Trade-in Your Vehicle Before 2020!

Would you like to trade-in your current vehicle for one of our high-performance McLaren supercars at McLaren Chicago? Perhaps you’re familiar with the new Senate Bill 690 law that was recently passed in Illinois, which significantly alters the tax credit that Illinois residents are allowed for trade-in vehicles. As of now, Illinois doesn’t collect any sales tax on trade-in vehicles. However, with the signing of the Senate Bill 690 by Governor J.B. Pritzker, this all changes. Starting on January 1, 2020, an Illinois resident that trades in a car that has a value of more than $10,000 will be charged for sales and local taxes for any amount that’s above the $10,000 tax credit.

As you can see on the chart in the above image, there is a considerable financial advantage to trading in your vehicle before 2020. The price of a new 2020 McLaren 720S Spider is $386,720. Before January 1, 2020, an Illinois resident could apply a trade-in tax credit of $200,000, resulting in a taxable value of $186,720 and a sales tax of $17,738.40. However, starting on January 1, 2020, the trade-in tax credit would only be $10,000, resulting in a taxable value of $376,720 and a sales tax of $35,788.40. This is a difference of $18,050!*

*Based on a 9.5% tax rate.