What’s the most cost effective way to buy a car?
Have you ever wondered how novated leasing compares to other types of car finance? This table allows you to easily compare a Fleet Network novated lease including your vehicles’ running costs against a traditional car loan, paying cash, or borrowing against your home loan. A novated lease comes out on top as the simplest and most cost-effective way of buying a car.
car loan
mortgage
cash
novated lease
Mazda CX-5 GT Purchase Price
$48,485
$48,485
$48,485
$45,231
Cost of Finance Over 5 Years
$61,800
$53,940
N/A
Included
Running Costs
$29,727
$29,727
$29,727
Included
Novated Lease
$0
$0
$0
$73,415
Total Cost Over 5 Years
$91,527
$83,667
$78,212
$73,415
Borrowing against your mortgage – warning.
If you borrow against your mortgage to finance a car, you need to be aware of the consequences across the life of your loan. You will end up paying significantly more interest over the 30-year term.