EOFY stands for "end of the financial year," which marks the end of the Australian financial year. Many businesses, including car dealerships, use this time to clear their stocks and achieve yearly sales targets. To do so, they offer substantial discounts and incentives on new cars to attract buyers during this period, known as EOFY car sales.
If you plan to buy a new car, EOFY sales are the perfect time. You can save a significant amount of money with a wide range of discounts and incentives. You can also use the latest models and technology, better resale value, manufacturer warranty, and financing options usually available during this period.
Benefit #1: Great deals and discounts
During the EOFY sales period, car dealerships offer a range of discounts and incentives to attract buyers. These discounts can include cashback offers, reduced interest rates on financing, free accessories, and more. Additionally, some dealerships may offer extra trade-in value on your old car, making upgrading to a new model easier.
Regular prices vs. EOFY prices
The regular prices of new cars can often be high, making it difficult for many people to afford them. However, during EOFY sales, car dealerships offer discounts on new cars, making them much more affordable. The discounts offered during EOFY sales can be as much as 20% off the regular price, meaning you can save thousands of dollars on your dream car.
Potential savings on new cars
The potential savings on new cars during EOFY sales can be significant, depending on the make and model of the car you're interested in. For example, a car that normally retails for $30,000 might be available for $25,000 during the EOFY sales period, representing a 20% discount. This can equate to savings of $5,000, which can be a considerable amount of money for many people.
When considering potential savings, it's essential to consider additional costs such as registration, insurance, and maintenance. However, the savings can still be substantial even when factoring in these costs. Additionally, buying a car during EOFY sales can help you avoid future price increases, which can occur due to factors such as inflation or changes in import tariffs.
Benefit #2: Latest models and technology
The EOFY sales period is also an excellent time to find the latest car models. Manufacturers often release new models around this time, hoping to generate interest and sales. If you're looking for a car with the latest features and technology, the EOFY sales period is the perfect opportunity to get your hands on one.
Comparison of the latest models and the older ones
The latest car models come with various new features and technology compared to older models. For example, many new cars come with adaptive cruise control, lane departure warnings, blind-spot monitoring, and advanced safety features such as automatic emergency braking. Additionally, the latest models may come with more fuel-efficient engines, more advanced infotainment systems, and more sophisticated driver assistance technology.
Benefits of the latest technology in new cars
The latest technology in new cars can provide a range of benefits for drivers. For example, advanced safety features can help to reduce the risk of accidents, making driving safer for everyone on the road. Features such as lane departure warnings and blind-spot monitoring can also make driving less stressful by providing additional awareness and information to drivers.
The latest technology can also help improve the overall driving experience. For example, features such as adaptive cruise control can make long journeys more comfortable and less tiring, while infotainment systems can provide entertainment and information to passengers.
Benefit #3: Better resale value
Resale value is the amount of money that a car can be sold for at a later date. It's an essential factor to consider when purchasing a car because it can significantly impact your finances in the long term. Cars with higher resale value are more valuable in the used car market, making them easier to sell and offering a higher return on your investment.
Resale value of new and used cars
New cars generally have a higher resale value than used cars because they come with no or minimal wear and tear. Additionally, newer models often have the latest features and technology, making them more desirable in the used car market. In contrast, used cars have already depreciated, meaning their resale value is often lower.
How buying a new car during EOFY sales can improve resale value
Buying a new car during EOFY sales can improve resale value for several reasons. Firstly, purchasing a new car during this period means it will have fewer kilometres on the odometer, making it more desirable in the used car market. Additionally, new cars come with warranties, meaning that the manufacturer can rectify any issues or defects, increasing buyer confidence and potentially improving resale value.
Furthermore, buying a new car during EOFY sales can greatly affect the purchase price. This can translate into a higher resale value because buyers may be willing to pay more for a car that was initially purchased at a discounted price.
Benefit #4: Manufacturer warranty
A manufacturer warranty agreement between the car buyer and the manufacturer guarantees that the car will be free from defects for a specified period. It's an essential factor to consider when purchasing a car because it can save you significant money on repairs in the event of any issues or defects.
Warranty offered during EOFY sales and regular sales
During EOFY sales, car manufacturers often offer extended warranties or additional benefits to entice customers to purchase new cars. These warranties may cover longer than regular sales, providing the buyer with more comprehensive coverage and peace of mind. Additionally, during EOFY sales, manufacturers may offer additional perks such as free servicing or roadside assistance, further enhancing the value of the purchase.
How manufacturer warranty can save money in the long run
A manufacturer warranty can save money in the long run by covering the cost of repairs or replacements for defects or issues that arise within the warranty period. This can save car owners thousands of dollars on repairs, making a new car with a warranty a wise investment. Additionally, a manufacturer warranty can provide peace of mind and reduce unexpected repairs' stress and financial burden.
Furthermore, having a manufacturer warranty can also increase the car's resale value, as buyers are often willing to pay more for a car with a valid warranty. This means that if you decide to sell your car down the line, you may be able to recoup more of your initial investment.
Benefit #5: Financing options
EOFY car sales often have financing options that give buyers various choices to purchase a new car. These financing options may include low or no-interest loans, extended loan terms, or cashback offers. Buyers may also have the option to choose between secured and unsecured loans, allowing them to select the financing option that best suits their needs and budget.
Comparison of the interest rates during EOFY sales and regular sales
During EOFY sales, car manufacturers and dealerships may offer lower interest rates or even no-interest loans to entice buyers to purchase new cars. These rates are often significantly lower than those offered during regular sales periods, potentially saving buyers thousands of dollars in interest charges over the life of the loan.
How the financing options during EOFY sales can benefit buyers
The financing options available during EOFY sales can benefit buyers in several ways. Firstly, lower interest rates mean that buyers can save thousands of dollars in interest charges over the life of the loan, making a new car more affordable in the long run.
Additionally, the financing options available during EOFY sales may offer extended loan terms, allowing buyers to spread their repayments over a more extended period. This can make the monthly repayments more manageable, particularly for those on a tight budget.
Lastly, financing options during EOFY sales can include cashback offers or trade-in bonuses, providing buyers additional savings or incentives to purchase a new car.
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If you are in the market for a new car, now is the time to take advantage of the EOFY sales. With great deals, access to the latest models and technology, better resale value, manufacturer warranty, and attractive financing options, there has never been a better time to buy a new car in Australia. So, head to your nearest dealership immediately and take advantage of the EOFY sales before they end.
If you're looking for flexible and affordable financing options, Driva can help. Driva offers a range of financing options, including car loans, to make your car purchase more accessible and affordable. Driva works with various lenders to provide customers with competitive interest rates and flexible repayment options, making finding a loan that suits your budget and needs easier.