June is one of the best months on the calendar to drive away with a bargain on a new car. With car dealers being very eager to end the financial year on a good note, meaning there are some outstanding deals on offer.
In addition to big discounts, June is also a great time to boost your bargaining power; with some smart negotiating you could even score some valuable add-ons or take advantage of an increase on the trade-in value of your old car.
In saying that, there are still several pitfalls to avoid. To drive away with a great deal, it pays to have car finance in place before you start test driving.
Securing a great deal on a new car can in large part come down to timing. Currently, with the end of financial year fast approaching, car yards are looking to lure buyers with a range of special offers.
For car dealers, it’s a great opportunity to boost their sales figures before they finalise their books on June 30th. For buyers, it’s a great chance to take advantage of the savings.
The perks, freebies and tax savings
The incentives being offered during the end of financial year sales can vary from marked down price tags to on-road cost savings or even some freebie car add-ons and accessories. In addition, often dealers are considerably more generous with trade-ins, which can be very valuable to your bank account.
For business owners and the self-employed, this year’s June car sales hold even more of an appeal. With the Australian tax office still offering a huge write-down on asset purchases up to the value of $20,000, a new vehicle is a great way for businesses to save on tax. This write-down is scheduled to end on June 30th 2017, so it’s an ideal time for business owners to buy a new vehicle before July 1st 2017.
Avoid car dealer finance deals
Along with the bargains, car yards also use this time of year to to ramp up their dealer finance offers.
For buyers, dealer finance may seem tempting but many are surprised to find out it can be expensive. For example, if you look closely you might find that 0% p.a. finance comes with a ‘balloon’ payment – which is a lump sum that is required to be paid at the end of the loan term. Or, you might have less flexibility to negotiate on the price of the car.
Secure car finance before visiting the car yards
Another smart strategy to negotiate a great bargain is to secure car finance before you start shopping around for your new car.
When you secure pre-approval for your car finance, you are in a great position to negotiate a better-than-advertised price. It also means you have a firm price limit so it prevents you from buying a car you can’t comfortably afford.
That’s why it pays to chat to our local team of brokers before visiting a car dealer. Currently, lenders are offering highly competitive rates on car loans. At Mortgage Choice Perth, we have a panel of over 25 lenders and can recommend the right car loan for your needs and budget.
Test drive our car buying service
If you are looking to buy a new car, our team at Mortgage Choice Perth makes the buying process easy with our new car buying service.
Simply let us know the make and model you are looking for and we’ll search a national network of car dealers to secure the best possible deal for you. We’ll also help you with the trade-in of your old car and even deliver your new car right to your door.
To secure the most competitive car finance and take advantage of the EOFY car deals, chat to our team at Mortgage Choice Perth on (08) 9485 0090 about financing and purchasing your new car today.
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