O’Brien Lexus of Peoria isn’t just the Lexus dealership serving Champaign, Springfield, Bloomington, Pekin, and Morton that you can turn to for all the best new and pre-owned luxury performance vehicles from Lexus. We’re also here to help you save money, finance wisely, and keep your vehicle running right for years to come.
That’s why we want to bring you all the information and tools you need to understand and protect yourself when the new trade-in tax becomes Illinois law in 2020. Trading in your vehicle used to be one of the most cost-effective ways of putting credit towards your next vehicle, as there was no associated sales tax on the trade-in vehicle value. That meant you didn’t have to worry when selling the vehicle or purchasing your next one.
But that is all going to change on the first of the year.
On January 1, 2020, all trade-ins valued above $10,000 will be subject to state and local sales tax, which could mean a huge increase in cost for those buying a new Lexus car or a pre-owned vehicle in 2020. Since the current state tax is 6.25% and the average municipality sales tax is around 2.49%, you can expect to pay nearly 8.5% in trade-in taxes—which can really add up.
Time is running out to get a vehicle you love at the lowest price before these new laws go into effect, and O’Brien Lexus of Peoria is here to help. Our expert financing team will help answer your questions about the new law and guide you through the financing process quickly, so you can save big on the vehicles you love.
Don’t wait—schedule an appointment online or visit 7301N Allen Road in Peoria before the laws change for good.