The arrival of income tax refunds coupled with a new round of COVID-19 stimulus checks could bolster used-vehicle sales across the automotive industry more than usual this spring, dealers and used-vehicle experts say.
Demand for used vehicles, usually strongest in the spring, is on the rise. The effects of the pandemic and the shortage of new-vehicle inventory at retailers had consumers increasingly looking for used options. Microchip and other supply constraints have further limited new-vehicle production.
Add to that a $1.9 trillion COVID-19 relief bill signed into law by President Joe Biden on March 11 that allocates up to $1,400 in stimulus payments to people who qualify, and some dealers are optimistic about what those checks will mean for the spring selling season.