Photo: Leon Seibert/Unsplash
Family Features - Tax refunds have started rolling in, which means many people are looking to use this influx of cash to make purchases they’ve been putting off. According to an Oxford Economics report, the amount of money received from income tax refunds this year could be among the highest in recent years, so many people may have more money in their pockets to spend this spring.
One purchase typically rises to the top this time of year: used vehicles. The Oxford report shows used vehicles are one of the most popular purchases for Americans during tax refund time as this coincides with higher resale values of used vehicles. When making this purchase, it’s important to consider several factors to make a smart financial decision.
Make Sure the Purchase Fits Within Your Budget
Data from Kelley Blue Book and Cox Automotive suggests average used car prices are around 50% less than new vehicle prices. Trusted used car companies and dealerships often feature a wide selection of inventory, including different makes and models, so customers can select a vehicle that excites them and fits within their budget.
“While there are several considerations to keep in mind when shopping for a vehicle, consumers should never exceed their budget,” said Laura D. Adams, personal finance expert, host of the “Money Girl” podcast and a paid Enterprise Car Sales spokesperson. “A vehicle that is near new is often an excellent sweet spot for consumers looking for quality without wanting to make the leap to purchase an expensive, new vehicle.”
Searching for a vehicle with a retailer you trust can help make it easy to stay within your budget. For example, with Enterprise Car Sales, the price listed is the price you’ll pay.
Keep the Monthly Payment Low
The more you can invest in the down payment on a vehicle, the lower your monthly cost will typically be and the less interest you will typically pay over the length of the loan. This can lead to lower, more manageable monthly payments.
“In setting a budget for a quality used vehicle, it’s important to consider the initial down payment, the monthly payments, and the interest,” Adams said. “When consumers can put a little more toward the initial down payment, while staying within budget, they often thank themselves later when they have lower monthly payments and less interest accrued.”
There are many online resources that can help consumers make this calculation. For example, an auto loan calculator can show you how a down payment can affect interest charges.
Purchase a Reliable Vehicle
No matter who you buy from, ensuring you are purchasing a high-quality, reliable vehicle is of the utmost importance. Do your research before signing on the dotted line and conduct a test drive if you can.
“When conducting your search, it’s important to put companies and dealerships you trust at the top of your list,” Adams said. “Maintenance costs can sometimes creep up down the road, so it’s important to make this significant purchase from a company or dealership you trust.”
Some dealers also provide additional benefits to help protect a purchase. For example, all vehicles purchased through Enterprise Car Sales are “Enterprise Certified,” pass a rigorous inspection by ASE-certified technicians and come with a 12-month or 12,000-mile limited powertrain warranty (whichever occurs first), 12 months of roadside assistance and a 7-day or 1,000-mile (whichever occurs first) buyback policy.
With a little research and careful planning, you can find a reliable used vehicle that excites you. Visit enterprisecarsales.com for more information.
America needs attention to our infrastructure. It’s pathetic that our Congress and President are having so much trouble putting something together they can agree on.
We managed to spend the equivalent of a trillion dollars in today’s currency on the Vietnam war. What did we get for a trillion dollars? Over fifty-eight thousand dead American soldiers. Plus, over 1500 missing in action and thousands of wounded. Many who have never recovered.
We lost 4497 American soldiers in Iraq. We spent two trillion dollars in Iraq. We had over 32,000 other casualties. What does America have to show for the war in Iraq?
We spent 20 years in Afghanistan. Over 2400 American soldiers were killed and over 20,000 were wounded. We spent at least 2.3 trillion dollars. What does America have to show for our war in that country?
Did these wars make us safer? Did they make our country greater and stronger? Is America better and freer because of these wars? America suffered great loss from these wars. Thousands of American families are still grieving.
The stimulus proposal, approximately $1.75 trillion is about investing in America. We are long overdue for a major investment in America. We don’t all agree on the infrastructure bill’s spending list. However, can’t these “great” politicians come up with an “essential” needs list that is starkly visible to any naked eye?”
Maybe we could get busy in our nation and stay out of other countries’ business for a while.
Maybe we could take a break from fighting among ourselves.
A working nation will be a much happier nation. We hear all this bull talk about we’ll never get out of debt from this infrastructure bill and we won’t. However, we’ve spent too much time trying to solve the world’s issues while ignoring our own problems. We need to work on our homeland. The roof is leaking, the walls are crumbling, the electrical work needs to be repaired. The water we are drinking is dirty. The driveway is crumbling and potholes abound. The plant down in town relocated and the local coal mine closed. Things are tough.
The house needs a lot of repair but it’s hard to repair a house and buy expensive groceries on the meager wages that are available to most Americans. Families can’t live on $15 an hour, or go to the doctor. Over forty million Americans still live in poverty. Millions more live right above the poverty line and struggle.
According to Pew Research, "A household with an income between two-thirds of and double the median household income is considered middle class. The national median income in 2021 is $79,900, which would mean an individual would fall squarely in the middle class with an income between $53,266 and $159,800." Is this you? The average household income for 2021 has been $79,900 according to huduser.gov.
A financially strapped American living in an aging house that is desperate for repairs is symbolic of much of America.
Yes, we have seen a stock market boom. Americans selling houses are doing well financially. Yes, a lot of people in America are in the medium income level which is not bad.
However, too many Americans are still financially insecure. They don’t make enough money. They can’t afford adequate housing. They still put off going to the doctor because of costs. They aren’t saving any money.
More senior Americans are working than ever before because they can no longer live on their meager pensions and Social Security is being eaten away by rapid inflation.
We need an investment at home, our home, America. Congress, please make a reasonable list. Our needs are so visible. We need clean water, Internet, available affordable healthcare including prescriptions, affordable clean energy, chips for our cars and phones, roads and bridges and real paying jobs for Americans who are willing to work. Why is this so hard?
In comparison to over 5 trillion dollars and thousands of American lives spent around this world, spending a few dollars at home should be a cakewalk for this Congress and President.
