At Fields BMW of Daytona, our job goes beyond matching you with the perfect vehicle for the road ahead. We also work hard to help drivers save during financing, and tax season can give you even more options for great vehicles at great prices. Learn about the best ways to use your tax refund at Fields BMW of Daytona.
Toward a New Vehicle
A good standard when financing a vehicle is to follow the 20/4/10 rule, which recommends putting down at least 20% when financing a vehicle. If you have a large tax refund, however, you may be able to put down more on the day of purchase. A larger down payment may help you to qualify for more favorable terms, since lenders have a smaller risk. You’ll also enjoy lower monthly payments, as well.
Return Investment on Pre-Owned Vehicles
You may also want to consider using your tax refund toward a pre-owned model. This offers similar benefits to purchasing pre-owned, as you can use the refund toward your down payment, though it will typically go farther with a pre-owned vehicle, as they tend to be less costly. Additionally, pre-owned vehicles have lower depreciation rates, so your initial tax refund will net you more value when you go to sell or trade in your car.
Accounting for Taxes and Fees
When budgeting for a vehicle, you always want to account for the day-of costs. These tend to include dealership fees, destination fees, registration, and sales tax. When you put your refund toward these costs, you reduce the costs on purchase day and make more room in your budget for the next vehicle.
Begin the BMW Financing Process in Daytona Beach, FL
Whatever your BMW financing needs might be, Fields BMW of Daytona offers the support and resources that make the difference. We’re here to help you make the most of your tax refund, so you can focus on picking out the next great luxury performance vehicle. Get started at our Daytona Beach BMW dealership today.
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