Trade-In Tax Credit
BUY NOW BEFORE LOSING YOUR TRADE-IN TAX CREDIT!
THE STATE OF ILLINOIS COLLECTS NO SALES TAX ON THE VALUE OF YOUR TRADE-IN,
BUT THIS WILL CHANGE STARTING JANUARY 1, 2020.
Currently, the State of Illinois collects no sales on a car’s trade-in value, which acts as credit toward a new vehicle purchase.
By law, sales tax only applies to the difference between trade-in value and the new vehicle’s purchase price.
On January 1, 2020, State and Local Taxes will be applied to any trade-in value above $10,000.
Based on Chicago Cook County Sales Rate of 9.5%
IF YOU WERE PLANNING TO BUY A CAR IN 2020, IT WOULD MAKE SENSE TO BUY
BEFORE THE END OF 2019 TO AVOID THE HIGHER SALES TAX.
DO NOT WAIT UNTIL THE LAST MINUTE, BECAUSE OUR INVENTORIES WILL SELL OUT QUICKLY!