It’s not often that we think about buying a new family car. For most of us, it’s every couple of years when the family starts to grow and we need something that suits the lifestyle.
When you are looking at buying your new family car, a common question worth asking is when is the best time to buy so you get it at a great price. That’s what we look at in this guide.
What are some of the best times to get behind a new car?
Like the Christmas and Easter sales that we get in the shopping centres, cars can also be bought at times that can save you quite a bit of money.
If you drive pass any of the car dealers, you would be saying, they’ve always got a sale so its always a good time. That’s not always right.
There are certain times which every new car buyer should be across. These times can be:
- EOFY Sales
- July (after EOFY sales)
- Model Runout Sales
- Time of month
- Special Sales Event (e.g. Mazda M-Day)
What are EOFY sales?
Well they are what many dealerships call “End of Financial Year” sales. Most car brands have them and all of their dealers get on board. These usually happen in June in Australia. It is also the busiest month for dealers across the country.
The prices are lower for cars during the EOFY sales as the brands want to sell more cars to make way for newer stock and models. The dealers also have higher targets and they want to sell more cars by selling at prices they normally wouldn’t.
One way to take advantage of these sales is by keeping an eye out in May every year. If you have a car that you really like, just see the kind of prices being advertised in May and then in June (EOFY sales month).
Lower prices in June for your new car would mean you keep some of your hard earned cash in your own pocket, rather than handing it to the dealers.
July (after EOFY Sales)
Like the EOFY sales, July is another good time to buy. Even if the dealers have a lower target to sell to in July, it is a quiet month so they are more than likely to do some good deals then as well. You don;t need to feel like you have missed out in June’s sales!
To help with research and what money saving tips to look at when buying your new car, check out the guide to Understanding Family Car Prices to Save Money.
Model Runout Sales
Model runout sales happen when there is an updated model about to be released. It’s not always that the new model will look completely new. Sometimes, new models can have very small and subtle changes.
When the models do get updated, the dealers are incentivised to sell more of the older model to make room for the new car. That’s a great time to buy and you can negotiate a much better price for the runout model cars.
You might say, how do I know if the car you have in mind is going to be on runout soon. Well you can check out this car calendar from CarAdvice that covers all the new and updated cars coming to Australia. The model runout sales happen just before the updated car being released.
So if you are looking at saving money when looking for your next new car, keep an eye out for model runout sales. You still get a new car but without a hefty price tag.
Time of Month
The time at which you buy your car can also work in your favour.
Why time of month is important?
Car dealers have monthly sales targets which means that they need to sell a certain number of cars every month to get paid from the car brand. If they sell more than their target, they get their financial incentives from the car company.
As car dealers get closer to the end of the month, some may not have been able to sell the number of cars to reach their targets. This is an opportunity for you as a buyer. It puts you in a better place to be able to negotiate a good deal.
How do I know if the car dealer has reached their targets?
Like any other business, car dealers keep this information fairly close to their chest. What you can do is research the car dealers website for the stock they have. The more stock they have the better it is for you.
Which time of the month should I buy?
When you are visiting car dealers that may not have hit their monthly sales targets, it’s better to start making an offer closer to the end of the month. This may put you in a better spot to be able to negotiate the best deal.
Special Sales Events
For various reasons, car brands put on special offers to attract buyers. Sometimes it is to do with the cars the factory is producing, at other times, they just have too much stock in the country.
Car brands like Mazda will do special weekends every year to help dealers with their stock. In Mazda’s case it’s called the M-Day that happened in August this year. Mazda offered
Mazda in the M-Day promotion for 2018 was giving away free servicing, road side assistance and accessories.
Are these special offers really worth it?
Most of the times, these special offers are well worth checking out. If the brand of the car you are after has a special on, you should visit the dealership and take advantage of them.
It’s also worth comparing prices of before and during the special time. Just ask the dealer to show you the price of the car prior to the special sales event.
How do I know when these special are on?
If you want to be in the loop of when these specials are on, you can always check a car brand’s website.
Most dealer and brand websites have a place to subscribe and you get special offers sent straight to your email.
Sometimes, buying a car isn’t that planned. For example if your old car breaks or you need more space with a growing family. This doesn’t always match with sales events and other offers from car brands.
You sort of have to take matters into your own hands and walk into dealers without knowing the price you should pay. With the right information, anytime is good time to be able to save money.
carloop’s sold price reports, you can do just that by seeing what other owners have paid for their new car. These reports helps you save time and money.