Lease a New Defender

[Redback]

I have the opportunity to salary sacrifice with a Novated lease to get a new Defender, the repayments over 5 yrs are $143.00 a fortnight pre tax, with the opportunity of buying the vehicle once the lease is up.

What do you think, is this a good thing, i know there are guys out there that know of these things and do this sort of thing all the time, i'm new to this lease thing so any advice would be invaluable.

It won't be this year, i think probably next year is more likely.

Baz.

[stevo68]

Hey mate, would sort of balloon has that got on it? Are you sure the figures are correct ie $71.50 a week?? Reason I ask is I am a finance broker and there is no way those figures are correct.

Regards

Stevo

[101RRS]

I would have to agree that there is some thing wrong with those numbers depending on circumstances, inclusions, lease time payout (45%) numbers should be up around $1000 - $1400 per month give or take a few hundred.

Garry

[discowhite]

something else to factor in baz is that the puma has to be serviced every 10 000k. i know how many k's you do it could be a factor?
i dont know anything about lease's though so it might be covered in the payments???

either way once youve had a fender you'll never go back;)

cheers phil

[PAT303]

I agree with the other posts that it is too low,If it is correct I'm in for one,green thanks. Pat

[Redback]

Hey mate, would sort of balloon has that got on it? Are you sure the figures are correct ie $71.50 a week?? Reason I ask is I am a finance broker and there is no way those figures are correct.

Regards

Stevo


I would have to agree that there is some thing wrong with those numbers depending on circumstances, inclusions, lease time payout (45%) numbers should be up around $1000 - $1400 per month give or take a few hundred.

Garry

This is private use only, no fuel, insurance or service costs involved in the repayments, to have that it would need to be used as a work vehicle and the repayments would be a lot higher.


something else to factor in baz is that the puma has to be serviced every 10 000k. i know how many k's you do it could be a factor?
i dont know anything about lease's though so it might be covered in the payments???

either way once youve had a fender you'll never go back;)

cheers phil

Yes looked at that, this is why we're not looking at it this year, want to see if buying the car outright and not leasing is a better option using the Disco as a trade in.

Baz.

[numpty]

Just to give you an idea, I did this in 2006 so am now 2 years through a 4 year lease. Factoring in repayments, service costs, fuel, rego and insurance the total per fortnight is around $840. The residual payout after 4 years is 30%. I've also had to adjust the amount upwards due to rising fuel costs. And this is all private use, I'm only a lowly employee.

Oh BTW these figures are worked out on doing 25000 k's per year.

[spudboy]

something else to factor in baz is that the puma has to be serviced every 10 000k. i know how many k's you do it could be a factor?


Factory service interval in my service book is 20,000km or 12 mths.....

Is it different in Australia maybe?

[numpty]

Factory service interval for a Defender in Australia is 10000 k's.

[stevo68]

Quote:
Originally Posted by stevo68 https://www.aulro.com/afvb/images/imported/2016/08/768.jpg (http://www.aulro.com/afvb/general-chat/58588-lease-new-defender.html#post766350)
Hey mate, would sort of balloon has that got on it? Are you sure the figures are correct ie $71.50 a week?? Reason I ask is I am a finance broker and there is no way those figures are correct.

Regards

Stevo

Quote:
Originally Posted by garrycol https://www.aulro.com/afvb/images/imported/2016/08/768.jpg (http://www.aulro.com/afvb/general-chat/58588-lease-new-defender.html#post766357)
I would have to agree that there is some thing wrong with those numbers depending on circumstances, inclusions, lease time payout (45%) numbers should be up around $1000 - $1400 per month give or take a few hundred.

Garry

This is private use only, no fuel, insurance or service costs involved in the repayments, to have that it would need to be used as a work vehicle and the repayments would be a lot higher. Hey mate, I am just basing it purely on leasing figures and $143 per f/n or $309 p.m does not get you into a new defender. Say the fender is $50k over 5 yrs, even with a 90% balloon after 5 yrs the repayments are $496 p.m ( just took a rough rate). Even with a 50% balloon which would be high the repayments are $749 p.m. Generally over a 5 yr period, the balloon is around 20-25%, so taking the higher balloon..... repayments would be $907 p.m.....that is for commercial and commercial repayments alone are cheaper than consumer rates. Even then the figures quoted of $309 p.m are pre tax. Not trying to be right here :), just helpful, but if you are looking at a new defender at $309.p.m pre tax then something is wrong. If is right let me know and I will sign up as well :D,

Regards

Stevo

[JohnR]

Service interval in the manual say's 20,000kms. I got talked in 10,000 for my first like most. But I think I will revert to the factory 20,000 in the future.

We pay $1000.40 p/month based on 5 years with no residual at the end.


