Illinois Trade-In Tax Credit Update


Starting January 1, 2020, a new Illinois law (Public Act (P.A.) 101-0031) becomes effective that will eliminate the tax benefit on your trade-in vehicle. Currently Illinois does not collect sales tax on your vehicle's value when you trade it in.

                                                                                                                                                                                                                                                 
 Now - December 31, 2019 Starting January 1, 2020
New Car Price$65,000 $65,000
Your Trade-In Value$38,000 $38,000
Trade-In Tax Credit$38,000 $10,000
Taxable Amount$27,000 $55,000
Tax Paid$2,430 $4,950
Total Cost$29,430 $31,950

If you have been considering a new purchase with a trade-in, you should trade-in now to receive an untaxed credit towards your new purchase. Fox Ford Lincoln has the options and inventory to get you started. 
 
Start the Process: Search Inventory | Receive Trade-In Value



Categories: New Inventory
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