The cost of a novated lease can vary based on several factors. These factors include:
The length of the lease: Keep in mind that the length of the lease can impact your monthly payments, so it’s important to choose a term that fits your financial goals.
The type of vehicle you choose: The make, model, and specifications of the car you opt for will affect the overall expense. More premium or luxury vehicles typically come with higher lease costs, while choosing an economical or fuel-efficient option can help you save on monthly payments.
The running costs associated with the vehicle: A novated lease isn’t just about the lease payment itself; it also encompasses the running costs associated with the vehicle. These costs can include fuel, servicing, maintenance, insurance, and even incidental expenses like car washing. Including these expenses in your novated lease allows for convenient budgeting, but it’s essential to consider these running costs when calculating the total cost of ownership.
To get a clearer picture of the costs involved, it’s advisable to have a discussion with a reputable leasing provider and request a quote. This will enable you to compare options and make an informed decision.