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How much of the novated lease payment covers finance, and how much covers the running costs?

Very good question, and as you can imagine it’s rather variable. We’ll demonstrate with an example of a Mazda 3 (with an on-road cost of $25,495) on a three year novated lease, and let’s say the person who’s packaging this car is earning $60,000 ex-super and travels 15,000km a year.

Although with Autopia you would receive discounts on servicing, tyres and maintenance, we’ll remove that from the picture for now. So, here’s how the expenses breakdown, per month, for the life of the lease.

Finance: $484.94
Maintenance: $63.89
Tyres: $27.78
Fuel: $189.25
Registration & CTP: $72.67
Insurance: $92.26
Total: $975.79

As you can see, in this instance, the finance represents almost exactly 50% of the cost of running the car. If you were travelling more kms every year this would obviously change, as you would spend more on fuel, tyres, and you’d need to get the car serviced more often.

Posted by The Autopia Team

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