Illinois Vehicle Trade-In Tax Credit Changes Make Car Purchases More Affordable
Our Joliet Hyundai dealership has long helped drivers navigate the taxes and financing of buying a new vehicle, and we always do so with your best interest in mind. That's why we're so excited to announce changes for 2022 and on that will make Illinois vehicle trade-ins even more attractive! Below, we highlight how a recent change means more money in the pockets of drivers trading in their vehicles to D'Arcy Hyundai.
What Are 2022 Tax Changes to Illinois Vehicle Trade-Ins?
As of January 1st, 2022, Illinois car buyers will be able to enjoy the full tax credit of their vehicle trade-ins. Previously, car buyers that were trading in their own vehicle had the tax credit capped at $10,000, which meant that you paid taxes on any amount above that for your trade-in. If you trade in your vehicle today, you'll have a lower taxable amount for your new car purchase!
How These 2022 Tax Credit Changes Help Car Owners
Used car values around Shorewood are high, so many drivers are getting more trade-in value for their models. This change to the law means that if you trade in a vehicle worth $20,000 for a new model worth $30,000, you're only taxed on the $10,000 difference between the two models. Previously, you would be taxed on the $20,000 difference between the new vehicle and the $10,000 tax credit cap. That difference can save you hundreds if not thousands of dollars on your new car purchase.
Get Help Trading in Your Vehicle in Joliet!
Our Hyundai finance center near Downers Grove can easily explain the vehicle trade-in process and the recent Illinois tax credit changes. These recent changes and our exciting new Hyundai models make right now a great time to buy your next vehicle, so let us know what you're looking for and what assistance you need with your search!
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