many individuals are unaware that novated leasing is also applicable to second hand cars, or used cars! there is a widespread but incorrect belief that novated leasing is solely available for the purchase of brand-new cars. novated leasing can also be an excellent choice for acquiring second-hand cars, allowing buyers to reap all its inherent tax benefits while also enjoying the cost savings associated with purchasing a used vehicle. novated leasing simplifies the process for buyers of both new and used cars, making it an attractive and beneficial option for all.
fingo: your choice for used car novated leases
sit back and relax while we take care of all the tedious paperwork for your used car’s novated lease! at our end, we diligently coordinate and manage all necessary documentation, ensuring a hassle-free process for you. Additionally, we will craft an affordable and practical annual budget plan tailored just for you. this personalised budget will not only cover your car’s repayments but also consider the other running costs associated with maintaining your vehicle throughout the year, providing you with financial ease and certainty.
but that’s not all – we understand that fuel costs can be a significant concern for many drivers. to alleviate this worry, we also arrange a fuel card exclusively for you. this proactive step allows you to smoothly cover your vehicle’s fuel expenses without any stress or additional effort on your part. with this arrangement in place, you’ll be free to revel in the joy and unmatched excitement that comes with owning and driving a new car, without any financial concerns casting a shadow on your experience.
so, choose fingo for novated lease of a second hand car, and let us handle the nitty-gritty details while you bask in the delight of your new car!
calculate your novated lease savings
Frequently Asked Questions
Can you novated lease a used car in Australia?
Yes. Used cars can be novated leased in Australia, subject to your employer participating in novated leasing, finance approval and the vehicle meeting the applicable requirements.
Your arrangement can include the vehicle finance and approved running costs, with payments managed through salary packaging. The exact financial outcome will depend on your circumstances and lease structure.
Can I novated lease my existing car?
Potentially. If you already own your vehicle, a sale and leaseback arrangement may be available.
Under this type of arrangement, an approved financier purchases the vehicle and it is then leased back through your employer’s novated lease arrangement.
Vehicle valuation, ownership, finance approval and other eligibility requirements may apply, so confirm whether your specific car qualifies before proceeding.
How does a novated lease work for a used car?
A used car novated lease is an arrangement between you, your employer and a finance provider.
You select an eligible second-hand vehicle, and the lease repayments and approved running costs are structured into a salary-packaged vehicle budget.
Your employer then makes the agreed deductions through payroll. The exact tax treatment and payment structure will depend on your individual arrangement.
Can you salary sacrifice a used car through novated leasing?
Yes, a used car may be salary packaged through a novated lease if your employer supports the arrangement and the vehicle meets the applicable finance and eligibility requirements.
The arrangement may involve pre-tax and post-tax salary deductions depending on the lease structure and vehicle, so the financial impact should be assessed using your individual circumstances.
What are the benefits of a novated lease for a used car?
A used car novated lease may give you access to a lower vehicle purchase price than buying the equivalent model new while still allowing eligible vehicle expenses to be managed through salary packaging.
Depending on the arrangement, finance and approved running costs such as registration, insurance, servicing, maintenance, tyres and fuel may be incorporated into the vehicle budget.
The overall benefit will depend on the vehicle, your salary, running costs and lease structure, so compare the complete package rather than the vehicle price alone.
Can I choose any used car for novated leasing?
Not necessarily. Used-car eligibility can depend on factors such as the vehicle’s age, condition and value, the proposed lease term and the finance provider’s requirements.
If you have a particular second-hand vehicle in mind, confirm its eligibility before purchasing it specifically for a novated lease.
Have More Questions About Novated Leasing a Used Vehicle?
If you already have a second-hand car in mind, Fingo can help you check its eligibility, understand the available lease structure and estimate the vehicle budget based on your circumstances.
Use the novated lease calculator for an initial estimate or contact Fingo to discuss the vehicle you are considering.
over 20,000 happy customers and counting
save thousands on your novated lease
compare your quote with multiple dealers
we’ll reach out to our network of dealerships to ascertain whether you really did get quoted the best price or not.
fleet discounts
(even for a single vehicle)
we have exclusive access to better discounts with our national purchasing power from purchasing thousands of vehicles every year.
get an obligation-free quote
see if you’re pre-approved for a novated lease now.
how we’re different
thanks to our wealth of industry knowledge we are able to offer savings unrivalled by others.
tailored package
we craft a package specifically to your values and needs, so that you can get the most out of our services.
replacement policy
unhappy with your car or looking to upgrade? we'll accommodate your requests and re-negotiate your plan in order to set you up with your ideal vehicle.
fully transparent
we operate with full transparency to ensure you don’t get stuck with hidden fees or taxes.
same-day approval
we want to get you on the road as soon as possible, so you don't want to be held up by unnecessary waiting periods.
flexible service
we strive to be a helping hand from start to finish. if you're struggling to pay off your loans or need to reshape your package, our team can help.
benefits of a novated lease for employees
- no gst on the purchase price
- no deposits or up-front costs
- save on your vehicle running and maintenance costs
- save thousands in income tax
- take your vehicle with you if change jobs
- just one easy monthly payment for all your vehicle expenses
benefits of a novated lease for employers
- cheaper and easier to manage than providing company cars
- provide a more attractive remuneration package to potential and existing customers
- no residual risk
- lower payroll tax and workcover premiums. no surplus vehicles if an employee changes jobs
- we take care of arranging everything so you can focus on important business matters
