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Trade in your car today before tax benefits expire!

Hurry! Starting Jan 1st, 2020, the state of Illinois will impose a tax on trade-in vehicles valued over $10,000
Starting on January 1st, 2020, the state of Illinois will only exempt sales tax on trade-in vehicles up to $10,000. This new law could end up costing you hundreds, even thousands on your next vehicle purchase. An Illinois resident trading in a $30,000 car for one worth $50,000 will pay sales tax on $40,000 vs. $20,000 currently.



Here’s an example of the additional tax


Until
Dec 31, 2019
Starting
Jan 1, 2020
New car price
$50,000
$50,000
Trade-in value
$30,000
$30,000
Taxable amount
$20,000
$40,000*
Sales tax
$1,600
$3,200
Additional tax
$1,600

*Sales tax exemption on trade-in vehicles up to $10,000