7 Cars To Buy With Your Tax Refund This Year
Written by
David Nadelle
Edited by
Daria Uhlig
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While many Americans like to use a tax refund to bump up savings or pay off pesky bills, the annual windfall can be the perfect down payment on a new vehicle. To move winter surpluses, dealerships often have blockbuster deals such as rebates and lower interest rates on loans during tax season, making tax time a smart time to buy.
Here are seven highly-rated rides that you should consider when shopping.
Ford F-150
- 2024 MSRP: $36,570
For many Americans, owning an F-Series Ford pickup isn’t a matter of “if,” it’s a matter of “when.” Few tax return purchases can rival the No. 1 seller’s mix of power, efficiency, comfort and capability.
Honda Civic
- 2024 MSRP: $23,950
The Honda Civic faces tough competition from the Toyota Corolla, but when push comes to shove, Edmunds chooses the Civic for its “rapid acceleration, fuel-efficient turbocharged engine and spacious, adult-friendly rear seat.”
Mazda CX-5
- 2024 MSRP: $29,300
Competitors might have more space and towing capacity, but the Mazda CX-5 is surprisingly driveable, handles well and comes with a wealth of safety features. According to EchoPark Automotive, the CX-5 “puts off luxury vibes without the premium price tag.”
Subaru Crosstrek
- 2024 MSRP: $25,195
The redesigned Crosstrek has made “evolutionary advancements with engine and transmission refinements, a more modern infotainment system, an optional power seat and an improved EyeSight suite of active safety features that all heighten its appeal,” according to Consumer Reports. CR says it’s a versatile urban and adventure vehicle.
Tesla Model Y
- 2024 MSRP: $42,990
The Model 3 will cost you less, but the Y was the most popular electric car in the U.S. in in 2023, according to Edmunds, which liked its “stunning” acceleration and Supercharger compatibility. It’a also one of the dwindling number of cars still eligible for a new-car tax credit of up to $7,500.
Toyota Camry
- 2024 MSRP: $26,420
This top selling sedan consistently ranks among the best in its class. Camrys are “comfortable, efficient and remain spacious enough to suit most of the driving population,” said Kelley Blue Book.
Toyota Prius
- 2024 MSRP: $27,950
For those who aren’t ready to commit to an all-electric car, the hybrid Prius is an affordable alternative — and MotorTrend’s pick for Car of the Year for 2024. MotorTrend said it’s the first truly enjoyable hybrid, and “it provides a tantalizing preview of a future where extreme fuel-efficiency, ultra-low emissions, and stirring performance will happily coexist in one package.”
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