Elgin Volkswagen Encourages Drivers to Trade-In Vehicles Before Implementation of Illinois Trade-In Tax
ELGIN, Ill., Dec. 24, 2019 /PRNewswire-PRWeb/ -- Elgin Volkswagen, a dealership serving Elgin and the surrounding area, is encouraging customers to trade-in their vehicles before 2020 arrives. The reason for this is an impending tax law change that could cost car buyers hundreds or even thousands of dollars.
The change is approaching soon. Due to this, the dealership encourages anyone planning to trade-in their vehicle within the next few months to do so as soon as possible. As of this writing, there is only a little more than a week left for customers to potentially save thousands on their trade-in.
Beginning in 2020, Illinois is implementing a new trade-in tax law. Under the law, car buyers will no longer be exempt from paying tax on the cost of their trade-in. They will still be exempt from a value of up to $10,000.
Until 2020, an individual trading in a vehicle for $20,000 and buying a vehicle priced at $40,000 would only have had to pay tax on the $20,000 difference. After the new law takes affect on January 1st, the buyers will now have to pay tax on everything over $10,000; in this case, $30,000. This could result in hundreds or even thousands of dollars of additional cost, depending on the price of the new vehicle.
To further entice customers to perform a trade at their dealership, Elgin VW is currently hosting a "Great Trade-In Event." This is an offer by the dealership to pay high prices for vehicles traded in. Elgin prefers buying from individuals rather than paying auction fees or getting a specimen of uncertain history off the internet. Because of this, they state they will pay more to customers who bring them well-maintained models.
Those who wish to complete a transaction for a new ride before 2020 are encouraged to head to the dealership website at http://www.elginvw.com as soon as possible. Alternatively, fans of the telephone can give a call to 877-797-6424. Individuals can also head straight to the dealership's physical location at 2630 Auto Mall Drive, Elgin.
SOURCE Elgin Volkswagen
