Benefits of Using Your Tax Refund to Buy a New or Used Car

The 2023 tax season is officially in full swing. This is a time when many people will find out they are due a state and federal tax refund. If you are one of those people, then you may face the tough decision of deciding what you will do with the money. Since the average tax refund in the United States was over $3,000 in 2022, it makes sense to put this money towards something worthwhile. Buying a vehicle in Grove City, OH and the surrounding cities is a great way to ensure you are getting the most out of your tax refund. Here are some of the top benefits of using your tax refund to buy a new or used car.

Get a Lower Monthly Payment

A refund of around $3,000 is a significant sum of money that could help you make a down payment on a new or used vehicle. You can typically get a lower monthly payment if you pay more for your car upfront. If you combine your tax refund with the money you make from a vehicle trade-in, you could potentially make a down payment of 20% or more on a new or used car. Feel free to use our payment calculator to see how much your tax refund could lower your monthly payment. You can contact our finance department near Grove City, OH if you have any questions about your financial options.

Get a Head Start on Your Auto Payments

Instead of making a larger down payment, you can use your tax refund to get a head start on the monthly payments on your newly purchased or leased vehicle. By allocating your tax refund to your monthly payments, you could potentially make more than half a year’s worth of payments on a five-year note. Doing so will help you pay off the car loan in less time and reduce the amount of interest you will pay throughout the loan.

Pay for Other Auto Expenses

The price of a new or used vehicle is not the only expense you will have during the car buying process. For example, you may choose to spend your tax refund on purchasing auto insurance, a requirement in the state of Ohio. You can also choose to buy a pre-owned vehicle with warranty coverage. You can use your tax refund to pay the cost of the warranty, giving you additional peace of mind with your purchase. These are just two of the many ways you can use your tax refund to pay for other auto expenses. A member of our finance and insurance team can provide you with more guidance about the expenses of owning a new or used vehicle near Dublin, OH and the neighboring areas. 

Make a Large Down Payment on a Lease

If you are not ready to buy a vehicle at our Chevrolet dealership near you, you can always start a new car lease. This is a great option for car buyers who do not want a long commitment or are unsure about the type of vehicle they want to purchase. By starting your lease with a larger down payment, you could potentially save on your monthly lease payments. In addition to making your monthly payments easier to manage, you could potentially keep the same monthly rate if you decide to extend your lease. 

Purchase a New or Used Vehicle at Byers Chevrolet in Grove City, OH

Are you ready to make the most of your 2023 tax refund? At Byers Chevrolet, we will work with you throughout the car buying process and ensure you get the most bang for your buck. Whether you have your sights set on a new Chevy vehicle or would like to browse our used car inventory, we have every resource available to make your visit a successful one. Feel free to stop by our dealership at 5887 N. Meadows Drive, Grove City, OH 43123, or give us a call at (614) 503-1937 to speak with a member of our staff. You can also head on over to our contact us page to send us a message.