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
| Â Illinois Vehicle Tax Calculation | Â Prior To 1/1/2022 | Â Currently |
| Â New Vehicle Purchase Price | Â $40,000 | $40,000Â |
| Â Your Trade Value (Example) | Â $25,000 | $25,000Â |
| Â Trade Allowance Credit | Â $10,000 (Tax Cap Limited) | $25,000 (Full Trade Value)Â |
| Â Taxable Amount | Â $30,000 | $15,000Â |
| Â Tax Rate (Example) | Â 9.75% | 9.75%Â |
| Â Tax Due | Â $2,925.00 | $1,462.50Â |
| Â | Â You Save: | Â $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!Â
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!
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