Tax season is coming up and that means a lot of us are deciding how to spend our tax refunds. It seems as though as soon as people find out how much money they are getting in their tax refund, the first thing they do is start thinking about how they are going to spend it… A wise choice might be to make a long-term investment for oneself… and buy a used car or truck. Why not put your refund towards the reliable new car you’ve been dreaming about? With a little extra money in your pocket, now is a great time to buy a car.
Putting your tax return towards the down payment on a car is a great option for a lot of drivers, especially those with bad credit. If your credit is less than ideal, a substantial down payment can help open up a variety of finance options that might not otherwise be available to you. So if you’re in need of an auto loan but your credit is holding you back, tax season is a great time to get the loan you need to get behind the wheel of a new car.
Here’s why we think this could be a great idea for you!
Affordability: Generally speaking, with a used vehicle you’ll get more bang for your buck than you would by purchasing a brand new one – you are paying a lower purchase price for the same car model used rather than new. Someone else already took that big depreciation hit, so you are more likely to get a car and maintain value!
Lower Long-Term Costs: Typically, when you purchase a used vehicle, monthly interest rates on a car loan for a used car will be lower, resulting in a lower monthly payment. In addition, your insurance rate on a used car is likely to be lower than on a new car.
Reliability: Today’s cars, trucks, SUVs and vans last longer than they did 30 or 40 years ago. In 2015 (2 years ago!), IHS Automotive reported that the average car driving on American roads had reached a record high of 11.5 years of age. The auto industry think tank also predicts that by 2020, the number of 12-year-old vehicles still in operation will rise by 15 percent. Modern vehicles are built to last longer than ever, which means you can save thousands and expect a long service life from a used car.
If you’re interested in getting behind the wheel of a new or used car this tax season, come on over to our Auburn, MA dealership. We would be happy to help you find the car that’s perfect for you so you can make the most of your tax refund and get out on the road in an amazing vehicle.
At Lux Auto Plus, our goal is to help you in finding the right vehicle for you. Check out our inventory page to see what we currently have in stock. Don’t see what you’re looking for? Give us a call – that vehicle may be on its way in. If not, we’ll find it for you!
* These statements are informational suggestions only and should not be construed as legal, accounting, or professional advice, nor are they intended as a substitute for legal or professional guidance. Please consult a tax professional.