17 May 2017
Why EOFY Is the Best Time to Buy a Car
Whether it’s the sparkly finish, the experience of working with a perfectly running engine or the famous “new car smell”, there are few things quite like buying a new car.
And just like buying property, buying a car can be done in a variety of ways – some of which make more financial sense than others. In many cases, it’s necessary to take out a personal loan or buy your new car on credit.
We’ve already covered the power of personal loans and explored how they stack up against credit cards, but another factor that makes all the difference is timing. Again, just like property, there are better times to buy a car than others.
Why it’s best to buy a car at the end of the financial year
There are a few time periods throughout the year that are better for buying cars. The end of the year, the end of the month and the end of the business quarter are a few examples. These times are all great times to buy cars for a simple reason: Manufacturers and dealers have sales goals to hit.
So if you’re a manufacturer or car dealer and you’re just off target, you’ll be more inclined to offer discounts and other perks to hit those targets when you can feel the deadline closing in.
But annual goals carry more gravitas and consequence than quarterly or monthly goals. That’s why the end of the financial year is the best time of all to buy a car.
Among the things dealers may offer you are discounts, free on-road costs and various other upgrades. Most car dealerships run end of financial year campaigns. Selling cars is difficult and competitive, and hitting these goals is vital.
Buying your new car sooner rather than later
At Mortgage House, we’re no strangers to personal loans and financial planning. We’ve been doing it a long time.
If you’re thinking of buying a car, contact us for advice about the best options for you when it comes to personal loans. We provide loans to all kinds of people in all kinds of situations, and you can save a lot if you buy your new car around June rather than waiting.
The conditions of your loan can drastically affect your financial planning, so it pays to speak to the experts about it. Even if you’re not sure, we’d be happy to chat just to answer your questions.