Novated Leasing the Ford Everest: Everything You Need to Know

The Ford Everest is a powerhouse SUV, perfect for Aussie families and adventurers alike. It offers comfort, space, and 4WD capabilities, making it a top choice for those who want to tackle the great outdoors without sacrificing luxury. However, buying a new car can be a big financial commitment that many people aren’t prepared for. So, how can you make driving a Ford Everest more affordable?

Novated leasing might be the answer. It's a smart, tax-effective way to get behind the wheel of a new car—without the large upfront costs. But what exactly is novated leasing, and how can it help you drive your dream Ford Everest? Let's break it down.

What is Novated Leasing?

Novated leasing is a car financing option where your employer helps you cover the cost of your car through salary sacrifice. This three-way agreement involves you, your employer, and a leasing company. Your employer deducts the lease payments, fuel, maintenance, and other running costs from your pre-tax salary.

This salary sacrifice arrangement means you can enjoy a brand-new Ford Everest, while saving on tax and simplifying your car-related expenses. Your monthly payment covers everything from insurance to servicing, meaning you’ll never have to worry about unexpected costs.

Why Novated Lease a Ford Everest?

If you’re thinking of getting a Ford Everest, novated leasing could be a perfect match. Here’s why:

1. Tax Benefits

One of the most appealing aspects of novated leasing is the potential for tax savings. Since your payments are made from pre-tax income, your taxable salary is reduced. This means you could end up paying less income tax overall, making the Ford Everest more affordable in the long run.

2. Financial Control

Novated leasing offers predictable, fixed monthly payments. You’ll know exactly what your car costs each month, as it covers everything from running expenses to the lease itself. This gives you complete financial control and helps you avoid surprises.

3. All-Inclusive Costs

Running a car can be expensive when you factor in insurance, registration, fuel, and maintenance. Novated leasing bundles all of these costs into one payment, so you don’t need to worry about separate bills. It simplifies the process and makes budgeting much easier.

4. Drive a New Car Every Few Years

With novated leasing, you can upgrade your vehicle every few years. This is perfect if you want to drive the latest model Ford Everest and enjoy all the newest features, from enhanced safety to upgraded tech.

The Downsides of Novated Leasing

While novated leasing offers plenty of benefits, it’s important to weigh the potential drawbacks:

1. Potential Higher Interest Rates

Novated leases can sometimes carry higher interest rates compared to traditional car loans. Make sure to compare your options carefully to ensure you’re getting the best deal.

2. Restricted Vehicle Choices

Some employers may have restrictions on which cars you can lease through their novated leasing programme. Make sure to check if the Ford Everest is an approved model.

How Does Novated Leasing Work?

Understanding how novated leasing works is key to deciding whether it’s the right option for you. Here’s a step-by-step breakdown:

1. Find a Novated Leasing Provider

First, find a leasing company that specialises in novated leasing. Your employer might have a preferred provider, or you can do your own research to find one that suits your needs.

2. Choose Your Ford Everest

Select the Ford Everest model and specifications that suit you best. Whether you’re going for the base model or a fully-loaded variant, you’ll need to factor in the vehicle’s price and features.

3. Negotiate the Lease Agreement

Once you’ve chosen your vehicle, it’s time to finalise the lease agreement. You’ll need to agree on the lease term, kilometre limits, and any additional options like servicing packages.

4. Salary Sacrifice Payments

Your employer will deduct the lease payments directly from your pre-tax salary. These payments cover everything from your vehicle costs to fuel, maintenance, and insurance.

5. Drive Your New Ford Everest

Once the paperwork is done, you’ll be behind the wheel of your brand-new Ford Everest, ready to take on everything from city commutes to off-road adventures.

Factors to Consider Before Taking Out a Novated Lease

Before diving into a novated lease, there are a few important factors to consider:

1. Your Budget

While novated leasing simplifies your payments, make sure you can comfortably afford the monthly instalments. Review your budget to ensure that a novated lease is the right financial decision.

2. Your Employer’s Policy

Not all employers offer novated leasing, so check with your HR department to see if it’s an option. Some employers may also have specific vehicle requirements, so make sure the Ford Everest is approved.

3. Your Driving Habits

Novated leases come with kilometre limits, and exceeding them can result in extra fees. If you drive long distances or take frequent road trips, you’ll need to make sure the lease terms align with your driving habits.

The Costs of Novated Leasing

Novated leasing comes with its own set of costs. Here’s a breakdown of what you can expect when leasing a Ford Everest:

1. Lease Payments

Your monthly payments will vary based on the model you choose, the lease term, and the interest rate. It’s important to compare quotes from different providers to ensure you’re getting the best deal.

2. Running Costs

One of the benefits of novated leasing is that your employer covers your running costs, including fuel, insurance, servicing, and registration. These costs are bundled into your monthly payment, making it easier to budget.

4. Stamp Duty

Depending on your location, stamp duty may be applicable when you lease a new car. Make sure to check with your leasing provider and employer to see if this applies to you.

The Benefits of Novated Leasing a Ford Everest

Let’s recap the key benefits of novated leasing a Ford Everest:

• Tax Savings: Save on your income tax by making lease payments with pre-tax dollars.

• Predictable Payments: Fixed monthly payments cover all your car expenses.

• Hassle-Free Ownership: Enjoy a new car without worrying about separate costs for maintenance, fuel, and insurance.

• Flexibility to Upgrade: Drive a brand-new Ford Everest every few years without the hassle of selling or trading in your old car.

Novated Leasing a Ford Everest: The Bottom Line

Novated leasing is an attractive option for drivers who want to enjoy a Ford Everest without the hassle of traditional car ownership. By bundling all car-related expenses into one simple payment and saving on taxes, it’s a financially smart way to drive a new car. If you’re ready to get started, contact Novated Finance Australia today. Our team of experts will guide you through the leasing process.

Frequently Asked Questions

• How do I find a novated leasing provider for the Ford Everest?

  To find a novated leasing provider, you can start by asking your employer if they have a preferred provider or program in place. Additionally, you can compare various leasing companies online, consult with a financial advisor, or seek recommendations from colleagues who have leased vehicles through their employers.

• What are the typical lease terms for a Ford Everest?

  Lease terms for a Ford Everest typically range between three and five years. You’ll negotiate the length of your lease based on your needs and preferences. Keep in mind that shorter lease terms may have higher monthly payments, while longer terms can offer lower payments but lock you in for a longer commitment.

• What happens if I need to terminate the lease early?

  Terminating a novated lease early may come with penalties, including early termination fees. These fees are usually outlined in the lease agreement, so it’s essential to understand the terms before signing. If you anticipate changes in your circumstances, you may want to consider a more flexible lease option or a shorter lease term.

• What if I exceed the mileage limit on my novated lease?

  Exceeding the agreed kilometre limit on your novated lease may result in additional charges. These fees can vary based on the provider and the lease agreement, so it’s important to review the kilometre allowances and any associated costs for exceeding them. Consider your typical driving habits when negotiating kilometre limits.

• Can I modify the Ford Everest during the lease period?

  Modifications to a leased Ford Everest may require approval from both the leasing company and your employer. It’s essential to read the lease agreement carefully and consult with your employer or leasing provider before making any changes to the vehicle, such as installing accessories or making custom modifications.