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It's that time of year again. Bring out your wallets and empty the coffers, it's time to square up with old Uncle Sam. If you've budgeted right you'll get a very welcome tax refund. If not, well, Ben Franklin said it best, "...nothing is certain except death and taxes."
Whether you need a little extra to pay the piper or just want to pocket some cash for that Disneyland trip you promised your kids, selling your car during tax time is one of the best financial moves you can make right now — especially through Ken Garff. Here are five reasons why.
Tax return money gives you more car money
According to Progressive, spring and summer are the best times for car buying and selling. Tax refunds are hitting people's bank accounts, and families have (hopefully) financially recovered from the holidays. More money to spend increases the demand for car buying and you can expect buyers —including dealers— to be willing to pay more for the vehicles they want.
Since more money generally means more demand, you can expect more buyers —including dealers—willing to pay for the car they want.
Demand for used cars is still high
JP Morgan reports the chip shortage and supply chain issues for new cars are starting to level out, but demand for used cars is still high. With increased demand comes high values, so if you want to get the absolute most out of your old ride now is the time to sell or trade in, especially at Ken Garff.
Used car prices are about to drop
That said, if you're considering selling — and want top dollar for your vehicle — don't wait. The market is rapidly changing, and new car inventory gets better every day. Also, industry experts at J.P. Morgan expect used car prices to drop 20% or more this year. Utah hasn't seen this kind of drop — yet — but there are signs that a drop could be just around the corner.
What does this all mean? If you're thinking of selling your car, do it now. It may be the last optimal time to sell while values and demand are still high.
"There are some glimmers of normalization, with prices finally easing somewhat, though conditions remain far from normal. Looking ahead, we expect much less moderation in new vehicle prices than in used vehicle prices," Ryan Brinkman, Lead Automotive Equity Research Analyst at J.P. Morgan said.
Ken Garff will pay top dollar for your car
Ken Garff dealers know the strong demand when buyers receive their tax refunds, and they want to stock their inventory with your car! They are prepared to pay top dollar for your vehicle, even if it's a car that's out of season, like a rear-wheel drive sports car. Because Ken Garff has dealerships in Texas, southern California and Arizona, there is always demand for any vehicle you want to sell.
If you're curious about what Ken Garff will give you for your car, visit kengarff.com/sell-to-us. All you have to do is input your vehicle's information and you'll receive an instant online offer to buy your vehicle.
This personalized offer is good for seven days. After you've received the online offer, you take your car in for a trained appraiser to look over it. After that, all that's left to do is accept the offer and get paid! Keep in mind Ken Garff often adjusts their initial offer to be even more competitive once they've seen the vehicle in person.
Trading in saves you on sales tax
If you want a new car and are also fed up with taxes, good news! Trading in your car saves you big time on sales tax compared with buying a car outright. The sales tax savings when trading in your car combined with the high trade-in value from Ken Garff means you can get a higher value than you would have had you sold and bought outright.
Better yet, couple your car's equity with your 2022 tax refund for an even larger downpayment. Your new monthly payment will thank you later.
Tax time is the perfect time to sell your car. Whether you want to ditch your old ride or trade it in for a new one, Ken Garff is prepared to give you the best deal in town. Visit kengarff.com/sell-to-us for your instant cash offer and how to take advantage of this prime selling time.
