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Is end of financial year the best time to buy a car?

It’s that time of year again! The end of financial year sales are on and car dealers are flogging last year’s car models for sale. But is it really the best time of year to buy a car? Let’s find out in our latest blog.

Buying during EOFY

You can get a good deal for a car any time of year if you bargain right, however at the end of the financial year there are a few points that can be used to the buyer’s advantage:

Car sales people usually have a quota of sales they must reach by the end of financial year. With June underway, that time is fast approaching and they will likely be willing to strike a deal to get the sale

  1. Car dealers want to sell car models with last year’s dating on them so they can make room for new stock
  2. There is much competition between car brands and financial services companies during this time
  3. Car dealers want to end the financial year strongly and will generally be more flexible with deals during this time
  4. There may be tax advantages to buying a car before the financial year is over. Make sure to check with your accountant for advice

Keep these points in mind when buying a new car and you’ll be well on your way to scoring a good deal on your new addition to the garage!

Choosing the right insurance before you buy

And with choosing the right car comes choosing the right car insurance. It’s important to make sure that your car is insured before taking it out on the road. You can easily call up CGU to get a cover note on the spot to do this. However it can be helpful to be prepared before you get to the dealership. Here’s five quick tips to make sure your insurance is in order:

  1. Research – Do your research before you go shopping for a car. If you know what type of car you’re looking for you’ll be able to match this with a policy to suit
  2. Providing accurate information – When it comes to insurance, provide your insurer with the correct information about your vehicle to get the best cover for the best price possible
  3. Ask questions – Be fully informed when you’re making any sort of financial purchase. Insurance is no different. If you’re not sure about something, make sure to ask your insurer questions to clarify  
  4. Compare products – New cars usually cost a fair amount of money. This means making sure that your investment is protected. Check to make sure you’re choosing the right product from your insurer depending on your spend, vehicle usage, and type of vehicle you’re buying.

 

Three types of insurance products:

Comprehensive Car Insurance – This type of car insurance is the most thorough and will make sure your vehicle and also the other person’s vehicle and property is covered to protect you from paying out of your own pocket if an accident occurs.

Third Party Car Insurance – This is a mid-range car insurance which covers you if you cause damage to another vehicle, or if your car is stolen or catches fire.

Third Party Property Car Insurance – This is the cheapest cover you can get, and simply covers the other party’s property or vehicle should you damage it in an accident.

If you’re not sure what type of car insurance will best suit your situation, it may be best to speak to one of our CGU insurance advisors today regarding your options. Contact us today on 13 24 81 to speak about Car Insurance