1.99% Interest Rate on Tesla Model 3 RWD and Long Range AWD @ Tesla

654
1.99% Interest Rate on Tesla Model 3 RWD and Long Range AWD @ Tesla
Go to Deal
AssociatedGomo on 01/08/2024 - 09:54 tesla.com (1919 clicks)
Last edited 01/08/2024 - 10:04

Tesla have on their website this morning offering 1.99% Interest rate on the Model 3 RWD & AWD,

QLD Model 3 RWD $58,594 Drive Away
NSW Model 3 RWD $59,818 Drive Away
ACT Model 3 RWD $57,715 Drive Away
NT Model 3 RWD $59,150 Drive Away
SA Model 3 RWD $59,851 Drive Away
VIC Model 3 RWD $60,158 Drive Away
WA Model 3 RWD $61,449 Drive Away
TAS Model 3 RWD $59,609 Drive Away
ACT Model 3 RWD $57,715 Drive Away

For those in QLD, Rebates up to $6,000 are also still available Queensland Zero Emission Vehicle Rebate Scheme

Note: I have marked as associated, I don't work for them however I run an un-official Facebook group called Tesla Owners Australia

1.99% p.a. Interest Rate | 3.57% p.a. Comparison Rate
Order and apply for finance on an eligible Tesla vehicle by 31 August 2024 and take delivery by 30 September 2024 to qualify. Valid only for eligible purchases of new Tesla Model 3 Rear-Wheel Drive and Long Range (AWD) configurations for finance loan terms up to 5 years. Not eligible with balloon repayments. Credit subject to financier's approval. Terms, conditions, fees and charges apply Interest rates are subject to change.

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Comments

    • AssociatedGomo @ Tesla on 01/08/2024 - 09:58
      +67

      I'd rather be upfront about it then hide about it, the group isn't small by any means with over 62k+ Members on it, I'll suggest some members on here would recognize my handle on here.

      • samfisher5986 on 01/08/2024 - 10:02
        +4

        I think it would make sense if you were financially biased or associated in some way.

        • Juice-Wa on 01/08/2024 - 10:33
          +8

          He is. Dude is a walking Tesla billboard, making sure to sport every Tesla branded clothing item. He gets a lot of free stuff from them.

          It's pretty dorky, but I guess he gets something out of it and doesn't seem to care what people think of him. So I suppose good on him.

      • klaw81 on 01/08/2024 - 10:08
        +21

        Good on you for your transparency and being up-front.

        • AssociatedGomo @ Tesla on 01/08/2024 - 10:09
          +4

          ^_^

          • Heybargain on 01/08/2024 - 10:11
            +3

            @Gomo: Of course we know who you are Nathan. No need to be humble, not just the biggest tesla owners group in Aus founder but also multiple tesla vehicles, power walls and a Continental Tyres ambassador to help educate tesla owners. Love what you're doing mate.

            • AssociatedGomo @ Tesla on 01/08/2024 - 10:16
              +1

              @Heybargain: Cheers ㋛

              • khey on 01/08/2024 - 10:29

                @Gomo: are you going to be the first one driving the cybertruck in oz?

                • AssociatedGomo @ Tesla on 01/08/2024 - 10:31

                  @khey: That would be indeed cool, all we can do is wait and enjoy those seeing them in the showrooms for now in AUS

                • Brian McGee on 01/08/2024 - 11:48
                  +2

                  @khey: Lets hope that safety shitbox never makes it here.

      • rumblytangara on 01/08/2024 - 10:13
        +9

        lmao marked yourself associated just to plug

        Ignore him, he's a clown who seems to be on a trolling mission to collect downvotes.

        • montorola on 01/08/2024 - 10:14
          +5

          He should rename himself to askdownvotes

      • kungfuman on 01/08/2024 - 12:17

        2% interest rate? who is that with? I got my model 3 back in March 2023 it was a 4% with westpac back then. so I am very surprised its even lower now.

    • Kas on 01/08/2024 - 10:34
      +2

      Is that the comment with highest negative votes. If so, congratulations!!! you marked it yourself!

      • ThithLord on 01/08/2024 - 11:01

        No where near the highest amount of negative votes collected; just seek out any monthly stats post and you'll see people regularly hitting the multiple hundreds of negs

      • Trishool on 01/08/2024 - 11:17

        I think a record line that might likely go to one of JV's past comments.

