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2020 Illinois Trade-In Tax at Genesis of Schaumburg in IL

Sales: Closed Call us at: 847-230-8230

The New 2020 Illinois Trade-In Tax Law is Here!


What is the new trade-in tax?

The new Illinois trade-in tax law became effective as of January 1st, 2020. This new trade-in tax eliminates the tax benefit of trading in your vehicle.


What does this mean?

Before January 1st, 2020, Illinois collected no sales tax on the car’s trade-in value. Before, your car acted as an untaxed credit towards your new vehicle purchase. Starting on January 1st 2020, sales tax will be charged on any trade-in valued over $10,000.


Before January 1st, 2020 After January 1st, 2020
New Car Price: $65,000 New Car Price: $65,000
Your Current Vehicle Value: $38,000 Your Current Vehicle Value: $38,000
Trade-In Tax Credit: $38,000 Trade-In Tax Credit: $10,000
Taxable Amount: $27,000 Taxable Amount: $55,000
Tax Paid: $2,430 Tax Paid: $4,950
Total Cost: $29,430 Total Cost: $31,950



For instance, if you traded-in a vehicle valued at $38,000, before January 1st 2020, for a new vehicle valued $65,000, you would receive a credit worth your current vehicle value, and only be taxed on the difference.

Starting January 1st, 2020, you will only receive a trade-in credit of $10,000, instead of the value of your vehicle, making the taxable amount of your vehicle $28,000. Plus you will still be paying tax on the cost of your trade ($27,000), making the total taxable amount $55,000.

You can get the best estimated value for your vehicle right now at Genesis of Schaumburg.

 

Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 9:00 PM
  • Sat9:00 AM - 6:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:30 AM - 5:30 AM
  • Sat8:00 AM - 4:00 PM
  • SunClosed
Genesis of Schaumburg is located at: 1020 E Golf Rd • Schaumburg, IL 60173
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847-230-8230

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1020 E Golf Rd • Schaumburg, IL 60173

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Today's Hours:

Sales: Closed

Service: Closed

Parts: Closed

Genesis of Schaumburg 42.0509394, -88.0531402.