Tax Refunds Soaked up by Car-Related Expenses: Study
It’s tax time again, and the results of a survey released today find a third of vehicles owners who receive refunds will spend some of that money on vehicle-related expenses.
The survey polled 5,000 people between ages 18 and 60 and was conducted last month on behalf of eBay. Roughly 68 percent of the people surveyed either received a refund or expect one this year. The average refund amount is $2,900, and on average $1,000 of that will be spent on something automotive-related.
Of the survey respondents who will spend some of their tax refund on something related to a car, 25 percent plan to buy a car — split evenly between new and used purchases.
Thirty-one percent say the money will be used to add a second vehicle or to buy a vehicle for a child.
Of those who specified spending on car-related goods and services, 57 percent said they would buy maintenance items while 36 percent said the money would go to tires.
[Source: Automotive News]
Luke is an energetic automotive journalist who spends his time covering industry news and crawling the internet for the latest breaking story. When he isn't in the office, Luke can be found obsessively browsing used car listings, drinking scotch at his favorite bar and dreaming of what to drive next, though the list grows a lot faster than his bank account. He's always on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> looking for a good car conversation. Find Luke on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> and <A title="Luke on Google+" href="http://plus.google.com/112531385961538774338?rel=author">Google+</A>.
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