Illinois Automotive Tax Update

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