Are you looking to get a great deal on a car purchase? Save money by taking advantage of end of financial year sales on cars
Special deals on cars always pop up during the end of the financial year (EOFY), as car dealers struggle to clear their outdated stock and meet their yearly sales targets. Shopping at EOFY sales can save you money, 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. Making a car purchase at this time of year is made even better by the fact that you can get a bargain.
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EOFY sales are usually brilliant, 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 deals that cover off-road costs i.e. third party insurance 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.
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 that you can get a car loan with reduced interest rates even with a credit rating that is not so great. With your low-interest motor vehicle financing, your will be well positioned to take advantage of end year deals from car dealers and get a business vehicle such as a truck or SUV, or a personal car for lowered prices.
How to save money when buying a car during EOFY
The main reason why 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 are 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 are buying is the right car for you.
- Pick and choose features. Extra features on prestige car models can raise 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 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 for affordable car finance to 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.
Cars for the End of Financial Year Sale
June 30 marks the EOFY D-Day, and customers all over Australia look to get a discount on various car models in showrooms all over the country. Customers get to benefit from reduced prices on cars that have stayed in showrooms longer than expected or cars that have probably done demonstrator duty. Here is a look at the best car deals available in the market:
- City cars.You can get some great deals on city cars from some of Australia’s leading car dealers, including Toyota, Mazda and Ford. For starters, customers can get up to $500 off the Mazda 2, a relatively new car in the market that comes with a great bargain on CTP insurance and free registration. The Ford-Fiesta hatchback is also being sold by dealers at a great price of $15,600, a drive away offer that saves you money up to $3,000. The leading seller in the category of city cars is definitely the Toyota Yaris, with some dealers offering discounts of up to $2,200.
- Medium cars. The Toyota Camry was leading in EOFY sales last year, with most car dealers offering discounts on some popular Toyota brands. In general, most car dealers will give you a discount of anywhere around $1,500 on most standard car models in this category.
If you are looking to get a great discount on a car purchase, the EOFY sales are definitely a good time for you to buy it. This is mainly due to the end of year rush when car dealers try to clear as many cars from their showrooms as possible so as to meet yearly targets and to avoid the painstaking task of having to count outdated stock.
With proper timing and affordable car financing, you can end up getting a great bargain such as a reduced retail price, extra car features at no added cost and great bargains on car insurance and other on-road costs.