Can I get a Used Car on a Novated Lease?
Ah, myths. They tend to lead a life of their own – and this is especially true in the world of novated leasing.
There’s a few that endure but simply aren’t true, including that you need to be on a big income, or drive lots of kilometres, or that you can only lease a car for business purposes.
And then there’s perhaps the biggest misconception: that you can only salary package a new car.
Obviously there’s a cost component to new cars that doesn’t fit with everyone’s budgets – which is why thousands of Maxxia customers take out novated leases on used vehicles.
As a general rule, the car should be no older than seven years at the end of the lease term. You should also enquire as to your employer’s novated leasing policy, as some employers have a specific list of cars available to their employees. Vehicles designed to carry one tonne or more, and/or nine passengers or more, cannot be leased.
There’s a third option when it comes to leasing a car. If you’re attached to your existing wheels, you could salary package its running costs under a Sale and Leaseback arrangement. Here you’d pay off any existing finance, or receive cash from any equity you have in the car, and lease it back through Maxxia and enjoy all the perks of a novated lease.
But regardless of whether you lease a new, used or current car, you’ll enjoy the same convenience of paying for the ongoing costs you’d be up for anyway – including petrol, registration, insurance and servicing – as well as the potential tax benefits!
This website contains general information and doesn't take your personal circumstances into account. Seek professional independent advice before making a decision.