The end of financial year or EOFY could be a great time of year to buy a new car, with tax time just around the corner car dealers are under pressure to move stock. It is generally the car industries busiest time of year and with major dealerships selling hundreds of cars in June alone, it's a great time to grab a bargain!
Before you visit the dealership, make sure you have your research sorted and a shortlist of cars in mind. Then take each model for a test drive, consider any options you might want and see if the colour you like is available. Stock can run low during the EOFY sales, so have a plan B just in case there's no way of getting what you want before the 30th of June.
Interest rate reductions and 0%p.a finance offers may also be available during the EOFY. While these may sound like a dream come true, you might find that once you get to the dealership and start making enquiries that the offer comes with some conditions. These may include large upfront deposits, vehicle restrictions and limited opportunities to negotiate the price of the car.
You might find the offer comes with some conditions. These may include large upfront deposits, vehicle restrictions and limited opportunities to negotiate the price of the car.
To give you additional confidence and buying power, it could be a good idea to have your finance in place before you visit the dealership. Because finance is available from many sources, not just the dealership, you may want to talk to a broker who has access to a number of lenders to help you with the application process and answer all your questions.
Additionally, did you know that there are car buying brokers out there too? What a great idea, I mean who wants to spend all weekend visiting five different dealerships trying to negotiate the best price! Car buying brokers may be able to negotiate a better deal than you if you went to the dealer directly. It could potentially save you more than you think and if it saves you from a weekend of car dealerships it might be worth checking it out!
Buying a car can be one of the biggest purchases you’ll make in your life, so it should be an enjoyable one. If you take these steps into consideration, including having a shortlist of vehicle options, doing your research and obtaining finance before you visit the dealership you should be able to take advantage of any EOFY offer that comes your way.