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The psychology of EOFY car sales: Why waiting could be your worst move
Everyone knows end of financial year sales are the best time to score a car deal, right? Well not so fast, because those EOFY deals might not be all that. If you’ve ever felt the ‘buy now, think later’ pressure from a car dealer, just know that it doesn’t have to be that way.
Here's the truth about the psychological tactics some car dealers use during EOFY season – and why you deserve better.
EOFY car sale psychology to keep in mind
The thinking behind EOFY sales is that car dealers will clear out stock and make room before the end of their annual July-to-June accounting period. The idea goes, that buyers can nab better pricing or extra incentives if they purchase before the end of the financial year.
There’s no problem with this in itself; just keep in mind that EOFY car sales can rely on certain strategies and pressures. Here are some of the psychological effects that can lead to a buyer compromising on price, finance conditions or car choice.
1. Creating a sense of urgency
“Don’t miss out! Act now or regret it later!” EOFY sales work because they have a clear deadline, and car dealerships will sometimes make the most of that to motivate buyers. Research shows that the fear of missing out can lead to panic buying. EOFY sales are also about clearing out old stock, so there might be a limited choice of make, model and features included in the offers. Be wary of anyone pressuring you to compromise on what you’ve set out to find.
Car buying tip: Stay clear on what you’re looking for and don’t let anyone pressure you into a sale. Consider buying from a dealership that focuses on competitive pricing year-round, rather than relying on a sense of urgency to make sales.
