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Tax refunds allocated to cars

By Tara Baukus Mello · Bankrate.com
Wednesday, April 18, 2012
Posted: 2 pm ET

With tax season over, many Americans are making plans for their refund checks, and for some that means buying a car or fixing up their old one, according to a recent study. A survey by Harris Interactive and eBay Motors found that 34 percent of those getting a refund will be using at least a portion of their tax return to buy a new or used car, or on repairs and maintenance of their current car.

The survey found that most respondents were planning on using a portion of their tax refunds for maintenance on their current car (49 percent), followed by repairs (32 percent), buying a new or used car (21 percent), buying tires (19 percent) and cleaning or detailing their cars (14 percent). Percentages add up to more than 100 percent because respondents were allowed to choose multiple categories where they would spend their tax refund.

Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.

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