Many Consumers to Put Tax Refund Toward Auto-Related Purchases, Survey Says

It’s safe to bet that most consumers look forward to receiving their tax refund each year to save it for the proverbial rainy day, a vacation, to pay bills, or buy a big-ticket item. 

A study released today by eBay Inc. discovered that a third of consumers who received or will receive a refund this year intend to put that money toward buying a new or used car or making repairs to their current wheels.

The online survey of 5,000 consumers between ages 18 to 60 found that the average overall tax refund amount was $2,900, and on average, more than $1,000 will go into a car-related purchase. Of the people surveyed who reserved part of their refund for something vehicle related, 25% plan to purchase a car, with an even split between new and used, while 31% plan to add a second car to their household.

Among those who will put the cash toward automotive goods and services, 13% will pay off a car loan, 36% will buy tires, and 57% would put it toward maintenance.