Car sales: How to get a good deal at the EOFY
With international travel still restricted, now may be the perfect time to hit the road and discover what Australia has to offer.
If you need a new set of wheels to get you there, your timing couldn't be better with the 2021 EOFY car sales on right now!
What are EOFY car sales?
EOFY is an acronym for “End of Financial Year”. While that may sound like a term you'd only hear in a bank or accounting firm, EOFY is something every Aussie consumer should know about.
Why? Because it’s a time when retailers across the country have big sales, including car dealerships.
Is EOFY the best time to buy a car?
The financial year ends on June 31, so EOFY car sales tend to start a few weeks leading up to it. It’s a good time to buy as car dealers are more likely to negotiate prices with you, in order to meet quotas and enjoy a yearly bonus.
In some cases, you can knock off thousands, if not tens of thousands of dollars from the original car price. Remember you need to sign the sales contract before July 1 to get the sales price.
How do I save money when buying on EOFY sales?
To help score a deal at the EOFY car sales, start saving. Here are some tips:
- Push for a lower price: Don’t be afraid of haggling a little. Keep in mind that the car salesman wants you to drive away in a vehicle before the end of the month. So test the waters and don’t sign the dotted line before you’re happy with a car price you can afford.
- Find a competitive rate on your car loan: If you are looking for a car loan, shop around a bit. While the car dealership may offer you some financing options, independent lenders may have more competitive rates.
- Get pre-approval if you can: If you apply for a car loan and are pre-approved prior to buying your car, this might give you more of an edge when it comes to bargaining a car down to your price range.
- Pick features that suit you: Avoid the trap of purchasing a car with all the bells and whistles just because it looks fancy. The more features you have on the car, the higher the price. So consider which ones you actually need and choose the car accordingly.
- Go through the terms and conditions closely: It never hurts to go through the details with a fine tooth comb, especially when some car dealers may leave some conditions out when advertising the sale price.
- Check out cost of delivery: Remember, this is an additional cost on top of the purchase price of the vehicle, so don’t get caught out paying too much in delivery.
IMPORTANT NOTE: Many Aussie car dealerships are experiencing major delays when it comes to delivering new vehicles due to an international shortage of semiconductor chips. So it's crucial to remember, this might mean it could be months until you actually receive your set of fresh wheels.
Want to check out some killer car loan options on the market? Take a peek below or head over to our car loans comparison table.
Compare Car Loans 2021 - rates updated daily
New Car Loan
Including Demo, Fixed, SecuredInterest ratecomparison rateMonthly repayment4.67% p.a.5.22% p.a.based on $30,000
over 5 years
Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.Details
Read our Mozo Review to learn more about the loans.com.au New Car Loan
Secured Car Loan
FixedInterest ratecomparison rateMonthly repayment4.74% p.a.to 16.01% p.a.5.01% p.a.to 16.31% p.a.based on $30,000
over 5 years
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!Details
Read our Mozo Review to learn more about the Wisr Secured Car Loan
FixedInterest ratecomparison rateMonthly repayment4.89% p.a.to 8.89% p.a.5.44% p.a.to 9.46% p.a.based on $30,000
over 5 years
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.Details
Read our Mozo Review to learn more about the Plenti Car Loan
Up to 5 years old, Fixed, SecuredInterest ratecomparison rateMonthly repayment4.89% p.a.5.53% p.a.based on $30,000
over 5 years
Purchase or refinance a new or used vehicle, up to five years old. Choose a loan term from one to seven years. To be eligible you must be over 18, receiving a regular income and an Australian resident.Details
Read our Mozo Review to learn more about the Heritage Bank Car Loan
Fixed, SecuredInterest ratecomparison rateMonthly repayment5.35% p.a.5.65% p.a.based on $30,000
over 5 years
A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.Details
Read our Mozo Review to learn more about the OurMoneyMarket Car Loan
Car Loan - Excellent Credit
Fixed, UnsecuredInterest ratecomparison rateMonthly repayment5.95% p.a.to 19.99% p.a.5.95% p.a.to 21.0% p.a.based on $10,000
over 3 years
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.Details
Read our Mozo Review to learn more about the SocietyOne Car Loan - Excellent Credit
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