Porsche Exchange

Illinois Vehicle Trade-In Credit Changes for 2022

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!


Sales Tax Before and After

2021 2022 
New Car Price$40,000New Car Price$40,000
Trade-In Value$25,000Trade-In Value$25,000
Tax Credit$10,000Tax Credit$25,000
Taxable Amount$35,000Taxable Amount$15,000
Sales Tax$2,712.50Sales Tax$1,162.50
In this example you save an additional $1,550. Visit us at Porsche Exchange today!


Porsche Exchange 42.1954442, -87.8308259.