Bargain hunting during COVID-19The coronavirus restrictions are affecting everything in society, including the car market. But it mightn’t be all doom and gloom on that front. There are plenty of opportunities to grab a bargain to help you out in these tough times.
Some dealerships are still open, but the many that aren’t will still be very willing to do deals online. On-site auctions are obviously out at the moment. But online auctions are still happening.
Private sales are also an option. Make sure you follow the coronavirus guidelines that are in place in your city when you’re looking for one. If you’re buying a used car privately, here are our top 10 tips.
And here are our top 4 tips for grabbing yourself a car bargain during the COVID19 crisis.
Tip 1 – Negotiate!There’s an old saying that you don’t get what you deserve, you get what you negotiate. There has probably never been a better time to negotiate a car deal!
The latest figures show a drop in new car sales of 18% over the past month since the coronavirus hit. That means car dealers will be prepared to negotiate even harder to make sales. Dealers are likely to be negotiable on:
• extended warranties,
• accessories, and
You can find out more about our top car dealer negotiating tips here and here.
You might also be able to negotiate yourself an auction or private sale bargain. Many car sellers need funds to help them through these tough times. Check what’s available online and do your research. Be prepared to make aggressive price offers, you never know your luck! It’s a buyer’s market because of the coronavirus pandemic.
Tip 2 – Take advantage of the enhanced instant asset write-off schemeDid you know that you can now buy cars up to the value of $150,000 and claim them as tax deductions? You can do this for the 2019/2020 financial year.
This government initiative was announced to help businesses during the coronavirus crisis. Previously, only car purchases up to the value of $30,000 could be claimed as tax deductions.
You can find out more about the enhanced instant asset write-off scheme here.
Tip 3 – Arrange a test drive to your doorMany dealers will be willing to arrange a test drive to your door during these tough times. Or you can arrange one through us. Your dealer should ensure that the vehicle has been sanitized inside and out. We certainly do.
The bottom lineThey may be hard to see, but there are usually silver linings during any crisis. A car bargain may be one of the few silver linings that you can get right now. You might be kicking yourself when this is over if you don’t!
Whatever you decide to do, make sure you stay safe and healthy.
How we can help
If you’re looking to buy any vehicle and you need finance, talk to us. We’re finance brokers. We can make sure you get the best deal.
Don't use dealer-arranged finance or try to arrange it yourself. If you do, you’ll end up paying a lot more. We arrange car finance for a living. We work for our clients, not for lenders.
Call 1300 301 051 during business hours to speak with one of our experienced brokers.
DISCLAIMER : The thoughts and opinions conveyed on this website are those of the authors only and are of a general nature. This does not constitute financial or general advice to you from Auto Loans Group. You should seek your own independent advice from a professional which is specific to your circumstances before considering any of the items referred to in this article, including finance, insurance, and car buying.