You can save hundreds and even thousands of dollars by pursuing the right strategy for your car purchase. Strategies revolve around how you negotiate with the salesperson and also the timing of your car shopping.
Buying at the end of the year or End of Financial Year is often the best time to purchase a new car because it’s highly likely that you’re going to get the best deal. This is something that many people don't realise.
If you are considering buying at the end of the year, let’s look at some of the reasons why this is a good idea and why you should include this in your negotiating techniques when buying a new car:
Timing is everything when buying a car. If you’ve been wanting to buy a 2017-badged model, EOFY is the right time to do so. Car dealers are looking to make room for new models, so they try to sell the old models. This means there’s a cheaper price tag on these old vehicles.
There is a reduction in value in older models, especially after New Year. The 2018 models are arriving. Most people are looking to buy the latest models and many are prepared to spend good money on them. The 2017 models will have a lower demand in the market compared to when they were first introduced, so it pays to wait so you can get them at a cheaper price.
End of the year is not your only option. You can also opt to buy at the end of the month. Salespeople have a monthly quota they need to reach so they can get their bonus. Buying a car at the end of the month can give you a better chance of a discount. They tend to be more flexible about the price because they want to reach their sales quota and claim their bonus.
Some car dealerships have end of quarter sales quotas they need to meet. You can also take advantage by buying at the end of the quarter for a better deal, like at the end of the month in March, June, September or December.
Negotiating and timing your car purchase are not the only things you can do to get a better deal. A car loan with a low interest rate and excellent features can also help you save money on repayments and afford the car you’ve been wanting.
We can help you with your car purchase whether it’s bought privately, through a dealership, or at an auction. You can check out our car loan products today and see which one suits you the best.
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.