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BSB 806 015
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& My money

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

Woman sitting in car smiling, she's being handed a set of car keys out of focus

The end of financial year sales causes a stir of excitement amongst prospective car buyers every year. Car dealers seem to be selling cheaper cars, giving better incentives, and striking good deals. So let’s find out if June really is the best time of year to buy a car, and why that might be so. Plus learn a few tips you can use to leverage your money better with car salespeople.

Why get a better deal on a car during the end of financial year?

Getting a good deal on a new car can be done any time of year; however, it’s more likely you’ll get one at the end of the financial year for a number of reasons:

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

If you’re looking for a car around this time, it can pay to bargain with the dealers. Due to the above reasons, they might be more flexible with their deals, add on extras or decrease the price of your new car. They may also want to sell their stock quickly to make room for more new cars.

Before you drive away

As with any large financial decision, it’s important to be prepared and not rush into things. Before you decide on your vehicle ensure to research it first, perform test drives, and shop around for a good deal. Part of this process should also be obtaining insurance so it’s ready to go before you drive onto the roads in your new car.

Make sure you’ve got the right car insurance policy:

  1. Provide your insurer with the right information – That way they can provide you with an accurate quote.
  2. Do you 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.
  4. Comparing products – with P&N Bank, you can obtain one of three different types of car insurance cover for your new car depending on your needs. Third Party Property Damage is the most affordable and basic insurance, covering the other party only if an accident occurs.
  5. Third Party Fire and Theft is a mid-range policy which covers you if you cause damage to another car or if something happens to your car where the loss or damage is caused by fire or theft.
  6. And Comprehensive Car Insurance is the most thorough cover and will ensure you are covered as well as the other person involved in the case of an accident. As you’d expect, terms, conditions and underwriting criteria apply.

If you’re planning on buying a car this financial year, find out more about our car insurance.

Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 acts under its own AFSL and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only and does not take into account your personal circumstances.

Consider the Product Disclosure Statement (PDS) and Target Market Determinations (TMDs), also available in branch to see if the product is right for you.

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