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.
Here at McLaren Chicago, we’ve made it easy to determine the trade-in value of your current vehicle. Just fill in the details of your vehicle in the form below, including year, make, model, trim, mileage, and VIN. We’ll evaluate your trade-in vehicle and get back to you with a calculation of its value.
McLaren Chicago has an enticing selection of beautifully designed and fun-to-drive McLaren models. Whether you desire a Sports Series model like the 570S, 570S Spider, 600LT, or 600LT Spider, a Super Series model like the 720S or 720S Spider, or the top-of-the-line McLaren Senna, you can count on a phenomenal driving experience. Also, we offer pre-owned McLaren models and pre-owned models of other luxury brands, such as Ferrari, Lamborghini, Porsche, and Mercedes-Benz.
If you’d like to avoid paying higher taxes with the new Illinois trade-in law, then be sure to act fast and trade-in your vehicle at McLaren Chicago before January 1, 2020!