We all see the mass advertising every June regarding the End of Financial Year (EOFY) sales, but is it truly a showcase of great deals or just another marketing scheme? Truthfully EOFY Sales do have some benefit especially if negotiation is something you struggle with. However, for those that are confident in their negotiating skills then there isn’t too much to gain from EOFY Sales and it isn’t worth rushing in.
If negotiating isn’t your strongest skill then there is a pretty strong opportunity for you to pick up the car you have been eyeing off, for a few thousand cheaper than normal. You can walk into the dealership and get a much better deal then you would normally, without the added anxiety. However, it is still important to be cautious when deciding what offer to take if you want to get yourself the best deal.
Often EOFY Sales will include added extras and benefits but with little reduction on the total price you pay. Watch out for what these extras are, it might just be $3000 worth of unnecessary features. When it comes to extras such as tinting be careful about the dealers ‘saving’ estimates, generally it’s cheaper to go to a local business that specialises in window tinting.
If you are tossing up whether or not to pounce on these sales it is best not to get swept up in the hype. Take your time and talk to multiple dealers, the most dangerous thing that you can do is dive headfirst into a contract without talking to multiple dealerships. Spend several days talking to salespeople to find out what your best offer is. Don’t be afraid to walk away from bad deals either, more often than not you will get called back in the next couple of days with a better offer.
When it comes to Finance it is very important that you are clear and confident with the contract you are signing. Talk to banks, credit unions and dealerships before you settle on a repayment plan. Credit Unions or Mutual Banks in particular often have very generous plans and are more than happy to assist. Budgeting and saving are important both before and after you purchase your new car so make sure you are comfortable before making that big purchase. EOFY Sales often include better finance as an extra, but just like talking to multiple dealers, you too should talk to multiple fiscal advisors.
If you are interested in more in-depth information on things to remember when heading to the dealership check out our free guide.
Overall, EOFY Sales can have some good deals but be wary of the multiple consumer traps within them. Compare quotes and spend time researching, everything there is to know about a car can be found online. Don’t rush into anything unless you are feeling comfortable and confident, and you should be able to find yourself a great deal.