  • 0 0 0 on 01/08/2024 - 10:04
    +8

    Good to hear Tesla are now paying people to buy their cars. Good high yield investment though 1.99% won't offset massive depreciation

    • Kieranu on 01/08/2024 - 10:22
      +3

      Can't give an older Model 3 Performance away

      • tp0 on 01/08/2024 - 10:40
        +4

        They seem like a great idea until you try to insure it.

      • Aureus on 01/08/2024 - 11:34

        I will take it, if you are offering.

    • CptnObvious on 01/08/2024 - 10:28
      +2

      Who buys a tesla to invest?

      • WhyAmICommenting on 01/08/2024 - 10:34
        +5

        Who buys a car to invest for that matter?

      • jv on 01/08/2024 - 10:38

        Who buys a tesla to invest?

        🚗

      • BBear53 on 01/08/2024 - 12:10
        +1

        The people who were gullible enough to believe Elon when he said Tesla's would go up in value because of FSD.

  • Turd on 01/08/2024 - 10:07
    -2

    TSLA shares are up from like the $170 mark to now $233

    Big pump bullish

    • CptnObvious on 01/08/2024 - 10:28

      trump effect

      • Drakesy on 01/08/2024 - 10:33
        +5

        Trump & Dump?

    • Pcoder on 01/08/2024 - 10:36
      +2

      Although the fundamentals haven't changed. Still losing market share and sales are dropping on a line up of cars that's increasing looking dated.

      This move to offer a very low interest rate, which would be costing a pretty penny, still indicates the recent price cuts aren't enough, so this is another common tactic to move stock without a headline price reduction which would spook the investors.

      I forecast if things still dont improve, things like $2,000 worth of supercharging and other items of this nature will be adding soon to spur on buyers.

  • fuzor on 01/08/2024 - 10:07
    +1

    Gomo do you know what the loan application fee is?

    • AssociatedGomo @ Tesla on 01/08/2024 - 10:11

      The website config page might display that prior to submitting the application, report back and see how you go, as for the terms

      1.99% p.a. Interest Rate | 3.57% p.a. Comparison Rate
      Order and apply for finance on an eligible Tesla vehicle by 31 August 2024 and take delivery by 30 September 2024 to qualify. Valid only for eligible purchases of new Tesla Model 3 Rear-Wheel Drive and Long Range (AWD) configurations for finance loan terms up to 5 years. Not eligible with balloon repayments. Credit subject to financier's approval. Terms, conditions, fees and charges apply Interest rates are subject to change.

      Comparison rate is based on a secured car loan of $30,000 repaid over 60 months. Rates shown are current as at 1 August 2024. Terms, conditions, and credit criteria apply. Fees and charges apply. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

      Credit provided by Plenti Finance Pty Limited ACN 636 759 861 (supported by its servicer, Plenti RE Limited ACN 166 646 635). Plenti RE Limited holds AFSL and ACL 449176.

      This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. For detailed advice and to discuss finance options tailored to your needs to determine the best finance option for your circumstances, we recommend speaking with a licensed independent financial advisor.

      • Chinese on 01/08/2024 - 10:13
        +9

        Sounds like a pretty big application fee to bump up the comparison rate by this much. Also appears some other fees are not disclosed.

        No idea, given 3.57% post tax can be anywhere from 5-7% pre tax. So better of leaving money in the offset account.

        Nor this can be applied for NL purchases that is FBT exempted.

        • aedeau on 01/08/2024 - 10:21
          +2

          Agreed. Waiting for the drop to 1.99% comparison rate . They also need to offer it on the model Y which I guess might come when they need to liquidate pre-juniper release, then I might jump. Still got a year to go on the 2.99% I signed up for years ago with pepper.

      • fuzor on 01/08/2024 - 10:35

        Thats ok. Not that interested with that comparison rate. I'll let someone else report back to your deal.

      • ATangk on 01/08/2024 - 10:38

        Whats the average amount that people borrow for cars? I thought it would be more than 50% LVR.

  • rcgy on 01/08/2024 - 10:08
    +3

    TAS Model 3 RWD $59,609 Drive Away
    ACT Model 3 RWD $57,715 Drive Away

    For those wondering

    • AssociatedGomo @ Tesla on 01/08/2024 - 10:12
      +1

      Sorry I thought I got them all, I have adjusted the post now ^_^

  • mboy on 01/08/2024 - 10:12
    +1

    VIC Model 3 RWD $59,609 Drive Away

    Is this correct? On the Tesla website, it's showing as $60,158 drive-away for me in VIC.

