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Porsche Exchange
Make your car buying process easy with Porsche Exchange and get your full tax credit! Illinois has removed a vehicle’s trade-in value from the selling price definition. The updates to this statute will require the full value of all trade-ins to be excluded from the tax for retail sales. This change gives car-buyers the ability to save thousands on their trade-in. Buyers now have the ability to use the full trade-in amount when calculating the overall Illinois sales tax that is due at the time of purchase. Prior to 2022, trade-in credits were capped at $10,000. This is an ideal time to get your car appraised and buy the new car you’ve had your eye on!
| 2021 | 2022 | ||
|---|---|---|---|
| New Car Price | $40,000 | New Car Price | $40,000 |
| Trade-In Value | $25,000 | Trade-In Value | $25,000 |
| Tax Credit | $10,000 | Tax Credit | $25,000 |
| Taxable Amount | $35,000 | Taxable Amount | $15,000 |
| Sales Tax | $2,712.50 | Sales Tax | $1,162.50 |