Are you looking forward to receiving a big refund this year? In a recent survey more than one in five people are expected to spend their refund on something vehicle related. Last year tax refunds averaged $3,054 according to the IRS and this year that’s expected to be up 1.4% to $3,096. Purchasing something you need like a reliable used car is a wise way to spend your tax refund.
Used cars deliver more bang for your buck. Generally, your interest rate on a car loan will be lower and your insurance premium will be lower, saving you money all around. Upgrading to a newer used car can give you technological conveniences such as Bluetooth, which will make your everyday commute safer.
Here are a few tips that can help you when deciding where to spend your tax refund:
1. Set a price limit: After going through your spending the previous year, this step should be easy, figure out how much you can afford to spend on a car each month
2. Browse for a vehicle: Download the Instamotor App and find a vehicle that fits your price range. Private party vehicles tend to be more reasonably priced and with the free Instamotor inspection and guarantees you can have the peace of mind that the vehicle is mechanically sound
3. View the free Carfax and Test Drive the vehicle: Do you feel comfortable? Follow our test drive checklist to ensure you’re buying a vehicle that’s a good match
4. Schedule a free inspection: Be fully confident that you’re spending your money on a vehicle that is reliable, scheduling an inspection is easy with the app
Ready to buy a used vehicle with your tax refund? Download the Instamotor App to browse, view a free Carfax, schedule a test drive and inspection. Private party car buying has never been easier.