Jim Murphy Buick GMC Presents the Top Ways to Spend Your Tax Refund in Depew
It's tax season again, and if you're like the lucky ones, that means you'll be getting a tax refund. What are YOU thinking of spending your tax refund on? A third of Americans spend their refund on an auto-related purchase. That's why Jim Murphy Buick GMC has outlined the top things to spend your tax refund on. Call it your car-friendly tax refund. If you want new wheels, need car tires, or just want to upgrade the car or SUV you have now, our Depew Buick and GMC dealership is a great place to start.
There are many ways to spend your refund, but here are just the most popular ones.
1. Use Your Tax Refund for a Down Payment on a New Car or SUV
This is one of the most popular ways to spend your tax refund. If you're like many Americans with shaky or bad credit, tax season is a great time to lay down a substantial down payment. This will also open up car financing options that would otherwise not be available. A substantial down payment will show the dealership that you're a serious car buyer and can also help you get a loan with lower monthly payments, which makes buying a car even more financially feasible.
2. Get Repairs or Upgrades on Your Current Car
Whether it's a new set of tires to improve fuel economy or a much needed tune-up, a well-maintained car can last well past 100,000 miles. Routine maintenance and the occasional upgrade might not be as thrilling as driving off the lot in a new car, but it's a great way to stretch a dollar...and the life of your car.
3. Save Money: Buy a Used Car
Used cars are a great option when you're looking to find a deal on a reliable car but don't want to spend too much money. Used cars used to have a bad reputation, but nowadays that's no longer the case, especially at a respectable dealership like Jim Murphy Buick GMC. Don't let the miles on the odometer fool you. Those miles prove that with proper care and maintenance a used car can also be a reliable car. And high-mileage cars probably have mostly highway miles, and those miles put less wear and tear on a car. It's unlikely that a used car will still be under warranty, so it's important to make sure you buy your used car or SUV from a trusted dealer, like Jim Murphy Buick GMC. That way you can rest assured that you're getting a car with a great price/quality ratio, and one that will last for years to come.
4. Lease a Car in Depew
The general rule of thumb on car leases is that if you put down a larger down payment, your monthly payments will be a lot lower. With a larger down payment, your lease payments are more manageable, so if you do decide to extend your lease, you can negotiate to keep the same low payments.
5. Pay Down Your Existing Loan
Putting a nice, big payment on an existing car loan can help you get one step closer to becoming debt free. You can either make an extra payment, which will help you pay off the loan quicker, or pay down the balance, which will reduce your interest over time. It's also a good idea to call your lender to see what they think is the best thing to do in your particular circumstances.
6. Refinance Your Car Loan
Did you know you can restructure an existing car loan? If your car loan has a high interest rate or you've improved your credit score since getting the loan, you could use your tax refund as leverage to structure a better loan with lower monthly payments. You can even use a portion of your tax refund to reduce the principal and get a better interest rate on the balance.
We hope you've found this tax refund guide helpful. Feel free to call our Buick and GMC Finance Department at (716) 989-5020 with any questions. Jim Murphy Buick GMC has been serving Depew and neighboring communities for years, so people know we're the most trusted Buick and GMC dealer around. We want to see you get the most for your tax refund, so stop by our Buick and GMC dealership to browse our new and used cars this tax season.