Salary Sacrifice with Fleetplus

Ltinawong on 26/08/2021 - 08:58

I’m considering salary sacrifice with fleetplus, their interest rate is 5.79%, for 1 year loan. The detail are as following. However, the car delivery cost is $2732.95. I dont know is it a standard price for a new car? Any reviews about fleetplus?

Subaru Forester my22 2.5i sports
loan 46839.35
pre tax 412.17/ fortnight
end of lease 10716.42 after one year
post tax 344.28/ fortnight
end of lease 8951.28 after one year
interest 5.79%
residual pay 30816.6 after one year
admin fee 0
finance brokerage free 702.6
total cost 50484.3 (including pretax)
total out of pocket 39767.88 after one year

Financial

Comments

  • Porker on 26/08/2021 - 09:11

    There's a lot of leasing companies. Shop around until you get a good deal.

    I was with Summit Fleet, then moved to Orix Fleet.

  • pepe703 on 26/08/2021 - 09:31
    +2

    Not sure if a one year lease is worth it.

    Initial loan is 46839.35 (not sure if this is total loan including interest)
    Residual is 30816.6 after tax
    Thus 16022.75 will be paid via salary sacrifice

    Of this 8951.28 is paid post tax - ie there is no benefit
    10176.42 is deducted pre-tax but only 7071.47 is paid pre-tax to pay off the loan
    Thus additional 3644.95 is paid pre-tax - effectively 34% tax rate on the 10176.42

    I am not sure what the differences are between salary sacrifice vs novated lease. I am not sure if fuel/rego/insurance/maintenance is paid by your salary sacrifice (they are for novated lease, you submit a claim of expenses and are re-imbursed from the expenditure budget).

    As such I am also not sure if you can claim depreciation for the first year. If the cost of fuel/insurance/rego/maintenance > depreciation than it may be worth it.

    • pndl on 26/08/2021 - 10:27

      The GST savings are the highest in the first year and it gets worse in years after.

      • pepe703 on 26/08/2021 - 10:30

        Novated lease that pays for insurance/rego/maintenance/fuel with the GST savings might be worth it but you need to crunch your numbers with a simple 'salary sacrifice'

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