TAX TIME CAR PRICES! DO NOT BUY A CAR RIGHT NOW! (THG)
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- Опубликовано: 1 мар 2024
- TAX TIME brings an annual (temporary) Price Bump. It is NOT a good time to buy a car! #tax #car #prices
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Tax Time increases car prices in the spring 2024. Do not buy a car right now!
In this video, we’ll tell you how long to wait until car prices will likely go back down and continue declining. Are cars cheaper during tax season? Definitely not. Are you planning on using your 2024 Tax Refund as a down payment for a new car or used car?
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Read This Before You Spend Your Tax Refund on a New or Used Car
If you're planning on spending your tax refund on a new set of wheels, check out these tips beforehand.
Traditionally, spring is a great season to buy a car. The weather's nicer for test drives, and for many buyers, newfound money from an income tax return can help reduce the purchase price.
If you plan on using your tax refund as a down payment, you’ll be competing against like-minded shoppers for a limited selection of cars with a steep price premium. Still, there are glimmers of sunshine if you are thinking of spending your tax return on a vehicle. The following tips can help you close the inflationary gaps and get a decent deal in a market with few deals to be had.
CONSIDER BUYING A CAR FROM A “DEAD BRAND”
Tens of millions of used vehicles are still on the market from automotive brands that disappeared over the past 15 years, like General Motors’ Saturn or Ford’s Mercury. These “dead brand” used vehicles frequently sell for lower prices than cars from existing marques.
In today’s marketplace, a midsize crossover with all-wheel drive, such as a 2009 GMC Acadia or top-of-the-line Buick Enclave with over 100,000 miles, can retail for between $11,500 and $12,500, according to the Manheim Market Report, a database that tracks millions of purchases throughout the country. That same powertrain in the form of the 2009 Saturn Outlook with similar miles will likely cost you $4,000 to $5,000 less. The difference? Saturn is no more. But Buick and GMC survive.
For every popular SUV (such as the hot-selling Ford Escape or the Chevy Equinox), a lesser-known used Mercury Mariner or Suzuki XL-7 typically goes for less money because of less advertising dollars and brand awareness.
REEVALUATE YOUR VEHICLE NEEDS
Pickup trucks, crossovers, and SUVs go for a stiff price premium right now. However, there are plenty of minivans and cars that are unpopular but reliable. All of which offer solid value even in today’s market.
The Mazda 6 is one of the best examples of paying less while getting a far greater bang for your buck when you buy a car. According to the Manheim Market Report, an entry-level 2017 Mazda 6 Sport with 63,000 miles wholesales for more $4,000 less than a comparable SUV, such as the Toyota RAV4. The money a dealer saves on buying that car should translate into a lower price for you.
MODEL-YEAR CLOSE-OUTS ARE A GREAT TIME TO BUY NEW CARS
There are times of the year when automakers will discount the old model to make room for the spiffy brand-new version. Most model-year changeovers typically take place in the fall, but the supply-chain disruptions wreaking havoc on the auto industry mean that new models come out year-round. For example, the 2022 Kia Sportage is available with a $750 rebate directly from Kia now that the 2023 version is slated to arrive this spring. If you find yourself admiring a vehicle you’ve never seen on the road before or reading reviews of an exciting new car, realize that means that there may be an outgoing model lingering on a dealer lot somewhere nearby. 
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You guys address topics other channels either don't or do so with questionable results. Your common sense approach to auto shopping is simply excellent stuff. Your content is head and shoulders above the rest.
Also - Kevin, you're looking healthy, robust and ready to kick butt. Stay well.
I am finding many dealerships refuse today to not negotiate. Tax season virus has infected the dealerships.
It doesn't take much motivation for a dealer to get a "greed attitude"
buy food not cars, let stealerships eat their cars
I've known so many people who blow the tax check on tattoos, never mind a car.
That's actually quite hilarious!
I guess it's good news bad news then.
Auto companies are buying up a lot of cars in preparation of selling a lot...however this year is the year a bagillion new IRS agents and new taxes on the poor are going into effect.
So far all the people I've talked to that usually get returns, have had to pay this year.
therefore, I believe there is a decent chance a lot of people that might have used their tax returns to buy stuff, aren't going to be able to do that this year.
I predict that all these lots will wind up stuck with a bunch of extra inventory with an extremely thin crowd not buying anything. I look forward to the panic sales in may.
Well, that would serve them all right!
Hey Kevin and Elizabeth! Thanks for using my idea for a video! It's great to see this info get out there from an honest, reliable source. Luckily, I am not in the market for a car, and probably won't be for a couple of years. Two paid-off reliable vehicles. YOU GUYS Rock!
Amazing. Found a truck online today that was $45K in January is now $47K.
As a used car dealer most of your big buyers are the rapid refund and low credit scoring people usually these people went through their tax money by the end of March in the first week of April the people that wait for their taxes are usually smarter buyers think about that
WOW amazing TY so much ,,Keep up the great work
Sadly, I've got little choice. 2011 Maxima, over 175K miles and was just in a wreck. I wish I could wait, but not sure the ole girl will hold together much longer.
Sometimes you just gotta do what you gotta do and no matter what the market timing says. Let us know if we can help you!
Thanks for your content.
Another great video, thank you. My understanding is december is best time to buy ... Would you conside january a good time to buy as well or which other 2 best timeframes for purchase of used car?
THANK YOU!! I was going to buy a used car but not now. I will wait and use this time to test drive ONLY...this is ok to do yes?
As usual Kevin and Elizabeth your advice is priceless!! ❤❤❤❤
Glad you think so!
I am waiting until end of May to see if there are any changes in MSRP lower offers, incentives, and prices. Track the MSRP today and see if there is a difference end of May.
Wait until August. End of model year clearance sales.
If the temporary bubble last through to parts of May, then we're in the summer buying season. Would that mean the more ideal times of year to buy are Oct - Jan?
this doesn't affect new cars though right?
Does this cancel out the alignment of end of month, end of quarter, the last week of March? Had hoped to target that period, though tax refund is not a factor in my car buying.
If you're buying new, it doesn't apply.
Great
It won't be long that people have to file tax returns so car dealers will need to make another plan.
I never use my Federal Tax Rebates for anything other than my "Vacation Funds". Besides, I don't get thousands of dollars back anymore. Last year was first time I'm retired for the whole year and I only got under $150 back as you don't pay taxes on Social Security, and my IRA withdraws ended in late 2023. Besides, you will need your tax refund to pay for the increased prices at Wendy's (oh wait, they rolled back their plans to raise prices during peak meal times).
Yep, I’d be glad to let them add my tax “refund” to the price of any car! Although, this year is lower than others.
As I’m sure, based on what you wrote, I’m sure you know that number is negative!
Bidon is going to raise taxes more. Hold on.
not this year with ww3 going on now
Perhaps there'll be a glut of used cars after the tax season bubble. I think this happened as we rolled into 2024, too.
You should give this advice to the government they receive free tax money from the people and spend more than drunken sailor sailors and borrow more than they can pay back
Tax time?? Oh right, the time I have to pay every fking year because i’m single.
Paying in is actually what several people do have to do. There are enough tax returns coming back, however, that dealers bump their prices up in preparation for it.
I can see not buying a cheap car, but this shouldn’t affect more expensive cars.
All boats rise in a rising tide.
Refund! REFUND! You got a REFUND! Can i talk you into a loan!