Tax season is upon us and so are those tax refunds. A survey shows a lot of folks may use their tax refund to buy a new or used car. Throughout this blog post, we will be discussing the reasons why people do this so frequently, and the benefits of doing so yourself.
According to the survey, 34 percent of current vehicle owners expecting tax refunds said they will spend part of their refund money to buy new or used cars or trucks, or spruce up their current vehicles. The categories in which the most people intend to put their tax refund dollars toward are:
- Maintenance (49%)
- Repairs (32%)
- Buying a new or used vehicle (21%)
- Tires (19%)
- Cleaning or detailing (14%)
Based on info in the eBay Motors survey, Americans appear to view tax refunds as opportunities to make purchases of vehicles associated with the joys of driving.
Here are some pros of using your tax refund to buy a used car:
- PRO: You don’t have to save for a down payment. Most Americans are going to use their refunds for down payments. According to the IRS, the average federal tax refund is $3000 (in spite of what you see in those H&R Block commercials).
- PRO: You’ll save money by buying now. Used cars keep going up in price. By buying now, odds are good you’ll be paying less for your used car than if you had waited.
As cheesy as the saying “when opportunity knocks – open the door” is, your opportunity is now. Come in to any of our locations today and put your tax refund to use in a beneficial way!