Refunds to Wheel Funds: Cars Top Tax Refund Wish Lists, Enterprise Survey Reveals
Trend Expected to Fuel Continued Growth in Used Car Segment as Drivers Look to Maximize Value and Quality for Their Investment
Enterprise Car Sales Boosts Stock of Used Cars by 30% in Anticipation of Tax Season
ST. LOUIS, March 3, 2020 /PRNewswire/ -- Save it … or spend it? That's the question on the minds of millions of Americans as April 15 looms and tax refunds are distributed. A new survey by Enterprise Car Sales reveals that – for the 45% of us who are in a spending mood this year – buying a car tops the refund wish list.
The new survey shows that nearly three in five (58%) of those planning to spend their refunds intend to put them toward a car purchase. What's more, among those planning to bank their refunds, 19% said they're saving to buy a new or used car down the road.
But whether they buy now or later, used car shoppers are clearly focused on getting a good deal. The used car segment today is more than double the size of the new car market and is growing at a faster pace, according to McKinsey & Company. It's a trend driven largely by price, as multiple studies show used cars can cost significantly less than the comparable new car model. Meanwhile, the used car market is made up of more and more "lightly used" vehicles -- including former rental cars from Enterprise and others -- that offer an optimal balance of quality, value and advanced technology at much more reasonable prices.
The Enterprise survey revealed that this balance is a major selling point for used car buyers. Nearly all survey respondents (96%) agreed that buying a used car is a way to get a great car at a great value. And more than half (54%) agreed that buying a used vehicle makes them feel more eco-friendly. An eye-opening 41% said they would never buy a new car, citing high prices and fast depreciation as their primary concerns.
In fact, the only thing respondents didn't like about the used car experience was haggling over the price; nearly three-fourths (72%) indicated that they would prefer to shop for a used car knowing prices are final so they wouldn't have to negotiate.
"Nobody knows more about buying and selling cars than Enterprise, and we put that knowledge to work through Enterprise Car Sales to provide a great experience for anyone looking to invest in a quality used car," said Mike Bystrom, vice president at Enterprise Car Sales. "Our thousands of 1-to 3-year-old, low-mileage vehicles include more than 250 makes and models of cars, SUVS, trucks and vans. That makes us an ideal choice for used car buyers."
Enterprise Car Sales matches great selection with simple, transparent pricing and trade-ins to take the hassles out of used car purchases; and every vehicle must pass a rigorous inspection, inside and out, by ASE-certified technicians to earn Enterprise CertifiedTM status. This combination of quality, simplicity, selection and value has enabled Enterprise Car Sales to maintain an average buyer rating of 4.7 stars across multiple review platforms.
In anticipation of tax season, Enterprise Car Sales has increased its stock of quality used cars by 30% to provide customers with more choices than ever. And to help consumers get more mileage out of their tax refund car-shopping, Enterprise Car Sales has launched a tax season campaign, highlighting used cars that enable payments of less than $300 per month. Visit enterprisecarsales.com for additional campaign details, as well as consumer tips and insights for those in the market for a used car.
The Enterprise Car Sales survey was conducted January 15-26, 2020 among 1,000 U.S. adults aged 18 to 60 who plan on purchasing a used car or truck within the next two years. Age, gender and region data is reflective of the adult population based on U.S. census data.
About Enterprise Car Sales
Enterprise Car Sales is a service of the Enterprise Rent-A-Car brand, which is owned by Enterprise Holdings. With more than 140 locations nationwide, Enterprise Car Sales features over 250 makes and models of high-quality, late-model used cars, trucks, vans and SUVs which have been inspected by ASE-certified technicians and protected with a 12-month, 12,000-mile powertrain warranty. Enterprise Car Sales is dedicated to transparent, value pricing and provides a seven-day buyback option enabling customers to buy with confidence.
SOURCE Enterprise Car Sales
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