promotion and have been offerd to change to a novated lease if I want. I am tempted because I can then get the car of my dreams.

Does anyone here have experience with novated leases? If I go for it should I get my dream car, a Shockwave GT with the white stripes or just get a XR8.

I will buy the ute as I need a ute around the place, my wife is keen to get it so that would work out ok.

Thanks in advance

Steve

dawal5 · 12-11-2005, 03:01

i'd go the whole hog, get the gt. you'll always be thinking that you should have gone for it if you don't.

glad to hear that the missus is on board!! :)

FANTM1 · 12-11-2005, 18:04

You'll have to pay luxury car tax, for a vehicle over a certain dollar value. Factor in that as well as higher insurance etc. Depending on your pay rise, it may not be an issue. Being in the 40,000kM bracket will almost halve your FBT.

GTP07S · 12-11-2005, 23:04

Hi, Im hopefully picking up my Rapid with black stripes GT-P, sunroof, sat nav, leather, short shifter, the works, this friday, we have salary sacrificed it through the Air Force.
Costing me about $900 fortnight, but get back a $260 tax cut, along with not having to have cash for fuel, maintenance, tyres, insurance, rego, etc.

My figures have come out that actual out of pocket expenses is around $300 fortnight, for the whole package. couldnt get a loan for that amount.

Im very happy, would never have a GT-P in my garage without salary sacrifice.

But saying that I would definitely be paying a visit to a financial planner or your accountant, because it doesnt work for everyone. My last 2 cars have been salary sacrificed and its workd out excellent.

Give me a PM if you want any more info.

AndrewE · 12-12-2005, 00:26

Hi Mate...
In the same boat as you just got a promotion and a car allowance and thinking of buying a xr8 or a xr6 turbo have my heart set on an 8 but started to think should i go for the turbo, cheaper fuel and all that... then just said to myself f*** it, i'll get something i want because i will regret it later on and you'll always be kicking yourself

240 T · 12-12-2005, 03:10

Mate i asume when u say you want a GT and then you go on to say you need a ute that you would be getting a Pursuit, we have one and have ticked over around 41,000 not a problem and this is a tradies car everyday, go for it you won't regret it

351cid · 12-12-2005, 03:40

Quote:

Originally Posted by 240 T

Mate i asume when u say you want a GT and then you go on to say you need a ute that you would be getting a Pursuit, we have one and have ticked over around 41,000 not a problem and this is a tradies car everyday, go for it you won't regret it

i think he ment he would buy his old ute from the lease company for the wife and get a new GT sedan on lease.

i lovely delamer to have to work out.
i`m jealous

jas24zzk · 12-12-2005, 03:41

Utes and females......bloody good value.
some female friends of mine a few years ago were looking at buying NEW cars. As they weren't into the family scene yet, i advised they buy Utes (all of em bought falcons), and don't lend em out for ute purposes.

the purchases were 1x XG and 2x XH.

Being females, the most work they ever did was carting about a friend and some shopping. So the load area's were PERFECT.

All of them got TOP dollar for their cars when they went to family units, except one. She was told to sell her car Privatley to maximise her dollars, was given a laser as a loan car so she could sell hers and await delivery of her Typhoon....a dealer with scruples :) OMFG!!!

Jas

Tote · 12-12-2005, 08:51

Whether a Novated lease is cheaper or not depends on your percentage of work travel in the vehicle. If you do lots of work ks it's probably a better bet to claim them in your tax an finance the vehicle through commercial HP or similar. Do some research and talk to your accountant.
Regards,
Tote

xcgxl · 12-12-2005, 16:52

A real company car (what you have now)is better then a novated lease. With a novated lease, YOU are responsible for meeting the residual at the end. Novated lease will be a step backwards for you.