Is June really the best time of year to buy a car?

The end of financial year sales stir excitement amongst prospective car buyers every year. Car dealers seem to be selling cheaper cars, giving better incentives, and striking good deals. 

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

You can get a good deal on a new car at any time of year, however, it’s more likely to happen at the end of the financial year for a number of reasons:

1. There is often a desire for car dealers to end the financial year on a strong note.
2. Car dealers usually have sales targets to meet by the end of the financial year. 
3. New car models usually come in when the new financial year begins.
4. Competition can be high amongst car dealers during this time due to the number of deals available.

If you’re looking for a car around this time, it could pay to bargain with the dealers. They might be more flexible with their deals, add on extras, or decrease the price of your new car.

Before you drive away

As with any large financial decision, it’s important to be prepared and not rush into things. It’s crucial to research the vehicle you want, perform test drives, and shop around for a good deal. You may want to obtain insurance so it’s ready to go before you drive onto the roads in your new car.

Here are some steps you may want to follow to help make sure you’ve got the car insurance policy that is suitable for your needs:

1. Provide your insurer with the right information so they can provide you with an accurate quote.
2. Do your research before you apply. Know what you’re looking for so you can match the right insurance to your car.
3. Ask questions. If you’re not sure about something, ask your insurer to explain. It’s important to understand your policy and what it does and does not cover.

With BCU Bank, you can obtain one of three different types of car insurance cover for your new car depending on your needs. Find out more about our car insurance options.

Police & Nurses Limited (BCU Bank) ABN 69 087 651 876 AFSL 240701 acts under its own AFSL and under an agreement with the issuer Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722, AFSL 227681. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement and Target Market Determinations.