Finding and buying a car in today’s market

Finding and buying a car in today’s market

Despite supply issues, there are still ways to drive away.

Laura Orchard
Laura Orchard 06 Jun 2022 ・ 2 min read

The end of financial year is traditionally a good opportunity to find a new car, for less.

While supply constraints and high demand have taken their toll on the market this year, there are still options for those looking to buy a new set of wheels.

Here’s what you need to know about finding and buying a car in the current market.

New cars

To secure their dream car, many buyers are choosing to accept waiting periods of up to a year. While not ideal, the extra time could help you save a bigger deposit.

Keep in mind that with vehicle supply so tight, you may need to compromise on colour, features, or even the model of new vehicle you choose.

Second-hand and private sale

For those who need a vehicle sooner rather than later, turning to the used car market could help you find a suitable car in less time.

While used cars are also in hot demand, a private sale may allow you to negotiate a better price with the seller than what a dealership can offer.

Electric vehicles

If you’re willing to be flexible about the exact model of car, this could be your opportunity to switch to an electric vehicle (EV).

Some EV manufacturers currently have shorter waiting periods or even have stock ready to drive away. Plus, state governments offer financial incentives to help buy an EV.

Be ready to buy

With cars in short supply, you need to be ready to act when you find the right one – and that means knowing what you want and how you’ll pay for it.

Whether you’re purchasing through a dealership or private sale, having finance pre-approval means you can search for a car with a clear budget and your finances in order.

For more information on how to finance your next vehicle purchase, contact a Liberty Adviser.

Laura Orchard
Laura Orchard Author
Laura Orchard is a financial writer at Liberty with over eight years of professional writing experience. She is passionate about simplifying complex concepts to help inspire financial freedom. Laura has a Bachelor of Media and Communications from Deakin University.