Despite sales being less common than in the past due to the limited supply of vehicles, it is still a fantastic opportunity to capitalise on the tax savings and potential deals. If you’re looking for a great deal this EOFY, chat to an OnlineAuto car-buying specialist because as the title suggests, they know where to look for the best deals.
With that in mind, let’s talk about five important tips that are designed to help you get the most out of end of financial year car sales, and find your dream car at the best possible price.
Why is Buying a Car Cheaper at the End of Financial Year?
There are a number of factors that culminate in massive potential savings at end of financial year (EOFY) sales at dealerships all around Australia.
As you draw closer to the end of the financial year, manufacturers try their absolute best to hit their delivery targets and maximise their financial results.
This trickles down and means that dealerships are incentivised by the manufacturer to clear out older stock to accommodate deliveries of newer vehicles, as well as the tax benefits of clearing out stock before the end of the year.
Combined with the fact that new models are usually introduced in the middle of the year, dealerships often have plate clearances and other sales from April in the lead-up to the end of the financial year.
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Five Tips to Get the Most Out of End of Financial Year (EOFY) Car Sales
1: Use a Car Buying Service like OnlineAuto
If you’re hoping to get the best possible price on a new vehicle purchase at an end of financial year car sale, leaning on the expert advice and bulk-buying power that OnlineAuto offer can make a huge difference.
Our team of car-buying specialists will help cover all the important aspects that we will look at in this article, breaking down some of your best options, individual model variants, and even some vehicles you might not have considered before.
Better still, we can help leverage the savings of an end of financial year sale and combine them with our fleet purchasing power which means you can be confident you’re getting a great deal.
2: Keep Your Eyes Peeled
You’ve got to be in it to win it, so keep an eye out for any advertised plate clearances. It’s also worth visiting some of your local dealerships and mentioning any EOFY promotions, even if you haven’t seen them advertised.
3: Compare the Range
Picking the right car is more complex than choosing a model you like. Within that model range, there may be anywhere between three to five individual variants, with different engines and features on offer.
Make a list of your must-have features, and see how that stacks up to a model lineup to see if you’ll be well-served by the entry-level variant or if you need to step up to higher-ranking members of that family.
4: Consider a Previous Model Year (MY)
As we’ve mentioned, EOFY sales are most lucrative for buyers that are happy to drive away in a vehicle from the previous model year.
Dealers will have more flexibility when it comes to pricing for an older model year vehicle, and may even throw in some bundled accessories to sweeten the deal.
The great news is that models often change very little on a year-to-year basis, which means there are potentially huge savings on an identical-looking vehicle that comes with the same engine and features lists.
5: Be Flexible
Once you understand how a manufacturer splits their models into different trim levels and you’ve made your list of must-have features, you’re in a much better position to choose the right individual variant.
The only problem is, dealers are well-aware of the popular variants, and if yours fits into that list, they might be less inclined to budge on price.
To get the best possible deal on your vehicle in an EOFY car sale, be flexible when it comes to things like the trim level, colours, and even the manufacturer itself by comparing some of the best options from that vehicle’s rivals.
A little flexibility goes a long way when it comes to buying a new car, so don’t be afraid to compare other options out there on the market.
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If you’re looking for some expert advice on your next car, or simply looking for a great deal, don’t hesitate to reach out to our car-buying specialists who can help find you the most competitive pricing, and take all the stress out of the process.