The best time of year to buy a car
There are numerous periods throughout the year that are the best time to buy a car. Choosing the right time of year to buy your new car can have a large impact on the bottom line of your purchase.
End of Financial Year
One of the most well know times of year to buy a car is the end of the financial year, during this time car dealerships will heavily reduce their prices and advertise their deals. This is because car dealerships are keen to hit their targets and boost their sales for the financial year. Car dealerships will either discount their car and/or add in bonuses like extended warranty on the car.
End of the Calendar Year
Car dealerships become very motivated at this time of the year to sell cars built that year since they will soon become last-year’s model. This means they will offer discounts or added extras to entice people to buy the car so they can clear their stock ready for the new year.
Beginning of the Year
The new year means plate clearance sales for car dealerships, as the older build plates become even less appealing than in December and car dealerships use these sales to move out last year’s stock. This is similar to when clothing stores discount their winter clothes at the end of winter. By the time new models arrive in Australia in February, a car built the previous year will be offered among new cars built that year, but often at a discounted price.
However, there are some benefits to buying the latest model, it may have improvements or extra features and often the price won’t be more than the full price of the last model or year. New models will also impact the old models as they will increase the depreciation rate of the old model. Depending on how long you will be keeping the car and various other factors it might be worth getting the new model as opposed to getting the discount up front.