Should I use my 2023 tax refund to buy a car? 

January 4th, 2023 by

A man and a woman at a dealership

Three benefits of buying a vehicle with your tax money 

If you’re deciding what to spend your tax refund on, buying a car is one option. If you’re getting back a good amount of money, you could pay off a sizable chunk of the cost right away. Keep reading to learn about the benefits of buying a car with your tax money with us, Carl Black Hiram, your dealership in Hiram, GA. 

Is January a good month to buy a car?

You can pay more toward your down payment 

The biggest benefit of having a large sum of money to put toward your vehicle right away is that more money down means less spent in interest. Paying off as much as possible at one time actually saves you money in the long run. You’ll definitely be thanking yourself later for making this smart financial decision. 

a woman holding a car key fob

A large purchase can help improve your credit 

Credit is a tricky beast. If you want to improve your credit, it is important to choose a vehicle you can afford, which is why pre-owned vehicles are such a great option. Around tax time, you may have more money than usual, but don’t go overboard on your purchase. We’ll help you choose a vehicle you can make timely payments on and paying these on time with your credit card is an excellent way to improve your credit score. This might mean you can get a loan for a house or another large purchase in the future. 

Family SUV best features

A vehicle is a good long-term investment 

Sometimes, it can be tempting to blow your tax refund on something you’ll regret. The great thing about buying a vehicle is it’s a great long-term investment. You can enjoy it for many years, and it can retain value to be resold in the future. 

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Posted in Tips and Tricks