One of the most beautiful things about getting a novated lease is that you can claim all expenses against your taxable income so that, at the end of the financial year, you’ll pay less tax. And what’s one of the main expenses of running a car? You guessed it. Petrol. There are plenty of ways of keeping track of your fuel spending when you’re on a novated lease.
Since Russia’s invasion of Ukraine, Australia and the rest of the world have imposed heavy sanctions on Russia’s exports, including oil. In other words, we stopped buying cheaper oil from the world’s second-largest oil producer, Russia. This means we’ve had to source our oil elsewhere, driving up the price by a mile.
If you own a small business and want to invest in fleet management, we’ve got some great news: you can! It doesn’t matter whether you’re a team of 50, or an individual, fleet management should be available to you. Before we continue, let’s explain fleet management in a nutshell.
Dealers are expertly trained in picking apart cars and pointing out what’s ‘wrong’ with them. With some cars, they’ll genuinely need a bit of work before they can be resold, but most of the time, the dealer is just trying to screw you down on price. Always get a second opinion from an expert – someone who’s in your corner!
You can actually service your own car at whichever mechanic you like. All you have to do is let your novated lease provider where you’re taking your car for a service, and let your mechanic know that your car is on a novated lease, and it’s incredibly easy to tee up from there.
Safety is the most important part of upgrading to a new car. Think about how far we’ve come in terms of safety: from the days when we didn’t even have seatbelts, to now when we’ve got automatic brake technology for obstructing objects. If nobody upgraded their vehicles from back in the 50s, we wouldn’t have the amazing safety technology that we enjoy today.
Any employer, regardless of size, can provide a novated lease for their employees. As long as you can prove that the employee is one of yours, then you’re all sweet. So, why is offering novated leases something that you should seriously jump on board as an employer?
We can’t predict the future and there’s been a fair bit of speculation around when the car market will settle and return to normal. But in terms of how long the used car boom in Australia is going to last for, the answer is: for as long as there’s a component shortage, and then a little while longer after that. Many experts are saying that the used car boom will last until mid-2022; some are less optimistic, saying the beginning of 2023.
Used cars are booming in Australia right now, meaning that one of your most valuable assets has no doubt risen in price. It’s all due to the shortage of semiconductor chips and the consequent lack of new cars being built worldwide. If you’re looking to trade your car in, there’s actually a chance you could turn a profit on it.
The used car market is booming in Australia and all over the world. What’s responsible for it? A perfect storm of a component shortage, lack of new cars being built and waiting times for certain models going through the roof. So, if you’re thinking about buying a used car or selling a used car, here’s why the used car market is booming.
In many cases, we’re seeing cars that were purchased before the pandemic being sold for more than their original purchase price, even after a year of ownership. Basically, there’s a chance you can actually turn a profit on a car even after you’ve driven it around for the past year or two years.
Getting a novated lease might be the best way to navigate the car shortage in Australia. Considering the eye-watering prices of used cars which have gone up by 30-50%, and are in some cases the same price as their new equivalents, we can understand why you’ve given up looking to buy a car. So, why not lease it? This way, you get to borrow something that’s fine instead of buying it, which would be a bit of a pain if indeed you weren’t in love with the car.
