Can You Negotiate a Novated Lease?
Yes, negotiating a novated lease is possible and can lead to significant savings. Here’s how you can approach the process to get the best deal.
1. Research and Preparation
Before negotiating, it’s important to assess your vehicle requirements, such as the type of car, features, and your budget. This will give you a clear idea of what you need, making negotiations more focused. Market research is also vital—compare offers from different lease providers to understand where you have leverage and what terms are negotiable.
2. Key Negotiation Points
Lease Costs and Fees: You can negotiate the overall cost of the lease, including the car’s purchase price and any hidden fees like administration or delivery charges. Make sure you get a detailed breakdown of all costs to identify areas for negotiation.
Interest Rates and Financing Terms: Interest rates are another point of negotiation. If you have a strong credit score, use it to your advantage. Collect quotes from different providers and use them as leverage to secure better financing terms.
Lease Inclusions: Negotiating to bundle additional services, such as maintenance or insurance, into the lease agreement can save both time and money. The goal is to include as many benefits as possible without significantly increasing the lease cost.
3. Look Beyond Monthly Payments
Many people focus only on lowering monthly payments. However, it’s equally important to consider the total lease cost, including fees, charges, and the car’s residual value at the end of the lease. Negotiating on the broader cost can lead to better long-term savings.
4. Timing Matters
Timing your negotiations can also make a big difference. For example, dealerships are often more willing to negotiate at the end of the financial year or when they need to clear out old inventory. These times can provide opportunities to secure a better deal.
Negotiating a novated lease can lead to significant savings if you prepare well and focus on the right points. Take the time to research, compare, and negotiate all aspects of the lease, from fees to interest rates and inclusions. By doing so, you’ll likely end up with a more favourable deal that suits your financial needs.
Need help securing the best novated lease? Contact Us today to get expert advice on the right lease for you!