    • AssociatedGomo @ Tesla on 01/08/2024 - 10:14
      +2

      I was going through the website and adjusting state by state, could have glitched and kept me in another state, apologies I have corrected it as $60,158 Drive Away

  • DealsMonger on 01/08/2024 - 10:15

    Can I get a cheaper deal from my novated lease based on this offer ?

    • Chinese on 01/08/2024 - 10:18
      +7

      No. Most NL provider has their financial arrangement and usually not cheap to what one can source themselves.

      NL makes money by not being transparent and has a lot of hidden fees.

      • ymmf on 01/08/2024 - 10:20
        +3

        Yes and this is the reason why I didn't go with NL. With 1.99% there is no way NL companies would be anywhere close.

        • Binchicken22 on 01/08/2024 - 10:23
          +3

          Even factoring in the no FBT discount? Essentially paying for the car with tax free dollars?

          • ymmf on 01/08/2024 - 10:24
            +1

            @Binchicken22: Interest rate for NL is 10%+, so even at the highest marginal tax rate it is effectively 5.5%. You save on GST but you do pay GST on the residual at the end of lease. Maintenance/charging is next to nothing for EVs to make the pre-tax benefit worthwhile.

            • WhatWouldBiggieDo on 01/08/2024 - 10:33
              +4

              @ymmf: The part you are missing is that you pay the principal loan repayments from your pre-tax salary too.

          • CocaKoala on 01/08/2024 - 11:23
            -1

            @Binchicken22:

            Even factoring in the no FBT discount? Essentially paying for the car with tax free dollars?

            Remember to factor in painful depreciation and insurance also (even though some pre-tax dollars will be used for the insurance).

        • tp0 on 01/08/2024 - 10:24
          +1

          Depends on your tax bracket. At 30% and your average rip-off novated lease payments it's probably similar to this offer except the loan is lower risk and more flexible.

          If you're in a higher tax bracket or have access to good leasing the NL will be cheaper.

          • Chinese on 01/08/2024 - 10:33
            -4

            @tp0: I have had a discussion with another ozb member in a different post (can't recollect which) and even st 45% bracket, benefit is marginal after the exorbitant undisclosed costs associated with NL.

            Also surprised me on how much ppl can't do simple maths.

            • WhyAmICommenting on 01/08/2024 - 10:39
              +1

              @Chinese: It’s not simple calculating intentionally hidden fees

              • Chinese on 01/08/2024 - 10:48
                +1

                @WhyAmICommenting: "It’s not simple calculating intentionally hidden fees".

                That is why NL is not for an average Aussie despite they think they know it all and that they are getting a good deal. NL provider is the top feed, then crumbs for NL takers, and tax payers get screwed.

            • gravelcrowman on 01/08/2024 - 10:53
              +3

              @Chinese: Ahhh yes, a conversation with someone = facts. Everyone's financial situation is different, and for me personally (45% tax bracket) a NL works out as a significant financial advantage. Also you keep mentioning 'hidden costs'. There isn't anything hidden, anyone with any financial literacy will request a breakdown of all the fees and charges. I was able to negotiate about $250/mth out of my lease just by finding my own insurance and challenging the maintenance.

              • Chinese on 01/08/2024 - 10:56
                +1

                @gravelcrowman: Yes. I have read the 45% tax bracket. It's peanuts these days.

                Would be good to see your maths as I am keen to recommend NL to friends on an EV without being marginally better.

              • Chinese on 01/08/2024 - 12:18

                @gravelcrowman: "There isn't anything hidden, anyone with any financial literacy will request a breakdown of all the fees and charges. I was able to negotiate about $250/mth out of my lease just by finding my own insurance and challenging the maintenance."

                If one can't list out the financing cost with a straight face, then itself is already very hidden.

        • mboy on 01/08/2024 - 10:34
          +2

          Yes and this is the reason why I didn't go with NL. With 1.99% there is no way NL companies would be anywhere close.

          This is ridiculous, and spoken from someone who clearly doesn't have a clue.

          I've very recently spent a lot of time getting my head around NL and done all the calcs comprehensively. In my specific circumstances (and looking at a new Tesla Model 3 RWD specifically), I've calculated that a novated lease over a term of 2 years (using a real quote from a novated lease provider) puts me in a ~$10k better position over those two years compared to paying cash upfront - and yes, in both scenarios I own the car outright after the 2 years (so the NL scenario also includes the residual payment component inc GST).

          I also save a further ~$6k in my mortgage's offset account for repayments coming out in a drip feed over those 2 years as opposed to all at once.

