The New 2020 Trade-In Tax at Patrick MINI.

FIND OUT MORE ABOUT THE NEW 2020 ILLINOIS TAX LAW AT PATRICK MINI.


 

BEAT THE CLOCK TO GET THE BEST PRICE FOR YOUR TRADE-IN BEFORE JANUARY 1ST, 2020

 

 

 

 

What is the new trade-in tax?

A new Illinois law becomes effective on January 1st, 2020 that eliminates the tax benefit of trading in your vehicle.

What does this mean?

Illinois currently collects no sales tax on the car’s trade-in value. Your car will currently act as an untaxed credit towards your new vehicle purchase. Starting January 1st 2020, sales tax will be charged on trade-in value over $10,000.

Before January 1st, 2020 After January 1st, 2020
New Car Price: $65,000 New Car Price: $65,000
Your Current Vehicle Value: $38,000 Your Current Vehicle Value: $38,000
Trade-In Tax Credit: $38,000 Trade-In Tax Credit: $10,000
Taxable Amount: $27,000 Taxable Amount: $55,000
Tax Paid: $2,430 Tax Paid: $4,950
Total Cost: $29,430 Total Cost: $31,950

For instance, if you are trading-in a vehicle valued at $38,000 before January 1st 2020 for a new vehicle valued $65,000, you will receive a credit worth your current vehicle value, and only be taxed on the difference.

At the start of the new year, you will only receive a trade-in credit of $10,000, instead of the value of your vehicle making the taxable amount of your vehicle $28,000, plus you will still be paying tax on the cost of your trade ($27,000), making the total taxable amount $55,000.

When should I trade-in?

If you are considering trading-in your vehicle, you should do so before January 1st, 2020. Ideally, you should begin the trade-in process as soon as possible, to make sure you have time to evaluate your options and find a vehicle that is a good fit for you.

You can get the best estimated value for your vehicle right now at Patrick MINI

Dealer Information

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 9:00 PM
  • Sat9:00 AM - 6:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:30 PM
  • Sat8:00 AM - 5:00 PM
  • SunClosed
Parts Hours:
  • Mon - Sat8:00 AM - 5:00 PM
  • SunClosed

Contact Us

We would love to hear from you! Please fill out this form and we will get in touch with you shortly.
  • This field is for validation purposes and should be left unchanged.
Patrick MINI is located at: 700 E Golf Rd • Schaumburg, IL 60173

Patrick MINI

AdChoices
Saved
Saved Vehicles ×

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact
Contact Us ×

847-230-8210

Call Now

700 E Golf Rd • Schaumburg, IL 60173

Get Directions

Today's Hours:

Open Today! Sales: 9am-9pm

Open Today! Service: 7:30am-6:30pm

Open Today! Parts: 8am-5pm

Patrick MINI

700 E Golf Rd Schaumburg, IL

Phone:

http://maps.google.com/?q=700%20E%20Golf%20Rd%20%2C%20IL%2C%20Schaumburg%2C%20IL%2060173

Parts

Phone: 847-230-8212

700 E Golf Rd Schaumburg, IL

Sales

Phone: 847-230-8210

700 E Golf Rd Schaumburg, IL

Service

Phone: 847-230-8211

700 E Golf Rd Schaumburg, IL
42.0512046 -88.0618459
[schema type="organization" orgtype="LocalBusiness" url="www.patrickmini.com" name="Patrick MINI" description="" street="700 E Golf Rd" city="Schaumburg" state="IL" postalcode="60173" country="US" email="customerservice@patrickcars.com" phone="" logo="https://di-uploads-development.dealerinspire.com/patrickmini/uploads/2019/08/PatrickMINIOGImage.png"]
Patrick MINI
Patrick MINI
700 E Golf Rd
Schaumburg, IL, 60173 US
https://di-uploads-development.dealerinspire.com/patrickmini/uploads/2019/08/PatrickMINIOGImage.png
Patrick MINI 42.0512046, -88.0618459.