automotive finance

5 Key Benefits to Take Advantage of in EOFY 2023

The months of July and August bring forth an unparalleled surge in car sales, with dealerships witnessing a remarkable 30% increase in average sales. Curious as to why this period becomes the pinnacle of car shopping? The answer lies in a perfect confluence of factors that give consumers an incredible opportunity to secure a fantastic deal on their dream vehicle. 

As the financial year draws to a close, astute buyers can reap the benefits of lower prices, enticing value-adds, and irresistible low interest-rate specials. These incentives, carefully orchestrated to encourage purchase decisions, create an optimal environment for car enthusiasts to fulfil their automotive aspirations. So, let’s delve into the reasons why the EOFY marks the prime time for embarking on a new car ownership journey.

1. Buy In with Industry

Embrace the Tradition: Unveiling the Intrigue Behind EOFY Car Bargains The EOFY (end of the financial year) has evolved into an industry hallmark, synonymous with enticing deals and discounts for eager customers. As winter sets in, the market anticipates remarkable offers, prompting dealerships and manufacturers to engage in a spirited competition to captivate their target audience. 

This fervour is evident through the deluge of car advertisements that inundate our screens, boldly proclaiming that “There’s never been a better time to buy.” In this realm, EOFY bargains materialise as a self-fulfilling prophecy, driven by customer expectations and the industry’s response. 

During this period, renowned brands lock horns to vie for buyers’ attention, crafting value-for-money deals to meet ambitious sales targets in an incredibly competitive market that thrives year after year. 

So, brace yourself for the enticing allure of EOFY car bargains as the industry’s heavyweights strive to outshine one another, igniting a flurry of value-packed offers that will leave you spoilt for choice.

2. Leverage

As the end of the financial year approaches, both manufacturers and dealerships face the imperative to clear their existing stock and make room for newer, more sought-after models. Armed with this knowledge, you enter the dealership with a valuable negotiating position. Remember, salespeople possess insights into the profit margins of each vehicle, often leaving room for negotiation. 

Utilise this leverage to secure a better deal. While a lower price is desirable, don’t hesitate to explore other avenues for added value. Requesting interior upgrades, third-party insurance packages, or extended warranties can enhance the overall package and further maximise your investment. These options are well within the salesperson’s repertoire and can help you secure a truly outstanding deal.

3. Possible Resale Value

When considering a car purchase for your business, taking advantage of price fluctuations can prove to be a savvy decision. Timing your purchase to coincide with price reductions on previous-year models can lead to substantial savings. By opting for a well-maintained, service history-backed car, you can potentially recoup some of its value when reselling it after a few years. 

Determining the resale value of your car requires careful consideration of factors such as the make, model, and external economic conditions. Conducting thorough research prior to making your purchase will enable you to make an informed decision and maximise your investment. 

Alternatively, if your primary focus is mileage accumulation and resale isn’t a priority, you can explore enticing deals on older models, leveraging their affordability without the intention of recovering costs down the line. Ultimately, aligning your car purchase strategy with your business goals ensures you make a sound and financially prudent decision.

4. Sales Targeting

The final days of each month have long been recognized as a prime opportunity to secure a remarkable deal on a vehicle. Why? It all comes down to sales targets and bonuses that drive car salespeople to go the extra mile to close a few more deals before the month ends. This trend intensifies at the end of the financial year when workers aim to finish on a high note and capitalise on available bonuses. 

The culmination of the financial year brings forth a series of additional factors that heighten this phenomenon. Car manufacturers, eager to make room for upgrades and new models in the upcoming financial year, incentivize the sale of older car models. They strive to clear out showroom floors and resolve their own tax-related complexities. 

As this imperative to make room and embrace the new takes centre stage, prices are driven down, presenting customers with unparalleled opportunities. Even if there’s no explicit price reduction on older models, sellers may sweeten the deal with enticing value-adds. From complimentary upgrades and stylish alloy wheels to inclusive roadside assistance packages and exclusive limited-time-only interest rates, the benefits are plentiful.

5. Business & Sole Trader Buyers

For business buyers and sole traders with an ABN, the end of the financial year holds a golden opportunity to reap tax advantages when acquiring a new or used car. Thanks to the introduction of the instant asset tax write-off by the federal government, you can now swiftly claim depreciation for an asset purchased within the same financial year, leading to significant tax benefits. 

While this tax incentive may not apply to all buyers, if you operate a business that relies on passenger vehicles, seizing the chance to make your purchase before the financial year concludes can be a strategic move to harness valuable tax deductions. Embrace this savvy approach and unlock the full potential of tax advantages tailored to your business needs.

As the end of the financial year approaches, it’s essential to approach the enticing EOFY deals with caution and a thoughtful mindset. With a vehicle purchase being a significant investment, it’s crucial to make informed decisions and ensure you’re getting the best value for your budget. Consider the following strategies to optimise your buying experience:

Comparison Shop

Explore different dealership offers and gather multiple quotes, especially if you have a trade-in. Be vigilant when visiting multiple dealerships owned by the same group, as they may attempt to control prices. Play dealerships off each other by sharing details of offers elsewhere, leveraging their competition for your business.

Plan and Specify

Take the time to plan and determine your specific requirements, including the make and model of the desired car. This clarity empowers you during negotiations and prevents the dealership from steering you towards less favourable options.

Research and Due Diligence

Conduct thorough research, treating the purchase as any other significant investment. Be cautious of deals that may not deliver as promised. For instance, some companies may highlight offers such as extended warranties that already exist throughout the year, adding little additional value.

Timing Is Key

While year-round discounts are common, the end of the financial year often presents the most favourable opportunities. By exercising patience and waiting for the optimal time, you can reap significant benefits and secure a substantial discount on your next vehicle.

Remember, informed decision-making and careful evaluation of offers will help you navigate the EOFY deals and ensure a successful purchase.

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Over the years, we’ve worked with Australians with all kinds of credit scores to secure car financing. We’ve got a huge pool of lenders at our fingertips, so no matter where yours is sitting currently, we’re here to help find you a financing package that matches your particular circumstances perfectly.

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