If you are looking at purchasing a new or used car, it will pay off to do your research on what your car payments will be and when is the best time to buy.

There are four key times in the year to seriously consider buying a car from a dealership. That is during the end of the financial year, at the beginning of the calendar year and at the end in December. These times will be better to buy due to a variety of reasons. We’ll explore these further in our latest post.

End of Financial Year

New car sales season typically hits in June with heavy advertising on TV and radio. This is driven by car brands and dealers keen to hit their targets and boost financial year sales figures. You might find that there will be a push to take out auto finance. Get all the information then compare their offer with a car loan from your bank first.

The end of financial year is an opportune time to buy a car at a great price or negotiate for bonus additions such as an extended warranty, extra window tinting, alloy wheels or roof racks. This time of year also often works well for buyers wanting to buy a vehicle for business use, as they can then claim the tax advantage soon after making the purchase.

At The End Of The Year

Cars can spend up to three months out at sea before arriving in Australia. This can lead to an excess of cars towards the end of the year, with supply being difficult to manage; making December a good time to buy a new car. The end of the calendar year means that car dealers are trying to clear out current model-year stock. Dealerships become keen to sell cars built that year, because they become the previous year’s model, which becomes harder to sell and they want to make room for new car stock.

Beginning Of A New Year

Before the New Year begins take the time to look at your finances and use a car loan calculator to estimate your repayments on a car loan. This will help you decide if the repayments will fit in with your budget for the New Year.

A car with the previous year’s build plate is traditionally much harder to shift the longer it remains at the dealership into the New Year. If you find out the build date of the vehicle you’re interested in you could apply a bit more pressure to have the price lowered. It is worth finding out to be sure you are not buying a ‘brand new’ car that has been in the showroom for a year, if nothing else.

Unfortunately, buyers can’t realistically expect a current-year build in the initial weeks of the year. As a result, the plate clearance deals can get even better early in the year. This is why it can pay off to ride out the End of Year sales and buy your new car during the early-year plate clearance sales.

When Car Loan Rates Drop

Keeping an eye on interest rates is a great way to save yourself money in the long term. When you apply for a loan With Horizon Bank, you can take advantage of a low variable rate car loan or a five year fixed rate car loan. We also offer flexible loan features such as no penalty for early repayments and free redraw with no minimum amount required.

At Horizon bank, we can help you with your car finance for new or used cars. Get in touch with us today to learn more about our products and services. Need more convincing? Check out our 5 star reviews on Google.

Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.


The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.