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Who's Most Likely to Spend Tax Refund on Car?

RICHMOND, Va.  - 

It’s tax time, and for many, that also means it’s car shopping time.

According to an online study conducted on behalf of CarMax, 17 percent of people expecting a tax refund are likely to put that money toward buying a car.

And the likelihood of someone expecting a refund using that money for car buying is even higher if that person lives in the South (22 percent), is under 35 (29 percent) or is a parent (26 percent).

An infographic from CarMax also suggests that men are likely than women to put a tax refund towards a car purchase, and there’s also a greater chance an unmarried person will use the refund for a car purchase than a married person.

“Historically, tax refund season has been a very busy time for CarMax,” says Cliff Wood, executive vice president of stores at CarMax. “Buying a car any time of the year is a big decision, and we work to make the process fun and hassle-free so customers can focus on what matters most: finding the perfect car for them.”