Using Your Tax Refund for a Down Payment?
Here Are Some Great Buys!
While tax season can be stressful, you might also be getting a refund which is exciting! If you’re thinking about using your tax refund for a down payment on a vehicle, there are some great purchase options for under 30K.
How to gather your down payment
There’s a lot to consider when setting aside money for a down payment. You won’t want to totally deplete your savings, but you also want to put enough down that the car payment makes sense for your monthly budget. First, consider how much of your tax return you want to put toward the down payment. It might be part or all. Then, think about other areas where you may be able to collect money for this purpose. Stimulus checks are on their way for some and if you have a vehicle to trade-in that can help, too! You might be able to use a combination of sources to collect an appropriate down payment, and you might not need to use all your tax refund depending on the vehicle you select.
Great Buys for Under 30K
Here are some fantastic options at an affordable price:
Citrus Kia
Some great Internet Specials are being offered by Citrus Kia, including fantastic deals on the 2020 Kia Niro LX, 2021 Kia Seltos S AWD, and even the 2020 Kia Niro Plug-In Hybrid EX.
Volvo Ontario
Volvo’s Pre-Owned Inventory offers certified vehicles that have gone through a comprehensive inspection and come complete with a 5 year/unlimited mile exclusionary warranty. Check out the 2018 Volvo S60 T5 FWD Dynamic Sedan or the 2017 Volvo XC60 TG AED Inscription SUV for some fantastic deals.
Penske Honda Ontario
A new car isn’t out of reach with a Honda. Not only are Honda’s incredibly dependable, but models like the Civic, Accord, CR-V, Fit, HR-V and Insight are all available new for under 30K. You’ll have tons of options and models to choose from!
BMW of Ontario
Want to go full luxury? Look no further than a certified Pre-Owned BMW. Some affordable options include the 2018 BMW 3 Series 330e iPerformance Plug-In Hybrid or the 2018 X1 sDrive28i Sports Activity Vehicle.
What else should you consider?
You could lease
You don’t have to buy. You could also use your tax return for a down payment on a lease. A lease isn’t right for everyone, but if you can stay within the mileage parameters and you think you might want to drive a newer model in a few years, a lease is a great option.
Don’t forget electric vehicle incentives
California offers the Clean Vehicle Rebate Program, which gives buyers up to $7,000 on the purchase or lease of a new qualifying vehicle. Your dealership should be able to help you determine if your vehicle will meet the program requirements. This rebate could be a big help toward the cost of your vehicle. Plus, not only are electric, hybrid and fuel-cell vehicles better for the environment, but you’ll save money on fuel costs as well!
Turn your tax return into a down payment
We’re here to help! Contact any of our dealerships to learn more about using your tax return as a down payment for a vehicle that fits your needs.