Media Release

Aussies revved up for new cars

  • Over one million Aussies eye off EOFY new car deals
  • Save over $3,000 on a new car this EOFY
  • Calculate car loan repayments and compare car loans at finder.com.au

01 June 2018, Sydney, Australia – Sales of new cars in Australia are expected to explode as demand ramps up, according to research by finder.com.au, the site that compares virtually everything.

A recent finder.com.au survey of 2,003 Australians found more than one million Australians are eyeing off end of financial year (EOFY), new car deals.

Based on ABS data showing the volume of new car deals has spiked by an average of 31% every June for the past five years, finder.com.au forecasts many interested shoppers will follow through with buying a new car this EOFY.

Bessie Hassan, Money Expert at finder.com.au, says savvy shoppers who have waited until now to buy a new car could pocket thousands of dollars in savings.

“With an average discount of $3,400 during the EOFY period, snapping up the run-out car model means big savings.”

“In addition to discounted car prices, there could be further savings to be had. Be sure to look out for additional giveaways like extended warranty or features like alloy wheels and parking assistance,” she said.

Separate finder.com.au research reveals, one in five (20%) prospective car buyers plan to get a car loan, while one in ten (10%) will opt for a personal loan, with the same proportion (10%) aiming to use car dealership finance and a small percentage (5%) planning to use their credit card to buy their new car.

Worryingly almost half (44.5%) plan to go into debt to get their hands on a new car in the coming financial year – not surprisingly, Generation Y (those aged 18-34) are twice as likely as Baby boomers (those aged +59) to go into debt to buy a new car.

Ms Hassan cautions those considering going into debt in order to get behind the wheel of a new car to budget for all the costs associated with car ownership.

“A car is one of those purchases which can lead to unexpected expenses like needing new brakes or a windscreen repair, so make sure you have some wiggle room for maintenance and everyday running costs like fuel.

You can cut insurance, maintenance and running costs by taking advantage of discounts, low prices and comparing insurance policies online before committing to a certain brand.

“It’s also important to make sure your new car’s price doesn’t include something you may prefer to take out separately, such as insurance, she said.

“If you plan on getting a loan, calculate what repayments you can afford before even going car hunting – that way you start with your budget instead of working backward,” she said.

Consumers should compare car loans and insurance online to ensure they get the best deal when picking up their new set of wheels.

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.

We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.

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