ALERT: New 2022 Illinois Tax Law Could Help You Save Money on a New Car
Thinking about buying a new car this year? Maybe you also want to trade in your current vehicle? If so, a new Illinois state tax law could translate to significant savings. In 2022, new tax savings offer another reason to buy or lease a car at our Schaumburg, IL RAM dealership.
How does the new law work? The experts in our finance center will be happy to explain and walk you through the trade-in process. All you need to do is come into Zeigler Chrysler Dodge Jeep® RAM for a test drive.
What Does the New Tax Law Mean?
As of January 1st, 2022, drivers in Illinois can benefit from the removal of the tax credit cap on trade-in vehicles. What does it mean for you? You’re no longer limited to the previous $10,000 cap, part of the 2020 Rebuild Illinois capital plan.
If you traded in a car last year, you would’ve only received a tax credit of $10,000, even if the vehicle was worth much more than that. Now, you only have to pay the difference between the new car’s value and your trade-in. That means you could end up saving thousands when you buy a new 2022 RAM 1500.
Bring Us Your Trade-In
The demand for used cars is off-the-charts right now. We’re interested in a range of vehicles, including sedans, sports cars, SUVs, and trucks. We’re eager to make a deal, even if you still owe money on your current vehicle. We’ll make an offer, even if you don’t plan to buy a new car immediately.
Buying a New Car