          So to summarise: in my specific circumstances, a Tesla Model 3 RWD (~$60k drive-away) on a Novated Lease will put me in a ~$16k better net position over two years compared to paying cash upfront.

          • Chinese on 01/08/2024 - 10:46
            -5

            @mboy: That is poor.

            Statutory depreciation for a $60k car is app $25k. That alone should hit the $10k savings.

            • mboy on 01/08/2024 - 10:50
              +2

              @Chinese:

              Statutory depreciation for a $60k car is app $25k. That alone should hit the $10k savings.

              Firstly, I said I'm going to be in a ~$16k better net position, not $10k.

              Secondly, I'm not using the car for work/business, so I can't claim it.

              • Chinese on 01/08/2024 - 10:53
                -3

                @mboy: Would be keen to see your maths. That number is not achievable unless NL provide is doing charity work for a 2 years lease..

          • ConCom on 01/08/2024 - 10:59
            +1

            @mboy: I've also spent a lot of time doing the calculations on NL and I cannot seem to get close to your financials, you're potentially in the highest bracket?

            The offset was completely swallowed by the cost of the lease over the period, in essence I could obtain a 10-12k tax offset (and I don't incur FBT), however, the cost of the vehicle over the period matched that same offset, and this was across three separate NL providers.

            On paper I benefitted tax wise, but the cost of the vehicle was essentially 200% over the contracted term, meaning the net benefit was negligible, leading me to the problem of deciding whether or not I wanted to give that money to the NL company or the tax man, and have my financial position remain relatively unchanged.

            Not a criticism of your comment, more a request for further information.

            • Chinese on 01/08/2024 - 11:03
              +1

              @ConCom: $60k for an EV.

              • funding cost 4% (wholesale funding cost) interest annual. ignored as the same yield from leaving in the offset account. Can be worth for those that are not borrowing at wholesale rate - cir. 8% for car loan. (e.g. 6% offset account is after tax, and works out to be 10% pre-tax money, so app 2% worse off using NL with tax factored in, that is $1.2k worth off).
              • 15% depreciation $9k/year. saving of $4k/year on 45% bracket.
              • insurance. saving of $1k/year based on $2k annual premium on 45% bracket.

              Best case scenario with wholesale fudning is $4k saving from depreciation + $1k saving from insurance + $1k (other, such as electricity etc). Net saving of $6k year in optimal scenario borrowing from the wholesale market (no chance for NL), and no fees imposed by NL company.

              Me too. I have no idea how the numbers are worked out.

            • mboy on 01/08/2024 - 11:10
              +2

              @ConCom: Of course, everyone's circumstances are different, and I've been careful to mention "in my specific circumstances" in my comments, but I can assure you my calcs are accurate. I had created my own comprehensive excel analysis specific to my circumstances before I found ChangYang1230's Popular Novated Lease Calculator and was able to use it to validate my numbers to the dollar.

              You're potentially in the highest bracket?

              Close to.

              On paper I benefitted tax wise, but the cost of the vehicle was essentially 200% over the contracted term

              Are you saying the finance repayment component over the term came out to 200% of the cost of the vehicle (minus the residual amount)??

              • Chinese on 01/08/2024 - 11:12

                @mboy: all numbers are NPV and adjusted for opportunity cost? often missed out and leading to the falsely perceived large savings.

              • ConCom on 01/08/2024 - 11:19
                +1

                @mboy: I might ping you a message privately just to sate my own personal curiosity.

                Are you saying the finance repayment component over the term came out to 200% of the cost of the vehicle (minus the residual amount)??

                Correct. A $45k vehicle would extract $85-90k in pre- and post- tax payments over a 2 and 5 year contract term, and that doesn't factor in the residual amount at end of contract.

                • mboy on 01/08/2024 - 11:42

                  @ConCom:

                  A $45k vehicle would extract $85-90k in pre- and post- tax payments over a 2 and 5 year contract term, and that doesn't factor in the residual amount at end of contract.

                  Damn, that says it all. Obviously this is all a case of YMMV, because the interest rates I got with my NL quotes were very reasonable, and I also managed to negotiate them down.

            • abetastic on 01/08/2024 - 11:44

              @ConCom: Hey man. I've done very detailed calculations on novated leases. Honestly, when I leased my EV, interest rates were in the 8-9% range. It only made sense if you were in the top bracket (compared to buying using your own money from a mortgage offset). And even then, the real cash savings was only in the couple of thousands every year.

              One thing you might want to check in your calcs, are you including maint., tires, rego, insurance in your all cash purchase?

