Poll: Motorists plan to spend tax refunds on cars
(MoneyWatch) If you are getting a tax refund, how will you spend it? One-third of car owners in a recent poll say they will spend at least part of that money to fix up their car or buy a different one.
Following booming March car sales and increasing auto loans, this tax refund finding in a poll commissioned by eBay Motors seems to be another signal that Americans are read to spend on cars. In a survey of 2,200 adults done by Harris Interactive, 34 percent of vehicle owners expecting refunds planned some automotive expenditure.
Of that group, about half planned to spend money on automotive maintenance, about one-third on needed repairs and just over 20 percent intended to put the money toward buying a new or used vehicle. The survey questionnaire allowed multiple responses about spending plans.
Some respondents to the survey not only were expecting refunds but planned to take auto-related deductions in filing their taxes. This presumably would be for business-related driving though specifics on the deductions were not asked for.
Plans for current tax refunds follow boosts in searches and actual sales of cars and automotive products on eBay Motors in March and April the past two years, according to Gregory Boutte, the company's North American vice president.
He cites these other results from recent years' searches:
- Drivers just want to have fun. The biggest increases in searches have been for sporty cars such as Ford Mustang and Chevrolet Corvette.
- Four wheels aren't always necessary. Searches and sales also have increased for Harley-Davidson motorcycles and off-road Honda ATVs.
- Parts are popular. Auto parts and accessory sales have spiked in recent tax seasons. Among top sellers are new tires and wheels for vehicles.
