Sales Forecasts

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


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.”