Should I wait until EOFY to buy a car?

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 - and for those unaware - the EOFY sales have already begun.

Dealers have seen fit to discount early and discount often throughout a tumultuous start to 2020, irregardless of upcoming EOFY. New car sales have slumped in 2020 amid coronavirus lockdowns so manufacturers and dealerships alike will be eager to win over your business this time of year.

It's a time of the year when both dealership and customer are on the same page in terms of doing a deal. Buyers are keen to snap up a bargain and dealers are keenly discounting existing stock that must be sold off for tax purposes.

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Although it needs no help, Toyota is currently doing deals on its best-selling Hilux

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

Some of these incentives can make a huge difference to the sale price for both private and business buyers. Keep in mind that business buyers also have the ability to take advantage of the $150,000 instant asset tax writeoff, introduced as part of the government's coronavirus stimulus package.

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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.

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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 or reference our continuously-updated discounted cars page.

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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 typically features during 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.