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Novated Lease vs Car Loan vs Cash Purchase

You could have been searching for a sample Novated Lease calculator or illustration that you can use to compare versus a typical car loan or a straight-forward cash purchase.

Below is a sample comparison.

Those ones in yellow, except for the 'annual salary' which you should be providing to leasing company, will be provided by the same leasing company. You can play around and replace the values as you please. Those ones in 'orange' can be changed as well on the Car Loan and Cash Purchase options.

sample comparison

For the car loan option, you can change the values for the 'Loan Capital/Car Purchase' and 'Interest Rate'. You should be able to provide this by asking a car dealer and/or bank where you will avail of the loan.

For the car purchase option, the 'Opportunity Loss Rate' can be optionally supplied. You can supply a value that may be equivalent to the ongoing bank interest rates or any investment tool interest rate that you think is applicable.

Here is the link of the spreadsheet:

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Enjoy shopping for your new car!

The following excel sheet may also be useful to get a glimpse of  your payout schedule each month as well as the amount should you wish to early terminate your lease. Please note though that this is only for comparison. The formulas used in this file may be different from that of your novated leasing company.

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Novated Car Leasing Myths


The information in this website and the links provided are for general information only and should not be taken as constituting professional advice from the website owner

The calculators and tools on this website are provided for your information and to illustrate scenarios. The results should not be taken as a substitute for professional advice.

All reasonable care has been taken in preparing and designing the calculators and tools; however, ASIC provides no warranties and makes no representation that the information provided by the calculators and tools is appropriate for your particular circumstances or indicates you should follow a particular course of action.



  1. Should cell I28 be a real number or a formula i.e. =F28

    1. for simplicity, i made them equal.

    2. it should be equal to f28 but cell i28 is fixed and can't be ammended...

    3. modified. thanks folks for the comments .sorry for the late reply. feel free to like and share.

  2. Can you check the interest calculation in f30 please? I used the CUMIPMT formula and calculated the cumulative interest to be $2947.12.

    By the way, I really love this workbook. Got me much further that I could have on my own. I'm just trying to check the formula's so I understand.

  3. Awesome sheet here mate. One thing I noticed is the (I28 Loan Capital/Car Purchase) figure does not change with the figure typed in F28. Could you have a look at it? The value stays at $31500

    1. modified. thanks folks for the comments .sorry for the late reply. feel free to like and share.



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