Got a Tax Refund?

Now that tax season is over (unless you filed an extension), more than one third of drivers who expect a tax refund or have already received one will spend a portion on their vehicles, according to a survey cited in the Wall Street Journal.

According to the Internal Revenue Service, the average federal tax refund in 2017 is $2,878 up slightly from 2016. It’s tempting to consider a refund as a bonus or windfall, but keep in mind that is your money being returned to you for overpayment.

Still, if you need a new car or truck, this could be a good time to make that purchase. Edmunds.com suggests you should spend your hard-earned money wisely by carefully considering the following options:

1. Use the money as a down payment on a new or used car
2. Make a large drive-off payment on a new car lease
3. Pay down an existing car loan
4. Refinance your current loan
5. Fix or upgrade your current car

Visit the Valencia Auto Center for a selection of thousands of cars and trucks (5,050 new and pre-owned vehicles in stock as of April 25, 2017) with 25 brands in One Magic Mile.