More For Your Trade at Romeoville Toyota

Romeoville Toyota is pleased to announce that effective January 1st, your used car is now worth even more when you trade it in! Thanks to a new law effective January 1st, 2022, retail vehicle buyers now receive the full tax credit on all trade-ins. This new provision, part of Senate Bill 58, was supported by both the Chicago Automobile Trade Association (CATA) and the Illinois Automotive Dealers Association.

“This change provides additional motivation for vehicle owners to trade-in their vehicles at a time when trade-in values are at an all-time high,” said Kevin Keefe, CATA chairman. “Prior to this change, vehicle buyers had been losing much of the tax savings that makes trading in a vehicle advantageous. Now, consumers who are looking to get a retail vehicle can maximize their savings.”

When shopping for a vehicle, the tax savings created by a trade-in can be significant. For example, the tax credit on a trade-in worth $20,000 can be as high as $2,000, depending on location. In this case, vehicle buyers would be saving $1,000 compared to the savings with the capped trade-in credit. Buyers shopping for a vehicle don’t need to do anything. New-car dealers will automatically add in the trade-in credit at the time of purchase.

Want to find out how we can help you get the most for your trade-in and get you into a new vehicle? Contact our team today!