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April 1, 2022
Once you get past the stress and hassle of filing taxes, you’ll find a great opportunity for buying a vehicle.
Many people are fortunate enough to get tax refunds during this season, and car dealerships offer some incredible deals during this time.
While you’ll want to understand how your state sales tax works before maximizing your refund, tax season can be a great time to buy or lease a vehicle.
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Dealerships know that tax returns offer many consumers some extra cash, and they want to encourage car purchases with their deals. Here are the top 10 tax refund car deals to check out now:
There are some times of year best known for great car-shopping conditions. Yes, tax season is a good time to buy a car!
Here are some of the top reasons to buy a car during tax season:
There are many ways to contribute your tax refund to buy a car. Here are some ideas for how to maximize your tax return for car buying:
You can spend some of your tax return money on a new down payment for a vehicle. This applies whether you are looking to lease or loan a vehicle. Contributing more to the down payment helps you decrease the monthly cost, and can also help you qualify for more ideal financing arrangements.
Buying a completely new vehicle is not the only option. Another great way to use your tax refund is to put money toward an existing loan. Paying off a larger section of the loan with your refund money will decrease the remaining balance and help you pay off the vehicle quickly and with less total interest.
Budget car shoppers may enjoy using their tax refund on a pre-owned vehicle. You may be able to finance a sizable portion of a used vehicle with your tax refund money.
When you use your tax return to make a larger due-at-signing payment, you can significantly lower monthly car lease payments. Considering leasing a vehicle? Take a look at these top tax season car lease deals:
|2022||Kia||Niro EV||$299/month for 36 months, $3,499 due at signing||5/31/2022|
|2022||Subaru||Crosstrek||$245/month for 36 months, $2,445 due at signing||5/31/2022|
|2022||Hyundai||Elantra||$189/month for 36 months, $3,199 due at signing||5/31/2022|
|2022||Toyota||Camry||$289/month for 36 months, $2,999 due at signing||5/31/2022|
|2022||RAM||Ram Pickup 1500 Classic||$359/month for 36 months, $4,199 due at signing||5/31/2022|
|2022||Jeep||Gladiator||$359/month for 39 months, $4,099 due at signing||5/31/2022|
|2022||Nissan||Leaf||$209/month for 36 months, $4,059 due at signing||5/31/2022|
|2022||Honda||HR-V||$229/month for 36 months, $3,899 due at signing||7/5/2022|
|2022||Audi||A5||$579/month for 36 months, $5,069 due at signing||5/31/2022|
|2022||Mazda||CX-30||$229/month for 24 months, $2,999 due at signing||5/31/2022|
Looking for a certain make or model? Here’s a full list of all of the tax refund car deals to choose from:
|Year||Make||Model||Cash Incentives (up to)||Best Avail. APR||Lease Offers||Expiration|
|View All Acura Incentives|
|2022||Audi||A4||2.49%||$529/month for 36 months, $5,029 due at signing||5/31/2022|
|2022||Audi||Q3||3.49%||$509/month for 36 months, $4,229 due at signing||5/31/2022|
|View All Audi Incentives|
|2022||BMW||3-Series||3.49%||$549/month for 36 months, $4,329 due at signing||5/31/2022|
|2022||BMW||5-Series||3.49%||$689/month for 36 months, $7,169 due at signing||5/31/2022|
|2022||BMW||X3||3.49%||$569/month for 36 months, $5,869 due at signing||5/31/2022|
|View All BMW Incentives|
|2022||Buick||Enclave||0.00%||$359/month for 24 months, $4,049 due at signing||5/31/2022|
|2022||Buick||Encore GX||$250||0.00%||$219/month for 24 months, $3,179 due at signing||5/31/2022|
|View All Buick Incentives|
|2022||GMC||Acadia||$1,500||0.00%||$249/month for 24 months, $3,079 due at signing||5/31/2022|
|2022||GMC||Canyon||$500||0.00%||$329/month for 36 months, $4,109 due at signing||5/31/2022|
|View All GMC Incentives|
|2022||Cadillac||XT6||$1,250||0.00%||$579/month for 36 months, $4,959 due at signing||5/31/2022|
|2022||Cadillac||XT4||0.00%||$399/month for 36 months, $3,689 due at signing||5/31/2022|
|View All Cadillac Incentives|
|2022||Chevrolet||Blazer||$1,250||1.90%||$249/month for 36 months, $2,809 due at signing||5/31/2022|
|2022||Chevrolet||Equinox||$1,000||$299/month for 36 months, $0 due at signing||5/31/2022|
|2022||Chevrolet||Silverado 1500 LTD||$1,000||1.90%||$319/month for 24 months, $4,559 due at signing||5/31/2022|
