EOFYs – Was That The End of The Great Deals?

July 11, 2017

     

With the end of financial year sales come and gone, there’s been a lot of talk about the great deals that were on offer around the dealerships.

If you were lucky enough to have the funds available and the timing was right for you, then you’re probably driving your new car right now with a smile on your face, thinking about the savings you made.

But, what if you weren’t in a position to buy a car before June 30? Have you missed out completely? Have the deals all dried up?

The good news is; there are great deals still out there.

Right now dealers want your business as much as ever, and they’re possibly even more determined to shift units.

 

Why? Well, to start with, with all the recent EOFY activity, there’s a buyer vacuum out there, and sales have dried up.

On top of that, and possibly even more significantly, they have cars on the floor that are known as ‘bonus cars’ and they need to move them.

A ‘bonus car’ is a brand new car that has been RDA’d – that is, its warranty has officially started, and the manufacturer has been notified of this.

When you buy a bonus car, you’ll have a little shaved off your warranty period, but you’ll get cash shaved off the purchase price too. For example, instead of the 5-year warranty, you might get a 4 year, 10-month warranty, but you could get $1000 or more (the factory bonus money attached to the car) off the price.

There may also be tax reasons why buying a new car in the new tax year suits you better, so talk to your advisor for the latest ATO advice, including the $20,000 instant asset write-off.

Of course, the best time to buy a car is when you’re ready. But the new year is filled with new opportunities, so don’t despair if you missed out on the EOFY sales.