Using Your Tax Return To Lower Your Monthly Payment

Tax return season is in full stride! Year over year, tax return totals have seen a slight decline with the average tax return in 2023 coming in at just under $2,000. Nevertheless, a $2,000 down payment can significantly reduce a new vehicle’s monthly finance or lease payment. As an example, the monthly payment on a 36-month 2023 Chevrolet Equinox lease can be lowered by an estimated $50-$75 when applying an additional $2,000 towards the down payment. The monthly payment reduction will of course differ from vehicle to vehicle and customer to customer, but if you are curious about how this would affect the payment for a specific vehicle within our inventory, feel free to build your very own custom lease or finance payment with our free-to-use digital retailing tool. To start the process, simply click “Explore Payments” when viewing one of our vehicles. As a friendly reminder, the tax deadline is Tuesday, April 18^th, 2023. If you have any questions, please do not hesitate to contact us! You can reach our sales team at 507-646-9339 or submit a question here.

Chevrolet Bolt EV & EUV Tax Credits

For those interested in further tax savings, new Chevrolet Bolt EVs and EUVs be eligible for a $7,500 Clean Vehicle Federal Tax Credit. We recommend consulting your tax, legal, or accounting professional for personal eligibility based on household income.

1 Vehicle may qualify as a New Clean Vehicle under the Clean Vehicle Credit found in Section 30D of the Internal Revenue Code, as enacted on August 16, 2022 as part of the Inflation Reduction Act (IRA), pending the issuance of implementing guidance from the U.S. Department of the Treasury. Your personal eligibility to claim the Section 30D tax credit depends on your own individual circumstances, including whether your adjusted gross income for the current or preceding taxable year exceeds the income thresholds contained in Section 30D. You should consult with your own tax, accounting or legal professional or advisor to confirm your eligibility for the Clean Vehicle Credit or if you have questions regarding your qualification to claim the credit. This information does not constitute tax, accounting or legal advice. For more information about the Clean Vehicle Federal Tax Credit, please visit https://www.fueleconomy.gov/feg/taxevb.shtml.