(Header image source: autoblog.com)
Recent Positive Salary Packaging client, Megan, upgraded from a 2012 Holden Astra to a 2020 Hyundai Kona. Here’s the story.
Who: Megan 31, Registered Nurse
What: Vehicle upgrade
Where: Central Coast, NSW
When: March, 2021
Why: Client was unable to meet repayments on a traditional car loan
Megan contacted Positive Salary Packaging in early March, 2021
“I had tried a few car loan places online but the repayments were too much. I have quite a lot of bills and expenses with the kids’ school and sports and other stuff that always pops up”. Explains Megan.
The 31-year-old mother of two did not want to commit to large loan repayments each week or settle on a vehicle she didn’t like.
“I suppose I could have gone for another kind of car but I really wanted a [Hyundai] Kona and the size is perfect for parking at work and driving the kids around”. She adds.
What were Megan’s options?
“I was able to save about $90 each pay cycle”
“Basically, I could have borrowed less and bought a smaller, cheaper car or cut out other things for the big loan repayments that the bank offered me. Neither of those ideas appealed to me.” Says Megan.
To reduce the repayments, a vehicle salary packaging plan allowed Megan to make some of her car repayments before receiving her income. In other words, using pre-taxed income rather than taxed income as with a traditional car loan.
Megan explains, “So, after going through the process with Andrew from Positive [Salary Packaging], I was able to save about $90 each pay cycle. That’s a lot for me and meant I could justify the car loan repayments.”
She continues, “I wasn’t too familiar with novated leasing before, but because of my industry, I have access to it. It’s worked out well, I got the Kona and still have enough left over for other expenses.”
Megan’s agreement was matched to her specific needs
Megan opted for a vehicle salary packaging plan available to professionals such as those in the medical field. The agreement, between Megan, the lender and her employer, also includes fuel, servicing and other vehicle running costs.
Note that some details have been changed / omitted at client’s request. The vehicle pictured is not client’s actual vehicle.
Can vehicle salary packaging benefit you?
As the salary packaging agreements aren’t off-the-shelf products and can be tailored to suit individual needs, talk to a professional today.
Positive Salary Packaging’s primary goal is to ensure our clients come out on top. Get in touch for a free, no-obligation consultation with the professional team today.
2012 Holden Astra Vs 2020 Hyundai Kona
More information that might help:
Megan upgraded from a 2012 Holden Astra to a 2020 Hyundai Kona:
|Vehicle:||2012 Holden Astra (5dr hatch)||2020 Hyundai Kona (2.0L petrol)|
|Pricing from around||$5,800 (used)||$26,000|
|Cargo area||345 litres / 1265 litres (seats folded)||361 litres / 1143 litres (seats folded)|
|Towing capacity||Up tp 1,300kg||Up tp 1,300kg|
|0-60 MPH (96 KPH)||12.1 sec||6.4 sec|