Congratulations on beginning your novated leasing journey! Choosing the right car for novated leasing involves many factors to consider.
Remunerator are here to help guide you through your step-by-step process that ensures your new car is not only a budget-friendly choice, but also perfectly tailored to your lifestyle and preferences.
Step 1: Set Your Budget
Determine how much you're willing to spend on the novated lease. Consider not only the monthly lease payments but also other associated costs like insurance, maintenance, and fuel.
Step 2: Consider Your Needs & Lifestyle
- Usage: Think about how you'll primarily use the car. Will it be for commuting, family trips, or specific work-related tasks?
- Passenger Capacity: Consider how many passengers you need to accommodate regularly.
- Cargo Space: Evaluate whether you need ample cargo space for equipment, luggage, or other items.
Step 3: Fuel Efficiency & Type
- Fuel Efficiency: Opt for a vehicle with a good fuel efficiency to save on running costs.
- Fuel Type: Consider whether you prefer a petrol, diesel, hybrid, or electric vehicle, based on your budget and environmental considerations.
Learn More About Electric Cars
Step 4: Safety Features
Look for a car with advance safety features like airbags, anti-lock braking systems, electronic stability control, and advanced driver-assistance systems.
Step 5: Resale Value
Choose a car with good resale value. This can be important if you decide to purchase the vehicle at the end of the lease.
- Remunerator Used Car Value Guide: We have created out own used car guide listing some of Australia's best value retaining vehicles.
Step 6: Consider Manufacturer Discounts
Some manufacturers offer special deals or discounts to employees, which can lead to additional cost savings.
- Have Remunerator Find Your Car: We have built an extensive dealer network across Australia that can source you heavily discounted fleet pricing on vehicles. We have no exclusive arrangements with dealers, meaning we will find you the best and most affordable price, every time.
Step 7: Insurance Costs
Research the insurance costs for the models you're considering. Some cars may have higher premiums due to factors like safety features, repair costs, and theft rates.
Step 8: Maintenance & Repairs
Research the expected maintenance costs for the vehicles you're interested in. Some brands or models may have lower maintenance costs over time.
Step 9: Residual Value
Consider the projected residual value of the vehicle at the end of the lease term. A higher residual value can lead to potential savings if you choose to buy the car at the end of the lease.
Step 10: Test Drive & Research Reviews
Test drive the cars you're considering, understanding how they handle. Also, read reviews from reputable sources to learn about the experiences of other drivers.
Step 11: Consider Environmental Impact
If environmental considerations are important to you, explore eco-friendly options like hybrid or electric vehicles.
- Electric Car Discount: The Australian Government has introduced an electric car discount program to help make electric cars more affordable for Australians. This exempts zero or low emissions vehicles below the LCT threshold for fuel efficient cars ($89,332 for 2023-24), from Fringe Benefits Tax (FBT). This proves especially beneficial for employees driving cars on a salary packaging arrangement.
Step 12: Consult with a Financial Advisor
Seek advice from a financial advisor or tax professional to ensure the vehicle you choose aligns with your financial goals and circumstances.
Remember, the right car for novated leasing will ultimately be one that fits your lifestyle, meets your needs, and aligns with your budgetary constraints. Taking the time to research and consider these factors will help you make a well-informed decision.