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For some, it’s a matter of status to be driving the very latest new car.

For the rest of us, who care about the dollars and the car more than a date on the calendar, the new year is a great time to drive away a bargain.

Vehicles with last year’s build plate are less appealing to the status conscious, though the car hasn’t driven any more kilometres than this year’s model.

So to off load those with 2016 plates, dealers have to make some incredible deals.

Are they are bargain?  Yes, if you intend to keep the car for several years.  No, if you like trading in every two years.

For example, a new car on the market in February 2017 with a Feb17 compliance plate will have been build in 2016 and will have a September 2016 build plate. It is the build plate that counts in terms of defining your car for evermore as a 2016 model, with all the retained value implications that brings with it.

However, it is still a brand new car.

Many brands tackle the situation head-on, kicking off a New Year sales campaign in February, offering discount prices or extra equipment incentives on cars built in the prior year.

So if you want a bargain and intend to drive your vehicle for several years, get into the showrooms today.

Need a loan to finance a new car? Find out how to drive away with a better rate.
Many people head straight to their main bank to get a personal loan for a new car. Before you sign on the dotted line, it’s worthwhile comparing your options from wide range of brands. There are so very cheap loans available, possibly being offered by lenders you haven’t heard of… but you could save loads of money in interest.

What’s important in finding the right loan is to ensure you get one that suits your financial needs. You need to check what terms and conditions apply to your loan like fees and charges if you want to repay early.

Here is a list of some good value car loans for you to consider:

Lender Description

Comparison rate

Minimum loan amount Application fee

Loan term

CUA Fixed Rate Car Loan A competitive car loan that offers flexible repayment options and no account keeping fees

6.92% fixed

$15,000 $0

1 to 7 years

IMB New Car Loan This fixed rate loan for new cars up to 2 years old has no early repayment penalties

6.34% fixed

$2,000 $250

1 to 7 years

RACV Car Loan This fixed rate new car loan has no ongoing fees

6.73% fixed

$15,000 $378

1 to 7 years

BOQ Car Loan This loan allows you to choose between fixed or variable rates

8.19% fixed

$5,000 $195

1 to 7 years

Latitude Car Loan A secured loan that can be used to finance new or used vehicles

10.09% fixed

$5,000 $295

1 to 7 years

RACQ Car Loan A low fixed rate loan suitable for buying a new car

6.73%

$15,000 $378

1 to 7 years

St George Secured Personal Loan A fixed rate loan which gives you an application response within 60 seconds

9.39% fixed

$3,000 $195

1 to 5 years

Bank of Melbourne Secured Car Loan A low rate personal loan with variable of fixed option

9.39% fixed

$3,000 $195

1 to 5 years

Westpac Car Loan A fixed or variable rate loan that can be used for new or fixed vehicle.  Interest rate discounts for full time tertiary students or under 21s

9.54% fixed

$10,000 $250

1 to 7 years