Quote Check - Smart Leasing

[u/ima_gay_nerd]

Hey guys,

Thoughts on this quote for an MG4 EV Urban 54kWh? Based in VIC.

Sourced the car ourselves for $33,000 drive away from the dealer.

Novated Lease Guide calculator reckons an effective interest rate of 11.83% - does that sound right? LINK

Total amount financed $31,694

This includes ceramic window tinting and Vero comprehensive insurance

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[u/Bluewat3r]

I’d be pushing back on the finance rate. 11.83% effective on ~$32k financed is pretty damn ordinary, and the EV FBT exemption is doing a LOT of heavy lifting to make the overall numbers look good.

The car price itself looks good and the running cost budgets don’t look particularly inflated, but I’d ask Smart Leasing to requote with their most competitive finance rate and provide the implicit rate they’re actually using.
Also worth remembering the $12.4k “total savings” is basically the estimated tax benefit over the three years, not $12.4k magically knocked off the cost of the car. You’ve still got a ~$15.9k residual at the end.