2020 Illinois Tax Law Changes & What they Mean for You

Looking to Trade-In Your Vehicle for a Newer Model? Do it Before January 1st, 2020 to Save Money!

It's no secret that Illinois is making some tax law changes starting January 1st, 2020, but what does that mean for you and your automotive journey? As it turns out, it could mean hundreds of dollars! Currently, when you trade in your vehicle, the entire value of your trade-in is reduced from the price of the new vehicle you're purchasing and you're only taxed on the remaining balance. Under the new law, Illinois will only deduct up to $10,000 of your trade-in value from the taxable amount on the new vehicle. Meaning, depending on the value of your trade-in, you could end up paying quite a bit more come January 2020. See a quick break down below:


Before January 1st, 2020
After January 1st, 2020

Starting MSRP$45,000$45,000
Trade-In Value
$25,000
$25,000
Trade-In Tax Credit             $25,000 $10,000
Taxable Amount   
$20,000   
$35,000

If You're Ready for an Upgrade, We Encourage You to Take Action Now!

Given this change, if you've been considering upgrading to a new vehicle, now is your time! Use our KBB Trade Value tool to get a better understanding of the value of your current vehicle and how this new tax law change might impact you. Then, when you're ready, come in to Mangold Ford before January 1st to take advantage of the full tax credit given on your trade-in! Start browsing our new Ford models today to see what you'd like to upgrade to!



Send Us Your Questions!

Contact

Mangold Ford Inc.

Rte 24 W 1100 West Center
Directions Eureka, IL 61530

  • Sales: (309) 467-2344
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