Hi all,
Was considering taking out a novated lease for my next car. The online calculators make it look for enticing but was wondering what are the hidden issues with leasing that the leasing companies don't tell you about?
Thinking of a $41k car where the lease will apply to the income of my day job which is $65k per year. I also get $20k per year from my night job which is separate.
Was thinking of a 3 year lease. Not sure if its more beneficial to go for a longer lease?
Also, if I had to wait say 10 months or so and in that time Toyota increased the price, would I be able to cancel the order and get my deposit back?
Thanks
Long term novated leases mean that if you lose your job and are unable to secure another job, then the early payout figure is:
Months remaining X monthly finance component
PLUS
Months remaining X all-the-fees-that-arent-part-of-running-expenses
PLUS if you want to keep the car
Residual + GST
In essence, you're paying FUTURE interest
so, stick with 1 or 2 year novated leases.