While the first thing to come to mind when thinking about tax season might be the deadline, a much better thing to focus on is your potential tax refund. A lot of Americans are about to get a big lump sum of money that they usually don’t include when budgeting for the year, and there are many things you could spend that refund on, from that dream vacation to a fancy new television. But tax season might just be the best time to upgrade to a new Jeep or RAM.
If you’ve been eyeing a rugged RAM 1500 for the job site or a trail-rated Jeep Wrangler for your weekend adventures, the timing couldn’t be better. Because it’s not just the lump sum of money you got, but how it affects your overall vehicle purchase. So let’s dive into some of the reasons why tax season is the best time to buy a new vehicle from Jim Glover CDJRF.
Turn Your Refund into a Power Play
For the financially savvy or frugal, your instinct might be to put this influx of cash into a savings account, but using your tax refund as a down payment is actually a very strategic financial decision. By applying your tax refund toward a new Jeep or RAM vehicle, you are effectively reducing the principal balance of your auto loan from day one, which leads to two major benefits:
- The larger your down payment is, the lower your monthly payments will be.
- A significant down payment is looked upon favorably by lenders, helping you secure a lower interest rate.
This means that you can either get the exact car you were already comfortable paying for at a discounted monthly rate, or you can spring for a better trim level or an alternative that you didn’t think you could afford. Plus it means you could potentially save thousands of dollars in interest over the life of the loan.
Maximizing Your Trade-In Value
While not a guaranteed advantage year to year, there is another potential benefit to buying a new vehicle during tax season. Tax season coincides with the beginning of the spring car-buying rush, which often brings with it an increased demand for quality pre-owned vehicles. If your current vehicle is in great condition, it could potentially be worth more now than any other time of the year.
This means you could also maximize your trade-in value, which is also applied to your down payment. In other words, your monthly payments and interest rates might be even further reduced.
Seasonal Incentives
There are usually seasonal incentives that coincide with this time of year. While they might not be themed around tax season, March is a time often associated with big event specials and deals. For example, right now Jim Glover CDJRF is offering its Glover Madness incentive, which includes its best deals of the year. This includes discounts of up to $16,000 and new Jeep vehicles starting as low as $259 a month.
If you think now is the right time to get behind the wheel of your own Jeep vehicle or RAM pickup truck, don’t hesitate to check out our online inventory to see what’s available — and make sure to check out our specials to see all of the Glover Madness offers. Feel free to give us a call with any questions that you might have or to schedule a test drive. We’d be happy to further discuss how putting your tax refund towards your down payment can benefit you in your purchase, so reach out whenever you’re ready!