That acronym we’re all probably over hearing is annoying, yes, but also very useful for those considering buying a new car. EOFYS – or end of financial year sales, can be a secret weapon for car buyers.
When searching for a deal during the EOFY sales use these handy tips to ensure you get the car you want and save as much as possible in the process.
Don’t fall for 0% finance offers – there is usually a catch behind these offers. Dealer finance should never be taken, especially before you seek better alternatives such as talking to a finance broker. A broker can assess the amount you want to borrow, give you options, and even help you with the application process. This is even more helpful if you have bad credit, a broker can really walk you through your options to assess the best deal. If you use dealer finance, you don’t have options and may be missing out on saving thousands.
Choose a car that’s in stock – When you have your mind set on a model that isn’t in stock it can be disheartening. But do not be tempted to agree to have the car ordered in from other dealers or manufacturers. The additional costs are likely to be added to your final bill. If the dealer doesn’t have the car you want in stock, go elsewhere. Luckily for consumers dealers are in good supply all around Australia. Alternatively, we would suggest selecting 2 or more models that you would be willing to purchase. This gives you more choice.
Think twice about extras – tinted windows, paint protection, trimmed interiors, leather trim, sunroof…the list of extras a dealer might try sell you goes on. Steer clear. You can get extras such as tinted windows and paint protection for much less if you get quotes from non-dealer suppliers. If a sunroof or leather interior is what you are seeking, consider if your budget will allow you to purchase the higher model, its likely to be more cost-effective than adding extras to your bill.
Don’t be afraid to walk away – stand your ground and let the dealer know that you mean business. This is an important step in negotiating. Be fair but harsh and make it known that you are talking to other dealers. If one dealer has offered you a more competitive price on the car you want – see if the other dealership is willing to do better. Chances are they will move on the price if they know you are willing to walk away.
Get a pre-approval – getting pre-approval for a car loan is easy and it allows you to do two things really well: firstly you know what your budget it and this makes the selection process easier, secondly, you won’t need to consider dealer finance savings you time and effort you are likely to need.