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by Many taxpayers across Easley plan their taxes to get a sizeable return from the IRS at the end of every tax season. And many among them have come to Family Auto of Easley to buy used cars with the same. Over the years we have asked our Easley used car shoppers their reasons to use the tax refunds to pay the required down payments. And the answers we have received were logical, well-planned, strategic, and smart.
Hence, to ease your decision-making process, we thought of compiling a few of those answers here. This post tells you why Easley vehicle shoppers chose to use their tax refund money to buy used cars.
“How else could I pay this much down payment in this economy” – Donald
Donald had come to Family Auto of Easley during mid-2020 after having received a tax refund of nearly $2,300. He was planning to buy a used car from 2019 and had meticulously planned his taxes to receive a high refund. Donald admitted that given his monthly expenses and regular liabilities, he found it difficult to save up enough for the used car down payment. So, he had started to withhold more from his pay check and managed to get a sizeable refund. “I am using the entire amount to pay my down payment. This way, I also get to keep my loan burden low for the next 3 years.”, said Donald.
“Saving was not an option and we really needed a car” – Julian
Julian said that she was frustrated with the savings options available to average citizens. She already transfers a considerable amount to her 401(k) and the bank interest rates do not entice her. She knew that she wanted to spend her tax refund money if it ever came, and immediately decided to buy a used car when the IRS dispatched the same. “And the best part is, I can just use my tax refund money to buy a used car at Family Auto. I came with $1,000 and you guys said a yes.” Julian and her family needed a car for a long time and the tax refund money finally got her started.
“Tax refund money plus trade-in, think how much I am saving” – Tommy
Tommy termed his tax refund money as extra cash. And in his words, it made better sense to him to use the cash in his used car’s down payment rather than buying a bigger TV. “I already wanted to upgrade my car. And my old vehicle is in fairly good shape. So, I thought, why not trade-in at Family Auto and throw in my tax refund money as well? The more down I pay now, the less interest I pay later. Smart eh?”, said Tommy laughing. In fact, both the trade-in and tax refund money did bring down Tommy’s net interest rate payable. He bought a used car from Family Auto with an excellent bad credit financing deal.
“Using my tax refund money helps to keep our savings intact” – Gabrielle
Gabrielle dreams of opening her own coffee shop one day. And she is saving for her daughter to go to college. She just did not want to touch any of her funds to pay the down payment for the used car she needed and the tax refund money stood out as her best option. “Well, I got a bit over $1,150 as a tax refund and I thought this should be enough to get me and Helena a new used car. I came to Family Auto and made that possible without touching either my cafe or Helena’s college fund.”, said Gabrielle. She admitted that she was not expecting a refund, in the first place, but when she got it, she made the smartest decision possible.