EOFY Car Sales: 6 tips to secure a deal

Man and woman buying a car from a dealership

With the continued rising cost of living, there are a lot of ways Aussies are trying to save their money. 

A survey by Novated Lease Australia found that 92% of Aussies will take action this year to get a better price for a new car, with more than a quarter who would only buy a car during a sale. 

If you are in the market for a new car, EOFY car sales are right around the corner and could be a great option if you are looking to save some cash.

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. 

Is EOFY the best time to buy a car? 

The financial year ends on June 30, 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 a large chunk of the original price. However, 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? 

Here are 6 tips to help score a deal at the EOFY car sales:

  • 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 loanIf 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.  

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.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 92 car loans.
Last updated 25 June 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Details
  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

    Compare
    Details
  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.65% p.a.based on $30,000
    over 5 years

    Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.

    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,295.27 including fees.

    Compare
    Details
  • Green Car Loan

    Home Owner, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.09% p.a.
    7.21% p.a.based on $30,000
    over 5 years

    No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.09% would cost $35,754.42 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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