Buying a Car During End of Financial Year Sales

Buying a Car During End of Financial Year SalesThe end of the financial year is one of the best times to save on a new car. Whether you are looking for a local or imported bargain, keep in mind that dealers are likely to discount their stock during this time. Here are some insights and tips for finding a great deal during the end of the financial year.

Discounted new cars

As the financial year draws to a close, distributors and dealers will be busy concluding their accounts for the previous year and preparing for the new one. They will be looking for ways to clear out older stock, particularly as buyers will be less willing to pay full price for stock from the previous year even if these cars are completely new.

Save on financing

In some cases you may also be able to save on financing, as dealerships and distributors work with finance companies to lower interest rates to encourage buyers to buy up older stock. The discounts on interest rates and/or fees and charges may be significant and could run in the thousands. They may even be better than those offered by banks.

Imported cars

There have been suggestions that the Australian dollar, after a long run above parity, may keep rising. The higher the Australian dollar, the better prices on imported vehicles will tend to be. Brands such as Alfa Romeo, BMW, Hyundai, VW, and Subaru are all imported, so if you are looking for an imported car during this time, consider how the exchange rate may also be affecting prices on your shortlisted models.

Do your research

Many dealerships and distributors provide a list of end-of-financial-year specials. Do research online and make sure you compare the offers that are available. Contact the dealerships directly for a test drive and for any other information you need to make a decision. As you compare the car deals available, also take time to compare the different financing options.

Drive-away price

When conducting research, be aware of whether the quoted price is the drive-away price or not. The drive-away price is a much more accurate picture of car costs, as it can include additional costs such as registration, insurance, dealer delivery charge, stamp duty, additional options on the car, and other statutory charges.

How to approach the sale

Avoid appearing overly enthusiastic about a possible bargain, as this can reduce your chances of being able to haggle for a better price on the vehicle. Act as if you have other options that you are considering. Take time to bargain for a better price and be proactive when it comes to asking about end-of-financial-year specials and discounts.

The end of the financial year is one of the best times to save on a new car. Whether you are looking for a local or imported bargain, keep in mind that dealers are likely to discount their stock during this time. Here are some insights and tips for finding a great deal during the end of the financial year.

Discounted new cars

As the financial year draws to a close, distributors and dealers will be busy concluding their accounts for the previous year and preparing for the new one. They will be looking for ways to clear out older stock, particularly as buyers will be less willing to pay full price for stock from the previous year even if these cars are completely new.

Save on financing

In some cases you may also be able to save on financing, as dealerships and distributors work with finance companies to lower interest rates to encourage buyers to buy up older stock. The discounts on interest rates and/or fees and charges may be significant and could run in the thousands. They may even be better than those offered by banks.

Imported cars

There have been suggestions that the Australian dollar, after a long run above parity, may keep rising. The higher the Australian dollar, the better prices on imported vehicles will tend to be. Brands such as Alfa Romeo, BMW, Hyundai, VW, and Subaru are all imported, so if you are looking for an imported car during this time, consider how the exchange rate may also be affecting prices on your shortlisted models.

Do your research

Many dealerships and distributors provide a list of end-of-financial-year specials. Do research online and make sure you compare the offers that are available. Contact the dealerships directly for a test drive and for any other information you need to make a decision. As you compare the car deals available, also take time to compare the different financing options.

Drive-away price

When conducting research, be aware of whether the quoted price is the drive-away price or not. The drive-away price is a much more accurate picture of car costs, as it can include additional costs such as registration, insurance, dealer delivery charge, stamp duty, additional options on the car, and other statutory charges.

How to approach the sale

Avoid appearing overly enthusiastic about a possible bargain, as this can reduce your chances of being able to haggle for a better price on the vehicle. Act as if you have other options that you are considering. Take time to bargain for a better price and be proactive when it comes to asking about end-of-financial-year specials and discounts.