The end of financial year (EOFY) is a great time to make savings on several purchases from electronics, hotels, flights, furniture, and new cars!
If you're waiting to save even more on your new car (on top of those made with Remunerator Novated Leasing), the EOFY is one of the best times of year to do so! Timing is everything when making large purchases, and there are great benefits that come along with waiting for June 30th for your new car.
If you're in the market for a new car, here are a few tips to navigate the end of financial year sales to help you find the best price on your new car.
Why are cars cheaper during the EOFY?
The end of financial year is the time where manufacturers and dealers prepare their reports on current stock levels, number of sales made over the year and complete their profit and revenue analysis for the financial year.
As with all businesses, the aim is to generate as much revenue as possible and a high profit margin!
The new financial year makes for a good time to make way for new model-year cars on the showroom floors.
At the same time, dealerships and manufacturers can take advantage of tax incentives soon after the purchase.
How has the stock shortage effected EOFY sales?
Over the past year, car showrooms have been very limited when it comes to stock. This is due to the semi-conductor shortage and changing manufacturing plant capabilities because of changing COVID-19 restrictions.
As a result, dealers and manufacturers are being tighter when it comes to discounting stock. You might see other offers available including servicing offers and extended warranties.
Many customers are turning to novated leasing to experience savings equivalent to EOFY sales when buying their new car.
When you source your new car with Remunerator, we offer access to fleet discounted pricing and savings on the GST on the purchase price of the vehicle greater than what customers are ordinarily seeing on the showroom floor.
For more information on the benefits of novated leasing over EOFY, talk to our novated leasing specialists here.