If you’re looking to buy a car in Australia, timing your purchase around the End of Financial Year (EOFY) could lead to significant price discounts. As the final month of the financial year approaches, car buyers can benefit from some of the best car deals on offer.
Why EOFY Sales Matter
The EOFY is a critical period for car dealerships and manufacturers. By June 30, many companies assess their stock levels and sales figures and look to clear out old stock to meet their financial targets. This can often mean they provide hefty incentives to their dealers to encourage quick sales, incentives used to offer attractive discounts for buyers.
Substantial Savings
To illustrate the impact of EOFY sales, consider the sales data from major brands. In June 2020, Toyota saw a spike with 11.2% of their annual sales occurring in this month alone. Isuzu Ute and Porsche experienced similar surges, with 12% and 12.2% of their yearly sales respectively happening in June. Even during challenging times, such as the pandemic lockdowns, the EOFY period proved to be a prime time for car purchases.
Maximizing Your Discounts
Dealers are highly motivated to talk to buyers during this period. If you’re prepared to negotiate, you can secure a cheap car price that may not be possible at other times of the year. Dealers may even reach out to wholesalers they can sell your to so they can make things even sweeter to close the deal.
For car buyers, the potential to knock thousands off the price of a new car is substantial. This is especially true for prestige models, where discounts can be in the tens of thousands. Even if not taking immediate delivery, as long as you’ve signed the sales contract before July 1, you can benefit from these deals.
Additional Considerations
While securing the best car deal, don’t forget to factor in the costs of a car loan and car insurance. The advantage of EOFY sales is that it can reduce your overall expenditure and make it easier to manage your car loan payments and insurance premiums.