This disclaimer outlines the calculation basis used in Fingo’s novated lease and car finance in Australia.
Calculation Basis
The figures provided are indicative only and should not be interpreted as a formal quote. They are intended to illustrate the potential lifetime costs of owning a vehicle under three different methods: cash purchase, car loan, and novated lease. The example is based on a novated lease arrangement for an individual in Victoria (postcode 3000) with a five-year term, 28.13% residual value, and annual travel of 15,000 km. Vehicle stamp duty is calculated using Victoria’s green passenger car rate of $8.40 per $200, or part thereof.
Assumptions
Assumptions include a gross annual income of $100,000 and an interest rate of 7.99% applied to both car loan and novated lease scenarios. Running costs factored into the comparison include management fees, registration, scheduled servicing, maintenance, tyres, and fuel or charging.
Important Notes
The calculations make use of both the statutory formula method and the employee contribution method. Please note that results will differ depending on personal circumstances such as income, vehicle choice, employer arrangements, and credit profile. As such, this example may not reflect your specific situation.
We recommend seeking independent financial advice and speaking to a novated lease specialist before making any commitments. This information is general in nature, provided for educational purposes, and should not be relied upon as financial advice.
For more details, visit Fingo’s Novated Lease page or explore savings with our Novated Car Lease Calculator.
Figures are calculated in line with Australian vehicle tax rules and Victorian state stamp duty rates.