How Old Can a Car Be for a Novated Lease?

When considering a novated lease, the age of the vehicle plays a crucial role in the eligibility criteria. Most leasing providers have specific policies regarding the maximum age of the car, ensuring that it remains reliable and valuable throughout the lease term.

Typically, a car should not be older than 15 years by the end of the lease term. For example, if you plan on leasing a vehicle for five years, the car should ideally be no more than ten years old when you start the lease. This standard allows the vehicle to meet the requirements of most leasing providers, ensuring it retains value and reliability throughout the lease period.

This  limit is typically applied to vehicles that hold their value well, such as prestige or collectible cars. These exceptions can make novated leasing more accessible to a wider range of vehicles, including those that may have a higher resale value despite their age.

For individuals considering leasing a used car, a good rule of thumb is to ensure that the vehicle is no older than 10 years when you begin the lease. This allows for the standard five-year lease term while staying within the common age limits set by leasing companies.

It’s important to check with your novated lease provider for their specific guidelines, as they can vary. By choosing a car that fits within these age parameters, you ensure a smoother leasing process and more financial security throughout the lease period.

Interested in finding the right car for your novated lease? Contact us today to explore your options and secure a vehicle that meets all the requirements!