The End of Financial Year has always presented unique purchasing opportunities. In 2020, there’s more to EOFY car buying than ever before – be it the effects of COVID-19, government tax incentives or just the sheer number of new models that have been hitting the market.
With EOFY sales upon us, we will empower you with everything you need to know to make your decision and your purchase easier.
EOFY Sales Importance
Our local car market has been in a bit of a slump for the past two years with COVID-19 really putting a dent in new car sales in 2020. The market for new cars is down nearly 24 per cent on last year’s figures. With dealerships desperate to clear perfectly new vehicles sitting idly in their yards, now is the perfect time to buy a car. How do we know this? Well we just bought a car ourselves in the DiscoverAuto family, stay tuned to see what it was!
EOFY sales are big business for car companies. Top market player Toyota sold a total of 10.3% of its cars in just June alone last year. You can thanks the best selling HiLux for a great share of the new sales. The other months only account for around 8% of yearly sales each respectively.
The last day of the month is always D day for dealerships as salespeople and dealerships have to meet strict quotas for bonuses and incentives. With stagnant demand in these Covidian times, dealerships are also given cash incentives from manufacturers to shift cars. Slow-selling stock has to be moved; odd colours or that bizarre sedan in a hatch dominated market all have to be sold prior to the end of the financial year.
Be Smart, Haggle Hard
What this means is that you have to be prepared to haggle harder than ever. You’re now solely in pole position this year and capable of flexing that bargaining muscle just a little more. With the cash incentives dealerships receive from the factory feel free to put in that extra offer, challenge the price you receive and finally walk away with the sale of a century.
Never ever be afraid to walk out of a dealership and shop elsewhere for comparative deals. Do your research before hand, get in touch with us here and we’ll always steer you in the right direction, helping you get the right car for the right price. We’re here for you!