When it comes to making a big financial commitment like purchasing a car, it’s essential to get your timing right. You could make big savings on your car purchase just by waiting for the perfect moment to strike. Here are some of the best times to shop for your next car.
End of the financial year (EOFY)
The end of the financial year – 30 June in Australia – is a well-known time for car dealerships to push for sales targets, which can translate into significant savings for car buyers.
Dealerships often have quotas to meet by the end of the financial year. To achieve these targets, they are more likely to offer discounts, rebates and attractive inclusions on a range of vehicles in their stock. You could save anywhere from hundreds to thousands of dollars off the listed price during EOFY sales, so if you’re in the market for a new car, buying just before the end of June could be the way to go.
Additionally, if you’re purchasing a car for your business, buying just before EOFY allows you to claim any relevant costs almost instantly, rather than waiting until next June.
End of the calendar year
By December, dealers are keen to clear out current-year stock before it becomes last year’s model. Because of this, it’s worth looking into whether you can score a new car just before the New Year.
Another element of this is, like EOFY, many dealers will have targets set for the calendar year, meaning they’re likely to be more focused on selling vehicles in what is traditionally a much quieter time for car sales. This means there’s still room for buyers to negotiate and score a bargain before the new year begins.
And the deals don’t necessarily stop on 31 December. Many plate clearance sales run into January, giving you extra time to find a great offer on a brand-new car.
Start of the calendar year
Once it ticks over to 1 January, all models with the previous year on their plate are officially old stock. By holding out to the New Year, rather than buying during the Christmas period, you could save yourself even more money by buying an older model.
As dealerships become more desperate to sell their previous year’s inventory, your bargaining power becomes even stronger, according to Managing Director of Savvy Bill Tsouvalas.
“If you’re someone who doesn’t have an issue buying an older model, even if you’re purchasing brand-new, waiting until just after New Year’s could be a great move for your bank account.
“Dealerships need to make space for their new models, which typically arrive a few months into the year, so you can be sure you have the upper hand when it comes to negotiating on the price, as well as other attractive features.”
Bill Tsouvalas, Managing Director, Savvy
New model run-out/stocktake sales
While dealerships look to clear their stock at the change of year to make room for vehicles with the current year’s plates, the same is true when they’re expecting an updated or new model from a manufacturer.
Around this time, you’re likely to see discounts popping up from models that are about to be replaced, presenting you with a strong opportunity to strike a more affordable deal on your new car.
If you’re eyeing a particular car and don’t mind owning an older model, purchasing it at a run-out sale could help you maximise your savings on your new car.
End of the month or quarter
Of course, if you want to buy a new car now and don’t find yourself near any of the above times of year, waiting until the end of the month could also do the trick in helping you bag a good deal on your car.
If you’re ready to buy now but aren’t near one of the bigger sales periods, timing your purchase for the end of the month or non-EOFY quarter (March, September and December) can help you bag a solid deal. Just like end-of-year pushes, dealerships often scramble to hit these targets, which could also include sales volume bonuses from manufacturers.
To get there, they may drop prices, include extra bonuses or be more flexible in negotiations – putting you in a stronger position to bargain and save.
Is there a right time to buy a used car?
The best times to buy a used car aren’t as clearly defined as with new cars. While used car dealerships may still target specific times of year like EOFY or Black Friday, there’s less pressure to clear older stock. Prices tend to be influenced more by individual seller circumstances, availability, vehicle condition and broader supply trends.
It’s often a matter of keeping an eye out on car sales sites, Facebook Marketplace and other resources to see if the car you want pops up at the right price.
You’re more likely to find an influx of used vehicles when popular models release their latest upgrade, so if you’re in the market for a Ford Ranger or Toyota HiLux, for example, you may find plenty more options after tradies and other businesses jump on the updated version.
Also, if you’re willing to take on a damaged car for a very cut price, looking for a vehicle immediately following a major storm or disaster could also net you a cheap fixer-upper.
For those on the hunt for a new or used vehicle, you can compare a range of car finance options right here with Savvy or speak with a car broker if you need assistance purchasing a vehicle during any of these periods.
