Why People Bought Used Cars Using Their Tax Refunds?

At Family Auto of Taylors, we have had various customers who came in to buy used cars using their tax refunds as down payments. The year 2020 was unique and we saw a surge in this trend last tax season. We sold these people quality used cars; we designed our financing options to suit their needs. However, before we parted, we asked a few of them as to what made them decide to use their tax refund to buy a used car. The reasons we heard were staggering.

“I needed a car and the tax refund was an opportunity.”

Debra Gonzalez was adding up her finances for months to buy a used car and the tax season presented her with the perfect opportunity. Debra said that she received tax deductions by claiming child care credit on her three dependent children and used the refund she got from the IRS to invest in a used car at Family Auto. “It just made sense. We were really struggling as a family without a car. I thought that the money on child care is already spent. Why not use this tax refund now to buy a car as I am struggling to find enough cash for the down payment?”

“I did not have to touch my savings.”

Richard Wetzel had received a hefty amount as a tax refund back in 2019. He had planned for this at the beginning of the 2018 tax year when he had updated his W-4 with his new employer while changing jobs. When the refund came, he walked straight to Family Auto and purchased a used Kia, using the refund money as the down payment. “Paying more in taxes helped me to save throughout the tax year. I used the refund to pay the down. And I took Family Auto’s bad credit financing deal to finance my car. The best part – I did not have to touch my savings at all. Everything is going from my paycheck.”

“How can you pass 2020 without a car?”

William Riker came to us just after the shelter-in-place restrictions were lifted throughout the country in 2020. He stated that his major reason to buy a used car was his and his family’s safety during the corona virus pandemic and being able to commute to work after things eased out. “I had no doubt in my mind as to what I wanted to do with the tax refund. Every day I lived without a car this year, it was a nightmare. Family Auto told me that they can arrange for a quality sedan with the refund money as a down payment. I took the deal and am now walking out happy.”

So, are you eligible to receive a refund from the IRS this tax season? Why not buy a used car like Debra, Richard, and William and fulfill the need of having a vehicle? Family Auto of Taylors is where you get flexible down payment options along with a massive inventory of used cars that helps you to use just your refund money to buy the car you will like.