How to drive a hard bargain at the End of Year car sales
Another year is coming to an end, and this means End of Year (EOY) sales await! Are you in the market for new wheels before the new year? Now could be a great time to upgrade your car as dealerships work hard to move stock before 2020 models become available. Here are some tips on how you can drive a hard bargain when it comes to buying your new car in the EOY sales.
Why now is a great time to buy a car
There’s no better time to look for a great car deal than in December. For car buyers, EOY sales offer the biggest discounts, as dealerships hustle to reach targets before the year ends. December is also a holiday shopping season where dealers continuously lower their prices to compete for buyers. You may even want to make your purchase towards the end of the day, as dealers will be more eager to lock in a final sale before closing.
Arrange your finance before you hit the dealerships
Being prepared with how you will be paying for your chosen car and setting realistic expectations and a budget is better done before shopping for your new car. This way, you know what you’re looking for and will be less vulnerable to the one-size-fits-all financing usually offered by dealerships. Beware of 0% finance deals – these often have short repayment terms and come with the risk of getting shuffled into alternative finance with higher interest rates.
There are a number of finance options available aside from the standard car loan. Talk to us and we’ll help you find the right option that fits your needs and current financial situation.
Do your research
Before going to the car yard, make a list of the cars you’re interested in and research their specs and features, as well as their recommended retail price (RRP). Having knowledge of the product and an idea of the standard price tag puts you in a better position to negotiate. Make sure you check out the offered prices and negotiate with at least three different dealers. If you can successfully play them off against one another, it may work to your advantage financially.
If you have an old car that’s in reasonable condition, you can also consider trading it in. Make sure you research the true value of your car so you can secure a good deal.
Take advantage of tax breaks
If you are a small business owner, you may be more likely to get a better price for your work vehicle. If you are buying a car primarily for commercial purposes, you may be entitled to claim a deduction of up to the full price of the car in the year when you bought it. Speak to your accountant or tax advisor about your eligibility. If you don’t have one, ask us for a reputable referral.
While December has just begun, now’s the time to speak to us to help you with having a better understanding of your finance options. We’ll also help you arrange your car finance application so you have leverage during the negotiation process. Happy hunting!
The information provided is general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. This article does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.