With the end of financial year (EOFY) only a few weeks away, now is the time to be on the look out for special deals on cars, as many car dealers clear their older stock in preparation for the new financial year. Buying at this time of year can save you money, as this is the time when car some dealers offer special deals before they close their books for the year. Here are some quick tips on how to to get a great EOFY deal.
Tips to getting a great EOFY deal
1. Dealer terms. Some car dealers may fudge the advertised price by disguising some of the 'included items' as excluded. It is important to read through the fine print when it comes to these terms - or better still, get independent advice to ensure you are on the right track.
2. Only select features that you need. Extra features on some car models can increase the retail price substantially, so be sure to think carefully about what features you really need. On the other hand, some extra features like sunroofs for example, may increase the re-sale value of a car, so in these instances, it may be worth considering this as an option.
3. Where possible, buy local. Always check where the dealer is sourcing the vehicle It is worth being careful where the car is located as buying a car from intestate for example, can increase the price substantially, despite the discount that are on offer.
4. Get a pre-approval. If you're looking to finance for your car purchase, a pre-approval is a very good idea, as it can the upper hand in the sale as you'll have more bargaining power if you know your limit. Ask us about a pre-approval here.
5. Taker advantage of a car buying service. Take the hassle out of buying your next car and use a car buying service to help you get a better deal. Tere are a number of services around and in our case, Express Fund offers to find you the best deal from a network of more than 500 dealers Australia-wide. We’ll organise a test drive, arrange finance, and have your new car delivered to your door. Learn More
6. Consider a novated lease. On the scale of 1-10, novated leases offer the most cost effective way to purchase a car and at this time of year there are several great deals in this category. A novated lease is a three way agreement between you, your employer and Express Fund that enables you to utlilise your income before it is taxed and retain more cash in hand on payday. Learn More