Parenting Pointers: Buying a Car During Tax Season

According to a new survey by CarMax, Inc., the nation’s largest retailer of used cars, one in four American adults say they plan to save or pay back debt with their tax refund this year. Among those expecting a refund, one in six are likely to use the money to shop for a car. Those under the age of 35, parents, and residents of the South are particularly likely to put their tax refund toward the purchase of a car this year. When it comes to putting their reimbursement toward a large purchase like a home or car, parents are twice as likely to say they have done so than are adults without children in their household.

“Historically, tax refund season has been a very busy time for CarMax,” says Cliff Wood, executive vice president of stores at CarMax. “Buying a car any time of the year is a big decision, and we work to make the process fun and hassle-free so customers can focus on what matters most: finding the perfect car for them.”

CarMax has more than 20 years of experience in helping consumers make an informed car buying decision. Wood has provided five key tips on how to best shop for a car during tax season:

1. Do your research: Start your search online by exploring pictures, reviews and financing terms before you test drive. On carmax.com, you can search more than 35,000 vehicles nationwide based on your preferences.
2. Buy for quality: The biggest mistake people make when purchasing a car is they buy for price – not for quality. Make sure the vehicle has gone through a rigorous quality inspection.
3. Narrow your options: Select a few vehicles you want to test drive in advance and visit a store where you can try out a variety of makes and models all at one place.
4. Go somewhere you trust: Choose a retailer you trust to provide a transparent and enjoyable car buying experience focused on your needs. For example, sales consultants at CarMax are paid a fixed commission (except in CA) no matter what car they sell, so they can focus solely on helping you find the right car for you. 
5. Ask questions: Ask your sales consultant as many questions as you need so that you fully understand the terms of your agreement before you sign any documents.