|View All Chevrolet Incentives|
|2022||Chrysler||Pacifica||$1,000||$459/month for 39 months, $4,099 due at signing||5/31/2022|
|View All Chrysler Incentives|
|2022||Dodge||Charger||$1,000||0.00%||$309/month for 36 months, $3,999 due at signing||5/31/2022|
|View All Dodge Incentives|
|2022||Ford||EcoSport||7.90%||$263/month for 39 months, $2,597 due at signing||5/31/2022|
|2022||Ford||Ranger||7.90%||$299/month for 36 months, $3,020 due at signing||5/31/2022|
|View All Ford Incentives|
|2022||Honda||Ridgeline||1.90%||$389/month for 36 months, $5,299 due at signing||7/5/2022|
|View All Honda Incentives|
|Year||Make||Model||Cash Incentives (up to)||Best Avail. APR||Lease Offers||Expiration|
|2022||Hyundai||Elantra||$500||2.79%||$189/month for 36 months, $3,199 due at signing||5/31/2022|
|2022||Hyundai||Kona||$500||2.25%||$179/month for 36 months, $3,899 due at signing||5/31/2022|
|2022||Hyundai||Sonata||$500||2.79%||$219/month for 36 months, $3,199 due at signing||5/31/2022|
|View All Hyundai Incentives|
|View All Infiniti Incentives|
|View All Jaguar Incentives|
|2022||Jeep||Grand Cherokee WK||$2,500||0.00%||$429/month for 36 months, $3,799 due at signing||5/31/2022|
|View All Jeep Incentives|
|2022||Kia||Sorento||1.90%||$309/month for 36 months, $3,499 due at signing||5/31/2022|
|2022||Kia||Niro EV||1.90%||$299/month for 36 months, $3,499 due at signing||5/31/2022|
|View All Kia Incentives|
|2022||Land Rover||Discovery Sport|
|View All Land Rover Incentives|
|View All Lexus Incentives|
|View All Lincoln Incentives|
|2022||Mazda||CX-5||1.90%||$279/month for 24 months, $3,499 due at signing||5/31/2022|
|2022||Mazda||CX-9||1.90%||$359/month for 24 months, $3,499 due at signing||5/31/2022|
|View All Mazda Incentives|
|2022||Mitsubishi||Outlander Phev||2.90%||$319/month for 36 months, $4,143 due at signing||5/31/2022|
|2022||Mitsubishi||Eclipse Cross||3.90%||$269/month for 39 months, $3,543 due at signing||5/31/2022|
|View All Mitsubishi Incentives|
|2022||Mercedes||CLA||$489/month for 36 months, $4,183 due at signing||5/31/2022|
|2022||Mercedes||GLS||$1,069/month for 36 months, $5,713 due at signing||5/31/2022|
|View All Mercedes-Benz Incentives|
|2022||Nissan||Armada||1.90%||$709/month for 36 months, $6,909 due at signing||5/31/2022|
|2022||Nissan||Leaf||1.90%||$209/month for 36 months, $4,059 due at signing||5/31/2022|
|View All Nissan Incentives|
|View All Porsche Incentives|
|2022||RAM||Ram Pickup 1500||$4,750||0.00%||$359/month for 36 months, $4,199 due at signing||5/31/2022|
|View All RAM Incentives|
|2022||Subaru||Ascent||1.90%||$319/month for 36 months, $3,219 due at signing||5/31/2022|
|2022||Subaru||Outback||1.90%||$265/month for 36 months, $2,899 due at signing||5/31/2022|
|View All Subaru Incentives|
|2022||Toyota||Corolla Hybrid||1.75%||$209/month for 36 months, $2,999 due at signing||5/31/2022|
|2022||Toyota||RAV4||1.75%||$259/month for 36 months, $2,999 due at signing||5/31/2022|
|View All Toyota Incentives|
|2022||Volkswagen||Atlas Cross Sport||4.70%||5/31/2022|
|View All Volkswagen Incentives|
|2022||Volvo||XC90||2.49%||$749/month for 36 months, $5,149 due at signing||5/31/2022|
|View All Volvo Incentives|
These offers may vary based on location, credit score, and financing terms and are not guaranteed. So use my free service to check discount car prices to get the best prices that include current manufacturer offers and incentives.
Tax season is filled with enticing dealership promotions. Some will offer to match your refund, giving you a huge boost on a down payment. Furthermore, you’ll likely get some substantial money back which can help you get better financing deals as well.
Start shopping early! You don’t need to wait until you finish your taxes and get your full refund. Start browsing as soon as you see tax season promotions come up.
The answer to how much of your tax refund to spend on buying a car varies based on your financial situation and goals. Simply put, you shouldn’t use all of your income tax return on buying a car. You should save at least 10% for other expenses or unforeseen circumstances.
If you itemize your deductions, you may be able to deduct vehicle sales tax for state and local tax, if you paid more local sales tax than income tax. Another instance you may be able to deduct for buying a car is if it is a business car. Be sure to consult your tax advisor for more information on what vehicle expenses are deductible for you.
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