We focus on the two main car finance options so you can see the savings.
Most Aussie drivers will use some type of finance to buy their cars. The two most popular forms of finance are a personal loan and a novated lease.
There are a myriad of factors that affect each individual which is why we wanted to show the differences in calculations, side-by-side.
A novated lease is an easy and cost-effective way to own and run your car as it lets you use pre-tax dollars to pay for the new or used car of your choice.
We compare the calculations below based on assumptions such as they live in Melbourne, earn $120,000 gross annual salary, they bought a 2024 Tesla Model 3 RWD, and paid $60,987.
The calculations show how paying for the car and its ongoing running costs in pre-tax dollars makes a big difference to your bottom line. Not to mention, the budgeted running costs also include your insurance, registration, tyres, servicing and maintenance.
For most Australians, a novated lease is the easiest way to maximise tax savings and car ownership.
The added tax savings available through a novated lease make all the difference. We understand everyone is unique and estimates will vary, but the above example allows you to gain an understanding of the savings. We urge you to contact our Novated Lease Specialists for an individual quote and chat about your options.
Using the above calculations, the Tesla Model 3 Long Range would work out to be $268 per week. That also includes your payments for insurance, registration, tyres, charging, servicing and maintenance. No more bill shock, with a novated lease, it’s covered.
*$224 per week includes:
Registration
Insurance
Servicing & maintenance
Tyres
Fuel/Charge
Ask for your individual quote today.
But wait, there's more...
- InsideEDGE do all the running around to find your new car at the best price, with the quickest delivery time frame
- We work with our national dealer network to secure you the best price for your new car - we are also happy to work with a dealer of your choice
- We arrange the car finance for you
- All running costs are budgeted for including fuel, registration, insurance, tyres, service and maintenance
- You have access to three differrent fuel cards, so it's as simple as tap and go
Disclaimer: The above finance comparison uses a 2024 Tesla Model 3 Sedan with a purchase price of $60,987.46 (ex GST) over a 48 month lease term. The running costs are based on 10,000 Km annually, base salary of $120,000, 3000 postcode. Price includes registration, insurance, servicing & maintenance. The above costs are an estimate only. While INSIDE EDGE makes every effort to provide accurate and complete information, INSIDE EDGE makes no express or implied representation as to the accuracy or completeness of the information provided and will not be liable to you or your employer, in any respect. The Gross Income is nett of any other package deductions, it does not include income from other sources – other factors may also affect your income for Medicare Levy Surcharge purposes. The Nett Income calculation is based on a number of assumptions and the estimates do not include and HECS or Child Maintenance liabilities or any Low Income Tax Offset (LITO) that may be applicable. The exact amount of your income tax can only be calculated upon lodgement of your Income Tax Return or obtaining advice from your financial advisor. INSIDE EDGE recommends that you obtain your own independent advice when considering salary packaging.
