When’s the best time to buy a new car?

When looking at purchasing a new car, the time of year, or even time of month, can make a big difference to what you’ll have to pay. Here are the five best times to buy a car in Australia:

The End of the Calendar Year: At the end of the year, dealerships want to clear out models built that year. Sales staff are also motivated to hit annual quotas and dealers offer extra perks such as deferred payments and cashback.

The New Year: Waiting until January can mean even better deals on unsold cars. However, bear in mind that buying a car that was manufactured in the prior year may result in a lower resale value.

The End of the Financial Year: June 30 often sees manufacturers and dealerships slash prices in EOFY sales as well as offering discounts on the car itself, free services, and extended warranties.

The End of the Month: If you’re not buying during a sales period, waiting until the end of the month could mean a motivated dealer willing to negotiate. This is also the period of time when salespeople need to boost their monthly commissions.

Model Run-outs: Dealers need to shift older models off their lots when new stock arrives. Knowing when an updated version is due for release can give you a great position to negotiate. However, consider if the updated model is worth waiting on and paying more for.

Whether you’re buying in a sales period or not, it’s usually worthwhile speaking to a finance broker and arranging finance before you step foot in a dealership to avoid the higher costs that come with dealership finance.