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Important changes to Illinois vehicle trade-in credit in 2022.

January 2022 – The state of Illinois recently repealed a law to allow customers to receive the full tax credit on vehicle trade-ins. In addition to this change, recent fluctuations in the automotive market make right now an ideal time to have your vehicle appraised and explore your options.

2021

New Car Price

$55,000

Trade-in Value

$22,000

Tax Credit

$10,000

Taxable Amount

$43,000

Taxes Paid in 2021

$3,062.50

2022

New Car Price

$40,000

Trade-in Value

$25,000

Tax Credit

$10,000

Taxable Amount

$35,000

Taxes Paid in 2021

$3,062.50

In this example, you will be saving $1,750 more this year than you would in 2021.

Get our best, market-based value for your vehicle right here at Motor Werks.

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