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IRS Refund

Surveys: Tax Refunds Jump Start New Car Purchases

The average IRS refund is expected to hit $3,000 this year, with as many as a quarter of taxpayers using the cash toward the purchase of a new car, according to a pair of recent surveys.GoBankingRates says it studied auto loan details from more than 6,000 financial institutions and statistics gathered from eBay Motors to project that about 25% of Americans would use refunds to grab a fresh ride. A separate online polling of more than 1,000 people came up with somewhat smaller numbers -- CarMax says its research shows that 17% of taxpayers would buy vehicles with the money.The IRS announced earlier this month that the average refund will be $3,034, about 3% more than 2013. GoBankingRates Managing Editor Casey Bond says a reason many people are planning to take the cash to a dealership is because auto loan rates are reasonable."The average tax refund is equivalent to a 20% down payment on a $15,000 auto loan," Bond said in a written statement. "In fact, qualified car buyers can expect to...

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