You’ve done your homework, you’ve settled on a make and model and you’re ready to buy your new car. Not so fast! You could be wasting your money buying at the least favourable time. There’s never a “wrong” time to buy a car but there are periods where your money will go further. Here’s some of the best time to buy a new car.
End of the Month
The end of the month put salespeople on the lookout for someone – anyone – who will come in and buy a new car. Salespeople live and die by their sales targets. Going in at the end of the month when they might be a little more desperate to sell and more open to negotiation. Salespeople want a big fat commission, sure. When they’re in survival mode? That’s the time to go in for a killing!
End of Financial Year Sales
You’re forgiven if the acronym EOFYS was coined by car companies to sell more cars. (It wouldn’t surprise us, though.) Dealers want to get earlier models out the door to make room for newer models, especially ones on the showroom floor. The more cars they push, the better their end of FY sales figures look. Negotiate hard and drop your price often.
Christmas and End of Year sales
Christmas and the New Year is often a quiet period for dealers. People are generally more preoccupied with going on holiday and buying consumer goods than cars. Another advantage for a buyer is that dealers want to shift cars built in that calendar year, as “last year’s car” (even if it’s only a week or two!) is much harder to sell as time winds on.
This might take some by surprise, but after big storms – hailstorms particularly – bargain hunters often buy hail-damaged cars at a massive discount. Of course, these “bargain hunters” are often professional panel beaters or structural mechanics and know what they’re doing. We do not recommend you buy a hail-damaged car. But they do leave dealerships quieter than usual, which could be a good time to buy.
New model run-out/stocktake sales
When new models are just around the corner, dealerships slash the prices on the older ones. Sometimes this gets advertised in some big flashy ad campaign – other times it’s a little quieter. It’s worth checking out car mags and blogs to see if a new model of the car you’ve got your eye on is due to come out. New model “run outs” and “stocktake sales” are great if you aren’t fussed about getting the newer model and want a bargain!