Cheer,

[Hymie]

Hey mate, I am just basing it purely on leasing figures and $143 per f/n or $309 p.m does not get you into a new defender. Say the fender is $50k over 5 yrs, even with a 90% balloon after 5 yrs the repayments are $496 p.m ( just took a rough rate). Even with a 50% balloon which would be high the repayments are $749 p.m. Generally over a 5 yr period, the balloon is around 20-25%, so taking the higher balloon..... repayments would be $907 p.m.....that is for commercial and commercial repayments alone are cheaper than consumer rates. Even then the figures quoted of $309 p.m are pre tax. Not trying to be right here :), just helpful, but if you are looking at a new defender at $309.p.m pre tax then something is wrong. If is right let me know and I will sign up as well :D,


Me too at that price!!

[scarry]

Me too at that price!!

count me in as well...two ,one for me& one for her & the anniversary model will do.:):D:D

[numpty]

Service interval in the manual say's 20,000kms. I got talked in 10,000 for my first like most. But I think I will revert to the factory 20,000 in the future.

We pay $1000.40 p/month based on 5 years with no residual at the end.


Cheer,

Service interval in the manual for the Td5 says 20000 also, but it is recommended by Land Rover, and independent service people such as MR, who do all of our servicing, that services be done at 10000.

[George130]

Baz I salary sacrafice mine.
5 year lease with option to buy at the end.
My monthly repayments are $649 I think.
If you are doing the distance then sacraficing can be a good move but if you don't do the distance you need to be in a high tax bracket.

[rmp]

My Defender was on a novate lease for 3 years. I did the sums and it worked out to the better. The other advantage is you don't have a lump sum tied up in a vehicle, instead you can put it into a mortgage or an investment. Be careful that the lease company permits mods and allows you a choice of service mechanic etc.

Whether a lease works for you is, like just about anything financial, dependent on your particular financial situation. The main factors to consider are your tax bracket and intended distance of travelling per year, as the primary advantage is paying less tax on the car and its costs. So the higher your tax bracket and the more kays you do a year, the more attractive the deal.

At the very least I would seriously consider it.

[Sleepy]

If you are a PAYE tax payer factor in FBT tax on a sliding scale. However on an unmaintained lease, Fuel and running expenses and maintainance are your responsibility however taken from your pre tax salary - this is where a novated lease becomes attractive. Tyres, Insurance, Repairs, Fuel all add up over the life of the lease.
If it's your first lease it's worth crunching the numbers with an accountant - mine advised; over 25,oooKms a year it is well worthwhile;less than 15,000kms not.
I've always wanted to claim a new winch cable as a maintainance item....;)

[Col.Coleman]

Talk to an accountant first because depending on your situation there are alot of other options. Depending on your work. Mine is not on a lease, but more a commercial hp, whereby the money for the vehicle is financed and I take care of everything and just claim it all at tax time. Fill in a with-holding variation form with the tax office and reduce your weekly withholding. best thing is with a defender, in my case a 130, that the carrying capacity is over 1 tonne to deemed full business use, no log books, no private use and no fringe benifits tax. Works for me better in my situation than a novated lease. Do the numbers.

CC

[Redback]

OK, i had a feeling this was too good to be true, i have emailed the company and I'm now awaiting a response, i have also email them there package calculator page showing the repayments at the bottom of the page.

I will post their response.

Baz.

[hiline]

it will be interesting to see what their response is :D

fingers crossed they were right:angel: i'd like a new 130 ............

[numpty]

The company that organises the leases for our organisation, Fleet Lease Australia, wont allow a ute, twin cab or otherwise, to be leased.:mad: This is not the case with all though.

[Reads90]

it will be interesting to see what their response is :D

fingers crossed they were right:angel: i'd like a new 130 ............

me too
I am looking at a new 110 to replace the disco

[George130]

The company that organises the leases for our organisation, Fleet Lease Australia, wont allow a ute, twin cab or otherwise, to be leased.:mad: This is not the case with all though.

Double check. My 130 is technically not allowed but I spoke with a friend in finance and was told that a stat deck that it is not for comercial purposes and I am fine. I'm with smart salary but have no idea on any of them.
Only down side of mine is that I pay up front for servicing and then reclaim the bills so need the money first. Fuel is on a fuel card though.

[numpty]

Double check. My 130 is technically not allowed but I spoke with a friend in finance and was told that a stat deck that it is not for comercial purposes and I am fine. I'm with smart salary but have no idea on any of them.
Only down side of mine is that I pay up front for servicing and then reclaim the bills so need the money first. Fuel is on a fuel card though.

No, they wont do it. It's something to do with my employer as well I believe. And yes, that's how I work my lease as well, I pay everything up front, including fuel and then claim it back. I could have had a Fleet Card, but there were rumours Of extra charges etc, so I opted to pay up front.