Our top 5 tips to salary sacrifice your next car!

Salary sacrifice is a great way to upgrade or change your car, without the need for a large upfront payment. Here’s our top five tips to consider when looking to salary sacrifice a car:

1. Ensure your lease provider has provisions to allow you to break or change your lease if your circumstances change. For example, your beloved sports car may serve you well in the single life, but three years later when you have a bundle of joy on the way, it might be time to break the lease and look at an SUV that fits baby’s car seat, pram and other items. If your lease provider has the right change provisions, this change can be easy — if not, it could be costly.
2. Like any loan or lease, it’s important to check interest rates. Check the market and don’t just take the first rate as a given.
3. Don’t simply leave it to your lease company to determine the price of your car, get quotes before you start the process. This gives the company a benchmark and helps you get the best price.
4. When you get your quotes, get us to put the price through our system to get a clear idea of the impact of the salary sacrificed vehicle on your take-home-pay.
5. Be prepared for contract breaks and holidays. Your salary sacrifice continues each week, so it can pay to set up a leave account which can pay your lease when you’re not getting paid owing to contract breaks or holidays.

If you’ve been thinking of getting a new car through salary sacrifice, chat with us to know where you stand and the benefits and impact to your tax and take-home pay. Contact us.