Illinois Tax Law Changes Can Cost You Hundreds on Your Trade-In!

Thinking About Trading in Your Vehicle?  Do It Now and Save Yourself Money Before the New Illinois Trade-In Tax Law Goes into Effect

Have you been considering buying a new vehicle? Are you thinking about trading in your current car, truck, SUV, or minivan?  You are not alone. There are probably lots of folks in the Joliet and Naperville, IL areas who are mulling over the same things. If you are currently going over your options, now may be the time to strike, because effective January 1st, 2020, the state of Illinois is going to have Public Act 101-0031 go into effect, and it may end up costing you more money in taxes to trade in your vehicle after that time. Max Madsen's Aurora Mitsubishi, located at 3990 East Ogden Avenue in Aurora, IL, is a great place to get your next new or used car, get top dollar for your trade, and help our Oswego, IL customers navigate this change in current tax laws.

How Does the Trade-In Tax Work?

Some Aurora and Downers Grove customers may not have heard about Public Act 101-0031.  Essentially, this is a tax credit change that Illinois is going to enact that will change how your trade-in credit is taxed.  What it really boils down to is, after January 1st, 2020, the trade value credit you have over $10,000 will be taxed at seven percent.  For example, if your vehicle is currently worth $35,000, the amount over $10,000, which is $25,000, will be taxed at 7%. This means a higher sales tax than customers have been getting.  In this case, the sale tax would be $1,750. Under the current system, where you would only be taxed on $15,000 of your trade's value, as opposed to $25,000, you would only pay $1,050 in sales tax. In that scenario, it's $750 more in sales tax if you waited after January 1st to trade in your vehicle.

Before Jan 1st
After Jan 1st

Purchase Price
Trade-In Tax Credit
Taxable Amount
Sales Tax

Start Exploring Your Options

If you are a local Illinois shopper whose trade might be worth more than $10,000, and you are in the market for your next vehicle, it may be time to make your way over to Max Madsen's Aurora Mitsubishi and trade in your current vehicle to take advantage of the more beneficial terms prior to January 1st, 2020, For more questions, please reach out to our finance team today!

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