Why October is a good time for a new business car

11 October 2018

Now that spring has sprung, the sun is shining, and it’s time for spring-cleaning. In October, for car dealers that means spring clearances and the beginning of the rush to clear out old models. If you’re in the market for a new car for your business, now may be a good time to consider business car finance and what’s on offer.

Here are some reasons why October may be a good time to consider a new vehicle purchase.

Dealers are eager to clear stock to make room for newer vehicles

Right now, vehicle manufacturers overseas have new models coming off their production lines. If you’ve ever had to wait for delivery on the latest-model you purchased from a dealer, you’ll know all about delays and that cars can spend a surprisingly long time being shipped to Australia. European models can easily spend three months traveling by boat, while Japanese and Korean cars can take over a month.

In a month or so they’ll reach Australia and the distribution to dealerships will begin. This can mean an influx of excess towards the end of the quarter and end of year. With supply difficult to manage, combined with the inevitable delays, you could take advantage of dealer incentives now as they try and get current model-year stock out the door.

Dealers will be keen to offer attractive bargains and bonuses on their ‘clearance stock’ to free up space for the incoming models. Some of them are ‘plate run-out’ or model run-out stock. While these are vehicles built earlier in the year, they are often identical to the newer cars, particularly if the model isn’t due for an update.

But they have to go.

It’s the end of the calendar year

Everyone knows there’s a flurry of activity, promotions and discounts around the end of financial year, but good deals are not limited to just EOFY.

Dealers have finalised their first quarter figures, and staff have plenty of incentive to boost their sales performance:

• Dealerships and salespeople have monthly and quarterly targets they want to meet
• Dealers are keen for buyers to purchase existing floor stock, rather than order newer vehicles
• Sales staff can sometimes earn bigger commissions on older stock, moving vehicles they’ve had for as little as 90 days
• Dealers often earn bonuses from manufacturers when they sell their quota, achieve a sales target or reach a certain volume.

The bottom line? After the quarter has wrapped up, you could still secure a great deal on business and fleet purchases. And it’s not just about the final dollar figure. There’s also a range of bonuses on offer to tempt you to the dotted line: registration and compulsory third-party insurance covered, stamp duty included, free extended warranties, complimentary roadside assistance and more.

All this works out in favour of the savvy business buyer who understands the dynamics of the market.

And there’s no need to miss out. With a little research, you can be ready to take advantage of any deals during this time of year.

Consider smart financing alternatives

There’s no point finding a good deal if you aren’t in a position to act on it.

Specialist lenders like GetCapital offer quick and easy access to Vehicle Finance – designed for maximum convenience and timesaving.

• You borrow from $10,000 to $150,000
• A simple 3-step online process means finance can be approved within 24 hours of your application, and transferred to the vehicle dealer 24 hours after you sign the loan agreement
• Take ownership of your vehicle from day one; not a lease or rental
• No financial statements required
• There are terms available to suit your needs, at competitive rates, according to the vehicle you have in mind
• Exceptional service and support throughout the process

Now is the best time to spring into action and secure the best deal available. Your new business vehicles can be working for you before the month is out.

About Shift

Shift is finance on demand for business. Enabled by streaming data, Shift provides credit and payments platforms that help businesses trade, pay and access funds.  As one of Australia’s fastest-growing technology companies. 

Shift is changing the way businesses access finance. Shift has been recognised by AFR’s Fast 100, Deloitte’s Technology Fast50, Smart Company’s Smart50 and Deloitte’s Asia Pacific Technology Fast 500.