        • gravelcrowman on 01/08/2024 - 10:42
          +2

          I'm in the 45% tax bracket and the 100% pre-tax leasing works out significantly cheaper over 5 years.

          • ChickenAdobo on 01/08/2024 - 11:55
            +1

            @gravelcrowman: At that tax bracket rate. Novated leasing will work on your end. As for the those one 16%/30% novated leasing is not favourable when a deal like this come through.

            • gravelcrowman on 01/08/2024 - 12:14

              @ChickenAdobo: Yep 100%, I wouldn't recommend NL for anyone that isn't close to that top bracket as I've never been able to get the maths to work.

      • UltimateAI on 01/08/2024 - 11:24

        While true, there are more companies now that let you provide your own finance but still novate the lease.
        A little bit more complicated, but get's really interesting when you say borrow from a partner, and they also get paid with interest out of the novated lease.
        But valid point 99% will just rip you off.

        • Chinese on 01/08/2024 - 11:31

          well, some are listed on the ASX. :) I am sure they dont run like charities.

          It will make sense if NL fees remain the same when you seek your own finance, but this is definitely not the case nor NL providers can survive on that.

        • abetastic on 01/08/2024 - 11:36

          Interesting, does Leaseplan let you do this now? Might be worthwhile asking when my lease is up at the end of the year.

          • UltimateAI on 01/08/2024 - 11:38

            @abetastic: Doubt it, especially if they were purchased by SG Fleet.

            • abetastic on 01/08/2024 - 11:40
              +1

              @UltimateAI: They were, okay good to know. Unfortunately our company went with them so not a lot of wiggle room… only fee I got rid off was the "green" carbon offset on a EV LOL

              • UltimateAI on 01/08/2024 - 11:44

                @abetastic: Yeah I just did a LeasePlan quote and thought, surely this "Green Carbon" offset on an EV is taking the piss.
                For myself Leasing was quite a bit cheaper, but need to look into redundancy protection ect.
                If I am out of work, I can meet the Tesla Finance repayments, but losing the Tax benefits of a NL, that will really hurt and adds a lot into the repayments.

                • abetastic on 01/08/2024 - 11:46

                  @UltimateAI: Makes sense. I only did 13 month lease for that reason. Whole point in my situation of getting a NL was the tax savings and ability to drive a new car every year.

    • starspawn on 01/08/2024 - 10:20

      Factor in all costs, including loan term of novated lease i.e. penalty for paying the car out earlier

      • Chinese on 01/08/2024 - 10:21
        -1

        NL will likely work out better. Indirectly finding it by tax payers via FBT exempt, and fattening the pockets of the NL providers.

        • starspawn on 01/08/2024 - 10:24

          I personally would want to be paying down a car that I would own at the end, and not jump into another car with another loan which is what NL seems to be about.

          • Chinese on 01/08/2024 - 10:25
            +2

            @starspawn: No it is not. You just buy it from the leasing company. Likely work out cheaper on EV if the goal is to own the car.

            Only the financial side gets f-ked around to create paperwork and milk tax payers to fund the NL industry.

            This 1.99% can work really well for small business owners buying it and finance it via 1.99%, then allow the car for personal usage by its owner.

        • ChickenAdobo on 01/08/2024 - 10:28
          +1

          Nahh I did the maths. Fortnightly payment + Zurich Tesla insurance + less than 7k deposit and rego is cheaper than smart leasing. Might have to go this route as I need a car sooner despite not being a model y.

          • Chinese on 01/08/2024 - 10:29
            +2

            @ChickenAdobo: Looks like NL providers are pocketing most of the benefit from this FBT exemption. Bizzarre.

          • WhatWouldBiggieDo on 01/08/2024 - 10:35

            @ChickenAdobo: You must be in a relatively low tax bracket then. Even at 30% tax bracket, paying the repayments (including 10% interest) and all of the associated costs from your pre-tax salary has to be cheaper than paying post tax, albeit at a 3.57% comparison rate.

            • ChickenAdobo on 01/08/2024 - 10:36

              @WhatWouldBiggieDo: Yeah it only a part time job where I’m only onsite for 12 hours a week. I have a second job that earn more.

              • WhatWouldBiggieDo on 01/08/2024 - 10:39

                @ChickenAdobo: The novated lease will lower your total taxable income though. I'm 99% certain you have done your calculations wrong.

                The repayments for this car are $500 per fortnight alone. A fully maintained novated lease, even on $60k income, would cost $388 per fortnight. This includes registration, insurance and tyres.

