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.
