Receive A Tax Credit For Your Trade In

If you’ve started shopping for a vehicle, the prices you’re seeing may have you a little concerned. While new vehicle prices have gone up recently, there are ways to cut your costs. Choosing a used car over a new Subaru, for example, will help you save a lot of money.

Plus, you can save even more money by trading in your current vehicle. The good news with this is that the tax credit cap has been removed in Illinois.

Trade-In Tax Credit Cap Removed

Due to the passing of Senate Bill 58 – which went into effect last month – you’ll be able to get the full tax credit on whatever vehicle you decide to trade in, when previously, there was a $10,000 cap. The law had the support of the Chicago Automobile Trade Association (CATA) and Illinois Automotive Dealers Association.

“Prior to this change, vehicle buyers had been losing much of the tax savings that makes trading in a vehicle advantageous” said Kevin Keefe, chairman of CATA. “Now, consumers who are looking to get a retail vehicle can maximize their savings,”

What This Means for You

This new law is excellent news, as it allows you to save what could be a substantial amount of money. Said CTA’s president Dave Sloan: “The removal of this trade-in tax credit cap helps buyers at a time when they need it most.”

Trade In Your Car in at Serra Subaru Champaign

Now that you may have some extra money to play with, consider trading in your car at Serra Subaru Champaign. We always aim to give our customers top dollar for their old vehicles, and we will even help you find the perfect replacement. Stop by soon to learn more!