When is the best time to buy a car in Australia
Timing is everything—this sentiment is true even when you’re buying a car. If you time your new car purchase right, you could save a good chunk of change and then some. Who doesn’t want that?
A lot of car buyers, both experienced and new, are unaware that there are ideal times to get a new set of wheels. The good news is you won’t be in the dark for long. In this article, we’ve detailed the best times to buy a car.
Top 5 best times to buy a car
Use time to your advantage and make your purchase at the best time of the year.
1. Start of the year
The New Year is a great time to get discounted rates on your new car purchase. At the beginning of the year, it’s not uncommon to see dealerships hold clearance sales. By this time, a lot of car dealerships will want to clear out old stock from last year to make room for newer models that will arrive later sometime around February or March.
Because dealerships are eager to sell what’s left of their car inventory, you’ll be in a better position to negotiate. A challenge during this time, however, is finding a dealership with enough stock of the model you’re looking for.
Also, take note that when you’re browsing cars on sale at this time, theywill most likely be older models. If that’s not an issue for you, then by all means start car shopping in the New Year to get an excellent deal.
2. Right before the year ends
If you don’t want to wait until the New Year to purchase a car, you can also get spectacular deals before the year ends.
Some say this is the best time of year to buy a car in Australia because dealerships want to sell out current cars before they become last year’s models. Plus, sellers are looking to hit their end of year quotas too which gives them even more motivation to give you incentives.
As a buyer, you may see a lot of additional perks when you buy during this time of year. Aside from a discounted price, you may also see sellers give extras like free add-ons, bonuses, cashback offers, deferred payment, and the like to make the deal more enticing.
3. End of Financial Year (EOFY)
The 30th of June is the end of Australia’s financial year. And like most businesses, car dealerships typically hold an EOFY sale to help increase their sales just before the tax year ends.This is one of the best times to buy a car because dealers give buyers way more freebies during EOFY while hiking up their discounts.
Because dealerships and manufacturers are looking to maximise their profits before the end of the financial year, you’re likely to see a lot of special offers in addition to the already highly discounted prices. Some include free add-ons and services, longer warranty periods, and complimentary car accessories.
With EOFY sales being so well-known, you may be competing with other buyers to get the car you want. If you plan on taking advantage of the great car deals during EOFY, it’s best to have a backup plan if you get outbid on your top choice of car.
4. Every end of the month
For those who want to buy a car as soon as possible, you can get good deals on cars at the end of every month too. No need to sit on your hands and wait for EOFY, the end of the year, or the New Year.
Dealers typically have an end of month sale every month in a bid to reach or go above their sale targets for that month. Some dealerships also get bonuses from manufacturers when they hit a certain volume of sales. So, you’ll likely see a lot more discounts and sales going around during the tail end of the month.
Be on the lookout for end of the month sales at your local dealerships so you can time your purchase right. With good timing and some smart negotiating, you can get an incredible bargain on your car purchase.
5. When a new model is released
If you’re not too bothered about owning the shiniest new car model available, then it might be a good idea to wait until a newer model comes around. Once a new model is released, the older version of that same car will likely be put on sale at a significant discount. You could get your ideal car at a bargain if you time your purchase right.
Do some research and see if the car you’re eyeing will have any new releases soon. Know how long a car has been on the market and when the new version will arrive so you’re in a better position to negotiate.
Generally speaking, cars get upgrades every three to four years since their release. Meanwhile,total model updates happen every six to seven years upon the current model’s release. Keep these dates in mind while you’re preparing for your purchase.
When should you buy a car?
As you can see, there are plenty of advantageous times throughout the year to buy your dream car. You can save more at certain times compared to others, but you can still get a pretty good deal year-round. It all depends on your preferences, needs, and financial situation.
What you need to remember though is that the very best time to buy a car is when you’re able to comfortably afford it. It’s never a good time to buy a car if you don’t have a way to properly finance your purchase. Before anything else, make sure you get your finances in order and get a good car loan.
Finance your car purchase any time of the year
At loans.com.au , you can get the best low rate car loans at any time of the year. Get a good deal on your car and your car loan too.
Talk to one of our friendly lending specialists today to discuss your needs. Or you can apply for a car loan online and we’ll get in touch with you soon.
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About the article
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.
