Leasing vs buying - Get your car for less

It can be a tricky choice. You know that you want to drive a great car. But it's no secret that a car can be a big investment.

There's not always cash on hand to buy a car outright. It also might surprise you to know that leasing can actually be more cost-effective in the long run.

Here we're exploring the benefits of leasing vs buying a car to help you make an informed decision.

What are the benefits of novated leasing?

No upfront fee

The most obvious downside of buying a car is having to stump up the cash. And buying a car can be expensive.

There isn't always cash available for such a big purchase and, even if there is, there might be other things you'd rather spend it on.

Leasing enables you to drive your dream car now, without the large upfront fee.

Tax benefits

With novated leasing, the costs come out of your pre-tax salary, thus reducing your overall income and therefore reducing the amount of tax you'll pay.

There are also savings on GST on the price of the car and ongoing costs including fuel, tyres, servicing, insurance and maintenance.

All that can lead to big savings overall.

The car you want, now

A novated lease also gives you more flexibility on the car you drive. For example, you might be dreaming of an EV but think it's out of reach. Or you might wish to get a new car every few years, but can't justify the costs.

With a novated lease, there's a lot more flexibility. Driving new cars can be significantly more affordable, and when your lease comes to an end, there's always the option to upgrade, rather than stick with the same car for years.

What about the downsides?

Of course, there are some considerations with novated leasing. For example, you'll need to return the car in good condition at the end of the lease. There are also kilometre restrictions to consider.

However, for many people, the benefits far outweigh any downsides, particularly when it comes to the financial benefits.

Ready to explore your options?

If you're interested in exploring novated leasing, it's worth speaking to an expert who can talk you through your options and help you understand the potential savings.

At Inside Edge, we specialise in novated leasing and can help you find the perfect car for your needs while maximising your savings. Contact us today on 1300 551 987 to get started.