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Should I wait until EOFY to buy a car?

By Jez Spinks, 28 Apr 2017 Car Advice

Should I wait until EOFY to buy a car?

The halfway point of 2017 is two months away, and that heralds the start of end of financial year season in the new-car market.

The end of financial year is a period of busy activity for car manufacturers as they launch campaigns advertising enticing deals on some or all their models – usually restricted to private buyers only.

Offers can range between discounted driveaway pricing, extra free features, or free ownership costs – such as extended warranties, servicing and registration.

Industry sales figures indeed reveal June as historically the best-performing month, though the end of the calendar year is another potential bargain hot-spot.

In November and December, dealers are keen to clear remaining stock of current-model-year vehicles, as last-year build plates become less attractive in a new year.

However, while manufacturers and their dealers all have targets they want to hit before the financial or calendar year concludes, a more urgent need for a vehicle doesn’t necessarily mean you need to miss out on a good deal.

Dealers also have monthly and quarterly targets, so visiting showrooms in, say, the last week of March, June, September and December could potentially deliver you a double-whammy.

Many car makers – and dealers – also list offers continuously on their websites, so be sure to research online.

In early 2016, for example, the Hyundai i30 was offered with a special $19,990 driveaway price for a few months – a deal that temporarily propelled the hatchback to the top of the nation’s sales charts.

And if you have a preferred brand, it’s worth noting some carmakers stage special annual sales events – and not necessarily based around end of financial/calendar year.

While Lexus’s L’Exhibition campaign, for example, has featured in the month of November, Mazda’s M Day last year ran in September.

Regardless of when special offers are being offered, it’s still worth trying to negotiate an even better deal. Industry insiders say margins are still typically built into offers, which means there is potential wriggle room for a lower price – or at least an extra accessory/option or two.