If you are looking to find the biggest car deals that will save you thousands of dollars, then the best time to purchase a car is during the End Of Financial Year (EOFY). So if you have been eyeing a certain car model or you have been thinking of upgrading your old car, then you have a chance to do so while saving money. Though as much as these deals can be quite exciting, there are a few things you need to do so that you can get the best out of these deals. Without further delay, let’s discuss some of the tips that you can apply so that you can get the best EOFY car deals.
How do EOFY car deals Work?
The End Of Financial Year car sales is where dealers present opportunities where you can purchase a car at reduced prices. This is because the dealers goal is to attract customers to purchase these cars before the close of the financial year. The EOFY sales are usually attractive because many dealers across Australia usually take part in offering the best deals on cars. Not to mention, lenders are also desperate to hit their yearly credit targets. Not to mention, this is also the time where dealers move old stock that has been sitting around. The goal of distributors is to have minimal old stock and more money. Like we mentioned earlier, purchasing a car during this time gives you a chance to save lots of money. To help you score an awesome deal during this period, here are some tips that will guide you.
Tips On Getting The Best Deals
If you are eyeing next year’s End Of Financial Year deals, then you will need to keep these tips in mind so that you can be well prepared.
Consider a later year’s car model
Have you ever heard of a plate clearance sale? A plate clearance relates to the date on the identification plate of the Vehicle and it’s important because it will affect the resale value. A plate clearance sale is when manufacturers introduce new or updated nameplates and at the start of the calendar year is when they want to move as much previous stock as possible. When you go for a later year’s car model, chances of you getting a good deal is high. This is because the cars have been sitting at the dealership for a while and since they are slightly older, dealers want to get rid of them as soon as possible. Therefore, if you don’t mind an older car, this could be a great option.
Do your research
Car dealers have a way of sweet-talking you and convincing you to buy a car that you might not even want because the car comes with a sweet deal. So before you go to a dealership, go in there knowing what car you want, the model and how you are going to pay for the car. It is advisable that you stick to your budget. Work out how much you can afford and what you are willing to spend on the car. Also consider what the purpose of your call will be, how many passengers will you be carrying in your car, how often will you use your car, if the car is fuel efficient, how much boot space will you need and so on. Luckily nowadays, you can check the car features and prices online which will make it easy for you to have a rough estimate. While doing research, make sure to ask your friends and family as well, especially those driving the car model you are eyeing. Reading reviews online is great but nothing is as good as getting real life feedback.
Figure out how much the car will cost you in the long run
When purchasing a car, you shouldn’t only focus on the price of the car only, but how much the car will cost you in the long run. Factor in the cost of car insurance, fuel consumption, servicing and so on. This will help you choose the car that will best suit you and your finances and won’t be too strenuous to your pockets.
Understand the available payment options
Understand the available payment options the car dealership has. If you intend on taking up a loan to pay for the car, get to understand what loans are applicable and what are the requirements you need to have. Also note that if you are buying from a dealer, using the car dealer’s finance might be a good option because the dealer might end up giving you a discount on the car if you get finance through them mostly because they get a cut. There are also other alternatives for financing such as banks, credit unions and peer-to-peer lending.
Read the terms and conditions
It’s possible for car dealers to leave out some information when advertising cars for sale. It doesn’t hurt to read through the fine print carefully on the car advertisement to ensure the car you plan to purchase is right for you.
Cost of delivery
Ensure you include a delivery fee in your budget as it is an additional cost on top of the purchase price of the car. Note that it is possible for them to raise the price so ensure you don’t end up paying too much.