Tag Archives: Tax Day

Survey: Americans Spending Tax Refund on New Cars, Auto Repairs

A new survey shows that Americans are already planning how to spend their tax refund, and the results point to a very happy spring for car dealerships across the country.

Out of the surveyed consumers, 68 percent expected to get a tax refund, and out of those consumers, a third will either spend the refund on a new or used car or spend it on car repairs. While the average tax refund amount is $2,900, the average amount they will put towards purchasing a new car or repairing their car is over $1,000.

During this time of the year, auto dealerships have the opportunity to close a lot of deals and move a significant amount of inventory. The survey showed that car buyers are just as interested in used cars as new cars, so if dealerships take the right marketing approach, they could see a spike in both new and used car sales.

For car buyers, this is also great news. Dealerships will be ready for a surge of customers, and many will offer seasonal incentives and deals in preparation of tax time. Besides that, having a tax refund ready as a down payment will give car buyers more options as far as available vehicles and flexible financing.

Is your tax refund burning a hole in your pocket? Are you ready to get into a new or used car today? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Arvind Balaraman / FreeDigitalPhotos.net