                It's almost impossible that you would be better off with this arrangement.

                • tp0 on 01/08/2024 - 10:53

                  @WhatWouldBiggieDo: You are absolutely not getting a maintained lease with all running costs for $388 a fortnight. Get a real quote and you'll suddenly find their lease costs jump dramatically.

                  • WhatWouldBiggieDo on 01/08/2024 - 10:58

                    @tp0: I have two and can assure you you can. Noting that this doesnt include the balloon amount that will be payable at the end. Happy to provide proof via DM

                    • tp0 on 01/08/2024 - 11:06

                      @WhatWouldBiggieDo: Existing lease means you possibly signed up when finance costs were lower or possibly you just have a good salary packaging provider who isn't skimming all the FBT benefit through commission. The average person looking to start a novated lease today is not going to get in for under $500/fortnight at the 30% tax bracket.

                      • WhatWouldBiggieDo on 01/08/2024 - 11:57

                        @tp0: Perhaps. One of my leases is for my income which is results in a 47% or so benefit which definitely swings much more in favour of NL vs finance.

                        Based on Chicken's numbers below, there is not enough of a saving to go for a NL. Assume that the NL companies are charging exorbitant management fees and high implied interest rates.

                • ChickenAdobo on 01/08/2024 - 10:59

                  @WhatWouldBiggieDo: I did a quick excel, I got the smart leasing company quote down to $572.97 per fortnight with a lot taken out with just byo insurance(Zurich Tesla) and rego attached. 16k plus balloon

                  While the other route via personal loan with Plenti came out at $1112 a month including Zurich Tesla insurance and state rego. $6500 deposit

                  It was close but these novated leasing have profit to make I guess

                  • hardoncollider on 01/08/2024 - 11:12

                    @ChickenAdobo: Don't forget when you NL and the price of the vehicle depreciates as much as Teslas have (unrelated to your opinion on the quality/performance of the vehicle) as a result of pricing adjustments, it might not justify the tax incentives/offsets.

                    • SirFrankGrimes on 01/08/2024 - 11:29

                      @hardoncollider: Can you expand more on this point @hardoncollider? I'm a little unclear on what you are saying, but I'm looking at NL a Tesla

                    • ChickenAdobo on 01/08/2024 - 11:38

                      @hardoncollider: Yeah, if you take into account the potential depreciation and the balloon cost at the end. At the 16% tax bracket on my part time job, forget about novated leasing.

                      • Chinese on 01/08/2024 - 12:16

                        @ChickenAdobo: Mate. If you are in the 16% bracket, prob consider car at this price range at a later day.

                        Guessing you are in your 20s.

                        • ChickenAdobo on 01/08/2024 - 12:20

                          @Chinese: I’m actually in the 30% tax bracket when two income combined. Not in my 20s.

                          • Chinese on 01/08/2024 - 12:20

                            @ChickenAdobo: Then the FBT benefit will be at 30%. Not sure how it (allocating the cost saving from tax) works out on two different jobs.

                  • WhatWouldBiggieDo on 01/08/2024 - 11:55

                    @ChickenAdobo: It's very close in your circumstances.

                    Rego is $33 a fortnight, insurance will be $100+ per fortnight, your repayments will be $500+ per fortnight, tyres you'll need to budget $30 a fortnight. All up it will cost (conservatively) in the region of $66 per fortnight, plus $6,500 deposit. Total cost over 5 years is at least $93k.

                    The novated lease would cost you $74,360 plus $16k is $90k.

                    You can claim charging through a novated lease which will tip the scales slightly more in favour of the NL, but agree that in your circumstances the savings aren't worth the loss of flexibility going for a NL. For those who pay 48% tax (with ML) the savings become much more valuable.

                    • ChickenAdobo on 01/08/2024 - 12:02

                      @WhatWouldBiggieDo: I’m planning to quit that job in the future anyway. Don’t see a long term benefit going novated leasing. Thanks for your additional input.

        • UltimateAI on 01/08/2024 - 11:41
          +1

          You were negged but, it's the truth, did the math and yes NL was cheaper despite much higher interest rates.
          Truth is most profit is going to NL providers and it's all funded by the TAX Payer.
          Most people these days are more concerned with how Elon spends his money, but don't bat an eye-lid with how the governments spends theirs.

  • Charleston on 01/08/2024 - 10:15
    -8

    Based on the changes on Twitter, how long will it be before Elon's ketamine induced slide into insanity leads him to have the cars only be able to play Trump propaganda?

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