Money Management /

Plan ahead to get a great deal on a new car

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It is very easy to get carried away with the excitement of buying a new set of wheels. After all, next to a home it is probably the biggest purchase many of us will make. All the more reason to make sure that you get the best price possible on the car you want.  Before you hit the car yards, take the time to do some research, compare prices and work on your negotiating skills.

Check out these tips to help you get your dream car at a great price:

  1. Research 
    The average price for the car you are looking to buy so that when offered a price by a dealer, you’ll know whether you’re getting a bargain or not. When looking for a new car, keep in mind that the more flexible you are about details such as model, year and colour, the greater your chance of negotiating a better price.
  2. Ask around and compare prices
    Talk to more than one dealer and be aware of an enthusiastic salesman. When comparing prices from a number of dealers you may find the prices vary quite a bit. If you are prepared to travel to pick up your car from a regional or country-based dealer, they may be more willing to offer you a better deal.
  3. Haggle - ask for a discount
    Don’t accept the first price you’re offered. Most dealers will expect you to negotiate so try your hand at haggling for a lower price. Even if you are buying a brand new car, the dealer may have room to move on the price. Having done your research at various dealers, you are able to compare quotes, which will help you negotiate the lowest possible price.
  4. Shop at the end of the month
    If you’re not pressed for time, it’s wise to shop around at the end of the month when many dealers will be trying to meet monthly sales targets and may be more willing to offer you a better price.
  5. Sort your finances
    It’s not likely you would purchase a home without first sorting out your finance options and it should be the same for a car. Have your finances prepared so you know how much you have to negotiate with.

Make an enquiry

This information is provided to assist you in making a purchase.  It does not take into account everything you need to consider when purchasing a car and should not be the only information you rely on in making your purchase.  IMB’s New Car Loan is available for new cars and demonstrator vehicles <3,000kms and first registration is within the last 3 months.  IMB’s Secured Personal Loan is secured with either a new or used vehicle up to 5 years of age.  Normal IMB lending criteria, terms and conditions, fees and charges apply.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking and can arrange financial planning, insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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