Car sales: How to get a good deal at the EOFY
Wednesday 03 June 2020
With international travel unlikely to resume for a while, now may be the perfect time to hit the road and discover what Australia has to offer.
If you need a new set of wheels to get you there, your timing couldn't be better with the 2020 EOFY car sales around the corner.
What are EOFY car sales?
EOFY is an acronym for “End of Financial Year”. While that may sound like a term you'd only hear in a bank or accounting firm, EOFY is something every Aussie consumer should know about.
Why? Because it’s a time when retailers across the country have big sales, including car dealerships.
Why is EOFY a good time to buy a car?
The financial year ends on June 31, so EOFY car sales tend to start a few weeks leading up to it. It’s a good time to buy as car dealers are more likely to negotiate prices with you, in order to meet quotas and enjoy a yearly bonus.
In some cases, you can knock off thousands, if not tens of thousands of dollars from the original car price. Remember you need to sign the sales contract before July 1 to get the sales price.
How do I save money when buying on EOFY sales?
To help score a deal at the EOFY car sales, start saving. Here are some tips:
- Push for a lower price: Don’t be afraid of haggling a little. Keep in mind that the car salesman wants you to drive away in a vehicle before the end of the month. So test the waters and don’t sign the dotted line before you’re happy with a car price you can afford.
- Find a competitive rate on your car loan: If you are looking for a car loan, shop around a bit. While the car dealership may offer you some financing options, independent lenders may have more competitive rates.
- Get pre-approval if you can: If you apply for a car loan and are pre-approved prior to buying your car, this might give you more of an edge when it comes to bargaining a car down to your price range.
- Pick features that suit you: Avoid the trap of purchasing a car with all the bells and whistles just because it looks fancy. The more features you have on the car, the higher the price. So consider which ones you actually need and choose the car accordingly.
- Go through the terms and conditions closely: It never hurts to go through the details with a fine tooth comb, especially when some car dealers may leave some conditions out when advertising the sale price.
- Check out cost of delivery: Remember, this is an additional cost on top of the purchase price of the vehicle, so don’t get caught out paying too much in delivery.
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Want to check out some killer car loan options on the market? Take a peek below or head over to our car loans comparison table.