DeAnn Owens
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Survey Reveals Tax Refunds to Fuel Car Purchase for High Percentage of Filers

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Tax refunds are a financial boost for many filers. According to a new survey by Enterprise Car Sales, a high percentage of filers are earmarking their tax refunds for automotive purposes.

Ready to Buy? Benefits of buying a used car from a dealership

Approximately 58 percent of survey respondents whose tax refunds are burning a hole in their pockets will use it to buy a car. For 19 percent of those with some spending willpower will eventually direct their return to the purchase of a used or new car. After, of course, it’s earned some interest in the bank.

Although survey respondents said they’re hoping to buy a new or used car, it seems that most respondents consider a used car purchase the more advantageous option.

“Nearly all survey respondents (96 percent) agreed that buying a used car is a way to get a great car at a great value. And more than half (54 percent) agreed that buying a used vehicle makes them feel more eco-friendly,” according to the survey.

Not only does the survey reveal that respondents prefer to buy used cars, but it also determined that a new car is not really a realistic or desirable option.

“An eye-opening 41 percent said they would never buy a new car, citing high prices and fast depreciation as their primary concerns,” reports the survey.

Although buying a used car appeals to many survey respondents, haggling over the price of a used car does not. A final price, a non-negotiable option, would appeal to 72 percent of the respondents, according to the survey.

Benefits of buying a used car

There are many reasons to buy a used car including:

  • Lower sticker price
  • Lower loan payments (or no loan payment at all depending on your budget)
  • Less depreciation
  • Lower registrations fees
  • More models to choose from

Car Care: Tips for extending the life of your used vehicle