Thanks to recent legislation that went into effect January 1st, 2022, you can receive a full tax credit on your trade. Previous legislation capped the tax-creditable value of consumer trades at $10,000, but that's no longer the case. What this means for you is that the full value of your trade-in, even if it's over $10,000, can be deducted from the taxable value of your next purchase. See the example below to find how that translates to more money in your pocket.
Illinois Automotive Tax Update
| Ā Illinois Vehicle Tax Calculation | Ā Prior To 1/1/2022 | Ā Currently |
| Ā New Vehicle Purchase Price | Ā $40,000 | $40,000Ā |
| Ā Your Trade Value (Example) | Ā $25,000 | $25,000Ā |
| Ā Trade Allowance Credit | Ā $10,000 (Tax Cap Limited) | $25,000 (Full Trade Value)Ā |
| Ā Taxable Amount | Ā $30,000 | $15,000Ā |
| Ā Tax Rate (Example) | Ā 9.75% | 9.75%Ā |
| Ā Tax Due | Ā $2,925.00 | $1,462.50Ā |
| Ā | Ā You Save: | Ā $1,462.50 |
Now is the best time to maximize savings on a new vehicle! Our Express store is the perfect way to see how much your vehicle is worth in our free trade evaluation. We pay TOP DOLLAR for trade-ins. We want to buy your car!Ā
You can receive up to $7,500 tax credit on new Hyundai electric vehicles!*
*Purchasers of the new Hyundai all-electric
vehicle, the IONIQ 5, may be eligible for a federal tax credit of up to $7,500.
Learn more about how you can receive tax credit on your Hyundai IONIQ 5 at
Rosen Hyundai!
AdChoices
