Special deals on cars always pop up during the end of financial year (EOFY), as car dealers clear their outdated stock to meet their yearly sales targets and make room for newer models. You can save considerable amounts on a new car during the EOFY sales, as this is the time when car distributors and dealers give customers special deals as an incentive to achieve better car sales before they close their books for the year. As an additional bonus, you could also get thousands of dollars worth of optional extras thrown in for free!
This guide will take you through how the sales work and list a few bargains you can pick up this year.
EOFY sales are usually very attractive, with many dealers across Australia offering great deals on car purchases. In fact, this period is the only time you can get bargains that can save you a couple of thousand dollars with promotions that cover on-road costs, such as third-party CTP insurance, stamp duty and registration fees.
How to bargain for a better deal during EOFY
EOFY car sales present a unique opportunity to purchase cars at reduced prices, as dealers battle to attract more customers before the close of the year. Purchasing a new car during these sales gives you a genuine opportunity to save money and get a great deal. Don't be afraid to put a little pressure on a salesperson. Make it clear you're ready to buy, but perhaps want metallic paint or an option pack thrown in additionally. With the drive to meet performance targets, the dealer might just meet your request to secure the order.
As lucrative as it may be, getting a great bargain on EOFY sales can be a daunting task, as the period is usually hectic. To ensure you get in on the act and enjoy great bargains on cars, take time to compare personal car loans from different lenders, so that you get one that suits your finances. During the close of the year, lenders are also desperate to hit their yearly credit targets, meaning you can get a car loan with reduced interest rates even with a credit rating that isn't so great. With your low-interest motor vehicle financing, you will be well positioned to take advantage of EOFY deals from car dealers and get a business vehicle such as a truck or SUV, or a personal car for discounted prices.
How to save money when buying a car during EOFY
The main reason people jump at EOFY sales is to save as much as possible on a car purchase. Keep the following tricks in mind to make sure you get the best deal during the sales:
Terms and conditions. Some car dealers are not very transparent about the real price of the car they're advertising. In order to ensure you get a good deal, be sure to read through the fine print on the car advertisement to ensure the car you're buying is the right car for you.
Pick and choose features. Extra features on prestige car models can raise the retail price significantly, so you can ask for certain features you may not need to be dropped in an effort to bring the cost of the car down.
Cost of delivery. Delivery fees should also be considered carefully when buying a car because they can raise the price despite the dealer offering discount deals on the on-road costs.
Deals and packages. If you find a dealer offering competitive rates, you can save more by taking advantage of this, especially if the rates are offered as part of a lucrative overall package. However, in most cases it may be better to use your financial institution to source the affordable car finance you use during EOFY sales.
Consider pre-approval. If you're looking to secure finance for your car purchase, you might want to look into getting pre-approved for your loan. Pre-approval can give you the upper hand in the sale as you'll know how much you have to spend and have more bargaining power. Find out more about pre-approval by reading our guide.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
You'll receive a fixed rate from 5.69% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.
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