We’ve talked previously of the merit in doing your homework to find affordable financing options, but just as important is picking up a vehicle at the best possible price. Loan repayments and interest costs will be dictated by the initial purchase price of the car, so getting yourself the best deal is vital. On that note, when is the best time to secure a great deal for a new car? Let’s take a look at some of the options.
End of financial year
One of the best times to pick up a great deal on your next car, the end of financial year is when dealers close out their sales for the preceding 12 months. With that, and the start of a new financial year ahead, many dealers are more receptive to clearing out existing stock to book a sale. Not only will it improve the dealership’s revenue result, but the figures of the salesperson too.
As the year turns over
Although the lead up to the Christmas holidays and the post-Christmas holiday period often mean a boom time for retailers, the same cannot be said for the new car industry. In fact, January is sometimes a quiet period for dealerships as new car models roll in, and last year’s models become a bit harder to shift. Not to mention, most people take their holidays at this time of year and focus on the festivities at hand. If you don’t mind picking up a car from ‘last year’, visit the dealership around Christmas or the first couple weeks of January to leverage the dealer’s eagerness to clear such stock.
Stocktake or new model sales
In a similar manner to the end of year discounts, the arrival of a new model can often herald big discounts for stock that is being superseded. Dealers typically view run-out stock as less desirable in the eyes of prospective buyers, so they’re happy to sweeten the deal to make it more appealing compared with the new model. Not every car manufacturer will release their vehicles at the same time, so keep an eye on the web and TV for advertisements.
At the end of every month
Sales in the new car industry are a monthly affair. Targets will be based on a monthly calendar basis, so you can imagine that those who enter the doors of the dealership in the final days of the month stand to benefit most. In contrast, trying to negotiate a purchase price on your next car at the beginning of a month does not afford you the same degree of influence. This is because the salesperson’s monthly target is still yet to reach an assessable point where they can determine the extent of any discounting they can accommodate.
The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.