Paradoxx Colossal Member Member 5,049 Member For: 19y 8m 2d Gender: Male Location: Perth, WA Posted 04/10/06 05:28 AM Share Posted 04/10/06 05:28 AM Hey everyone, I was wondering if I could get the opinions of others' on leasing my car. I am about to sign the paperwork for SmartSalary (using Macquarie Leasing as the financier) to lease back my car over a 24 month period. Using their calculator it works out better for me by about $1500 at the end of the year. Does anyone have experience with MacLease and Smart Salary? Any things I need to watch out for before I dive in? As a small run down they have valued my car at 23000, annual lease amount at $8807... I have had all the information sent to me about what the process is and so far it looks alright (except I'm not sure if the fee amounts are right... they want $220 "documentation fee")What are your thoughts? Link to comment Share on other sites More sharing options...
IH8TOADS Silver Donating Members 3,618 Member For: 18y 9m 19d Gender: Male Location: OZ Posted 04/10/06 05:42 AM Share Posted 04/10/06 05:42 AM Mmmm..... do you currently own the car or paying it off? If your paying it off, how much do you have left?If you go ahead and lease it.... is it still your car?? Link to comment Share on other sites More sharing options...
Paradoxx Colossal Member Member 5,049 Member For: 19y 8m 2d Gender: Male Location: Perth, WA Posted 04/10/06 05:58 AM Share Posted 04/10/06 05:58 AM I still owe 20k on it, so taking into account those repayments and the running costs, I will be better off by 1500 bucks leasing it back. If I lease it the car belongs to MacLease... so anything that goes wrong with it or anything that I do to it gets paid for without GST and gets taken out of my pay before tax. Link to comment Share on other sites More sharing options...
IH8TOADS Silver Donating Members 3,618 Member For: 18y 9m 19d Gender: Male Location: OZ Posted 04/10/06 06:05 AM Share Posted 04/10/06 06:05 AM Sounds like a goer then as it is getting a few kms on the clock now too. See what the experts think Link to comment Share on other sites More sharing options...
Paradoxx Colossal Member Member 5,049 Member For: 19y 8m 2d Gender: Male Location: Perth, WA Posted 04/10/06 06:09 AM Share Posted 04/10/06 06:09 AM As Mark said to me before he reckons it will be well worth it as the car has done most of its depreciating already. The residual after 24 months is $12,937 +GST and its hard to tell what the car will be worth after that time but I reckon I should still be able to get closer to 20k (maybe between 18 - 19k) if I decide to sell it after. Link to comment Share on other sites More sharing options...
Blonk Iconoclast Donating Members 4,330 Member For: 19y 6m 30d Gender: Male Location: CH Posted 04/10/06 06:21 AM Share Posted 04/10/06 06:21 AM Smart Salary are good....Highly recommended.....Even salary package drag tyres and octane booster... Mods etc.... Link to comment Share on other sites More sharing options...
Paradoxx Colossal Member Member 5,049 Member For: 19y 8m 2d Gender: Male Location: Perth, WA Posted 04/10/06 06:25 AM Share Posted 04/10/06 06:25 AM hehe I like your thinking Link to comment Share on other sites More sharing options...
Slymeat Team Kickass Donating Members 1,926 Member For: 20y 2m 30d Gender: Male Location: Albion Park, NSW Posted 04/10/06 06:45 AM Share Posted 04/10/06 06:45 AM M8 I lease through Mac Leasing although I didn't have to pay any fees work covers all that. As far as I am aware the car belongs to me all I have to do is pay the residual at the end of the lease. It's a very good deal I havn't even looked at petrol prices for 2 1/2 years. Link to comment Share on other sites More sharing options...
Decoy Member 163 Member For: 18y 2m 13d Gender: Male Location: Brissy Posted 04/10/06 07:24 AM Share Posted 04/10/06 07:24 AM I know a few guys at work that lease, don't know much about it myself, but I thought that it depends on how many k's you do as to how much it will benefit, all to do with FBT? And technically I didn't think you own it though, you will once you buy it off them at the end, if that's your choice... correct me if I'm wrong! Link to comment Share on other sites More sharing options...
Blonk Iconoclast Donating Members 4,330 Member For: 19y 6m 30d Gender: Male Location: CH Posted 04/10/06 07:47 AM Share Posted 04/10/06 07:47 AM Technically they own it and lease it back to you for taxation purposes....But if you leave the company straight away.... You own it.. You leave work and you take it with you.... Payments and all.....You need to do at least 25 - 40 + km's PA to make it worth while... Link to comment Share on other sites More sharing options...
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