| LOST JEEPS http://www.lostjeeps.com/forum/phpBB3/ |
|
| Who has a leased car - Salary sacrificed or otherwise? http://www.lostjeeps.com/forum/phpBB3/viewtopic.php?f=93&t=34246 |
Page 1 of 1 |
| Author: | palla [ Sat Jul 19, 2008 1:47 am ] |
| Post subject: | Who has a leased car - Salary sacrificed or otherwise? |
I have the opportunity to salary sacrifice a car, unfortunately there is no Jeep on the list but there is a H3. Im trying to find out the ins & outs of it. Anyone here got some words to say? |
|
| Author: | Hutch [ Sat Jul 19, 2008 7:35 am ] |
| Post subject: | Re: Who has a leased car - Salary sacrificed or otherwise? |
palla wrote: I have the opportunity to salary sacrifice a car, unfortunately there is no Jeep on the list but there is a H3. Im trying to find out the ins & outs of it. Anyone here got some words to say?
I wouldn't salary sacrifice anything that potentially has no reslae value especially if you have to deal with it yourself at the end of the lease, the other thing is that it is not really worth it unless you are doing more than 30k per year. My 2 cents. |
|
| Author: | palla [ Sat Jul 19, 2008 8:14 pm ] |
| Post subject: | |
As far as I am aware, I pay the yearly fee ( broken down fortnightly) which includes fuel, servicing, tyres, rego etc, etc, everything. Then at the end I just hand the keys back & get another one or walk away. I also get the option to purchase the car outright but I will only find out the payout figure 6 weeks prior to the end of the deal (2 or 3 years). The good thing is if I actually want to purchase that car for myself, I know its history as I have had it from new, no accidents, full service history blah blah and if its a Friday car & has been nothing but trouble I just hand back the keys & walk away. That is something you cant do when purchasing new, if it is a lemon you are either stuck with it or sell it yourself. |
|
| Author: | KJ Taz [ Sat Jul 19, 2008 9:06 pm ] |
| Post subject: | |
It has some benifits, but they sure don't seem to out weigh the negetives. I would rather them just provide a company car and then at the end of their lease give me the option to buy. Most likely I would have far too many miles on it at that time to even want it. Just my opinion. I sure wouldn't sacafice any salary for a vehicle I use for work. |
|
| Author: | palla [ Sat Jul 19, 2008 11:46 pm ] |
| Post subject: | |
I have an operational vehicle issued to me as I am field based so I get to keep the operational vehicle & have the option to have a SS car as well for personal use, for the missus or to go wheeling in every weekend. If I want to I could drive to the east coast every weekend, its a bit far but I have full use, what ever, where ever I want. The main benefit is the cost come out of my wages pre tax, so it brings my taxable income down. Therefore giving less to the taxman, my company pickes up the fringe benefit tax. The average cost of various cars im interested in are between $20-30K/year, all inclusive. One of the guys at work got a brand new commodore not sure what they are called in the US but they are sold there, Vaxhaul sp? Monaro in the UK with 48Km not 48 000Km, 48Km & wrote it off, got hit by a drunk driver. He just handed the keys back & asked for another one, ok it took 6 months for the lease company to sort it all out but still all this didnt cost him extra. Not even excess. |
|
| Author: | KJ Taz [ Sun Jul 20, 2008 3:00 am ] |
| Post subject: | |
Hummm now it is sounding better. I am not from your neck of the woods so to speak so there may be more beifits to doing this down under than there are here in the states. |
|
| Author: | G'ME MUD [ Sun Jul 20, 2008 9:21 am ] |
| Post subject: | |
I have my KJ salary sacrifised through SMB and at the end of the lease (30 march 09) I can buy it for $5200. The lease actually expired 30th March this year and there was a balloon of $12500 to pay if I wanted to keep it but I re-leased it for another year and it is costing me $9200 out my take home pay but it reduces the balloon by $7300. That is for 30000K's so I get a years worth of petrol and rego ect for $1900. Go figure that out. We can lease any vehicle we want as long as it is not over the luxery tax limit ($57123) or does not have a carring capacity greater than 1tonne. Keep in mind the more K's you do the better it is but even if you are doing low K's it is still better than buying outright unless you pay cash as the fleet buyers discount applies as well as the GST component comes off the buying price as well as the fuel rego mauntenance atc all comes out of pre-tax dollars and the FBT part comes out of post tax earnings. It is costing me aprox $125 lease plus $52 FBT a week out of my pocket, thats for petrol for 30000Ks,rego,maintenance and insurance. Hope this helps Regards Ross |
|
| Author: | Hutch [ Mon Jul 21, 2008 6:46 am ] |
| Post subject: | |
actually SMB rates are quite good from what i have seen, i have noticed they do westfarmers now they own us, however we are through custom fleet at this stage and we pay through our nose. i would have been paying 27k a year pre tax for the Prado. |
|
| Author: | Outback [ Mon Jul 21, 2008 7:43 am ] |
| Post subject: | |
I claim my car expenses thru work and get a fuel card which is all good. The company car thing is now mostly a case of when the lease runs out you pick up a new car without the option to buy the old one as most companies don't want the lease payout value on the books and the leasing company don't sell to their clients. One of the downsides of running the Jeep is fuel excess.. YES most companies as good corporate citizens are stating that if you use more than a what is deemed a green amount of fuel you pay the extra. (Values are taken for an average 6 cylinder 4 door sedan, Ford or GM) They say it's 11lt/100km ...which I never got out a Holdern around town. The same database says that the Jeep uses 13.2 lt/100 (wish it was true) so I pay the difference. 2 lt per 100km at $1.69 adds up to quite a bit over the year. Get the company car for round town and give the wife the keys to the KJ? |
|
| Author: | G'ME MUD [ Mon Jul 21, 2008 3:32 pm ] |
| Post subject: | |
Hutch wrote: actually SMB rates are quite good from what i have seen, i have noticed they do westfarmers now they own us, however we are through custom fleet at this stage and we pay through our nose. i would have been paying 27k a year pre tax for the Prado.
I work for westfarmers at Curragh mine. |
|
| Author: | pipeliner [ Tue Jul 22, 2008 7:13 pm ] |
| Post subject: | |
Outback wrote: They say it's 11lt/100km .... The same database says that the Jeep uses 13.2 lt/100 (wish it was true) so I pay the difference.
2 lt per 100km at $1.69 adds up to quite a bit over the year. Get the company car for round town and give the wife the keys to the KJ? You should get the 2.8 CRD - that's supposed to be around 9.3/100, certainly less than 11. |
|
| Page 1 of 1 | All times are UTC - 5 hours [ DST ] |
| Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group http://www.phpbb.com/ |
|