The end of the financial year is usually when car manufacturers unveil massive discounts and sales on new cars so customers can take advantage of tax cuts.
The good news for those in the market to buy a car is that many car brands have already begun advertising their end-of-financial (EOFY) sales.
Deals on new cars normally begin at the end of May and run through until the end of the financial year, the 30th of June.
The financial year begins on the first of July and ends on the 30th of June the following year. It’s usually around this time that car brands and businesses in general ramp up their sales and discounts to lure customers to purchase goods they can claim on their tax returns.
The Australian end of the financial year is considered a great time to purchase a car. Manufacturers and dealers usually discount their prices, offer competitive pricing, and might even throw in free car servicing to attract customers with the hope that they hit their end-of-year targets to increase their profit.
As targets and deadlines tighten around this time of the year you’re in a better position to negotiate with the salespeople. You might be able to get free accessories like tinting or floor mats, roadside assistance, or an extended warranty.
Data from previous years has shown that in the months leading up to the end of the financial year, car sales increase. It’s also usually this time of year that many businesses and business owners buy cars to maximise their tax returns.
Utes are currently having some of the best EOFY deals with brands like Mitsubishi, Mazda, Ram, Nissan and Isuzu offering drive-away deals or having finance offers available.
As more new cars are being released, car manufacturers are trying to rid their showrooms of 2023 stock to accommodate the newer models. Some models will have discounts on driveaway prices, such as those from Honda or Volkswagen, or include bonus accessories.
Depending on if you are a private buyer or purchasing under an ABN, the price may vary from the retail price.
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