Car Buying Myths Debunked

Is there really a better time to buy a new car?

We’ve all heard that it’s best to wait till end of year sales, or end of model runout events, to purchase a new car. But is this true? Simply put, yes.

These debunked myths come from advertising guru and SpoutLogic Director Rob Hudson.

Myth: It doesn’t matter when I buy a new car.

False. There are lots of tips and tricks for when to buy. It doesn’t just come down to when you need a new car as there are better times in the financial and calendar year. The best times to buy a new car are at end of model and end of financial year events. It’s the one time of year where all the big sales come out. Salesmen are just like the rest of us, they must meet their targets and do their reporting for the EOFY.

Myth: Dealerships have the same amount of stock all year-round.

False. It’s worth keeping an eye out for American brands as their end of financial year in a business sense is Christmas. They won’t market it as such, but you can get some good deals around the last few months of the year. Another thing to look for is shipping stoppages. It takes a very long time to get a car into Australia and dealerships usually end up with a glut of product towards the end of the year.

For more information on shipping a vehicle to Australia, click here.

Myth: Weekdays are a bad time to buy a car.

False. Mondays are good as you get proper time with a dealer. Go in towards the end of day on a Monday and you can cut the process down. No one wants to sit there for hours and if you go at the end of the day, they’ll try and close the deal off quickly. Make sure you give yourself enough time to close the deal though.

For more information on how to prepare for a visit to a car dealership and what to expect, read RACQ’s fact sheet.

Myth: The best time to visit a car dealership is on the weekend.

 False. Weekends are generally the worst time to visit a car dealership. The sales team are extremely busy, and often want you to come back at another time to chat. It might be difficult to make it during the week, but you’re more likely to get a better deal if you do.

How can RACQ Help?

Once you have decided on a car to buy, look to RACQ Bank for help obtaining a car loan. You could be eligible for a secured car loan made to suit your lifestyle with low interest rates, no ongoing account keeping fees and unlimited additional repayments. RACQ Members can also enjoy a full range of discounts across a selection of automotive products and services, as well as movie tickets, restaurants, theme parks and more.

Remember to show your membership card at participating Puma Energy Petrol Stations across Queensland to save 4c per litre on fuel*.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms, conditions and lending criteria apply. Contact us for a copy. This is general advice only and may not be right for you.

*The discount is limited to 120 litres per member, per day. Retail partners, offers and discounts may change at any time without notice. Get the RACQ Discounts App or visit racq.com/discounts for the conditions, limits and exclusions for each offer.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.