Glendale Nissan Official Blog
New Illinois State tax law and how it can affect car prices
By Product Expert | Posted in Community, Dealer Information, FAQs, Financing on Friday, December 20th, 2019 at 2:51 pm
Illinois State trade-in tax law
Starting January 1st of 2020, Illinois is changing a tax law that may affect vehicle trade-in prices. Keep reading to learn more about this tax and how it could potentially affect you.
What is this tax?
This tax will be added onto vehicle trade-ins. This means when you bring in your old, used vehicle, dealerships often put it as a credit toward your new vehicle. The tax will be added to any vehicle valued over $10,000. With this new tax, it is expected to generate $60 million a year, which will go toward new state buildings and renovations.
How does it affect me?
If you are looking to trade in your old vehicle when you purchase a new one from any dealership, you will see at least a 6.25% sales tax. Depending where in Illinois, the rate could be as high as 10.25%. This tax will to out-of-state purchases as well.
Another new tax
To help fuel the new infrastructure plan, there is also a new tax on motor fuel. This went into effect July 1st. Other new fees include a higher registration fees on vehicles. These will increase from $98 to $148.
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Check out our online inventory
We offer a huge selection of Nissan vehicles. If you are looking to save money before the tax is implemented, we suggest you check out our online inventory to see our most current selections. Once you have found what you are looking for, schedule a test drive. If you have any questions about any of our Nissan vehicles, contact us. We would love to help you find the perfect Nissan vehicle for you and your family.
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