Here is a quote I got from my employer-nominated NL company. I'm a computer programmer, I can say I'm somewhat good with numbers, but yet I have no idea what most of the figures in this quote are. My layman's calculation is as follows:
- I would have paid $37,643 out of pocket at the end of the lease
- I would have to pay a residual of $37,623 at the end
- Adding (1) and (2) will be $75,266
- Subtracting (3) from the on-the-road cost of the car ($66,498) gives $8,768
- Subtracting insurance, rego, servicing e.t.c (~$6,000) which I would have paid out of pocket without NL from (3) above gives $2,768
(5) is what I would pay in excess of the on-the-road cost of the car with NL.
This does not factor in FBT tax removal. The question big question is then, what are the other finance options available where I can pay less than
$2,768 in interest on a loan of
$66,498 over a period of 2 years?
Experience people in the house, does this calculation make sense? If yes what options do you think are out there that beat the
$2,768 figure?
PS: I CORRECTED THE $40,538(723.9 X 56) NUMBER, IT SHOULD HAVE BEEN $37,643(723.9 X 52).