Exploring Your Options For The End Of Your Car Lease
If you’re nearing the end of your novated lease term, you may be wondering what happens next. You’ve enjoyed the benefits of tax savings, convenient budgeting, and driving a new vehicle without the hassles of ownership. But now, it’s time to make some decisions about your vehicle and your financial future. Don’t stress, there are plenty of choices available to you! A consultant from AANT Salary Packaging will be in touch to help guide you through the process and determine the best option for you.
These are your options to consider at the end of your lease:
Upgrade Your Vehicle – Trade-In or Sell Your Existing Vehicle
One of the most popular options at the end of a novated lease term is to upgrade your vehicle. This means trading in your current vehicle for a brand new one and start a new lease. The excitement of driving a shiny new car is hard to beat! AANT Salary Packaging makes the process easy by helping you find the perfect car, and handling the setup of your new novated lease.
Extend Your Current Package for Another Term – Re-Lease Your Existing Residual
If you’ve been happy with your current vehicle and would like to continue to enjoy the tax and GST savings that come with a novated lease, you can extend your existing lease, potentially at lower payments. This way you can continue to enjoy the convenience and tax benefits of novated leasing.
Payout the Remaining Residual & Own the Vehicle Outright
If you’re not interested in upgrading your vehicle or extending your lease, you can choose to pay out the remaining residual. This means paying the agreed-upon amount to purchase the vehicle outright and own it free and clear. Keep in mind that the residual must be paid in post-tax dollars.
Trade In Your Car
Lastly, you can trade in your car and potentially receive a cash injection, depending on the value of the car at the time of sale.
No matter what option you choose, it’s important to carefully consider your financial situation and your future goals before deciding.
A novated lease company can help you navigate the options and choose the best path forward for your needs. With careful planning, you can ensure a smooth transition from your novated lease term to the next phase of vehicle ownership.
AANT Salary Packaging will help you navigate them all and find the best option for your budget, lifestyle, and needs.