Are you shopping for a new car? Maybe you have your eye on a new Kia Sportage SUV to provide for weekend escapes or maybe a comfortable new Kia Forte to give your commute a boost. Whichever car your drive requires, you're probably wondering what to do with your current car, so you can make room for a shiny new Kia in your garage. A solution many of our customers enjoy is to trade-in their used car for sale to our dealership then apply the value towards the price of a new Kia Optima.
If that's a route your considering, you should know that Illinois law is changing and that starting January 1, 2020, Illinois is imposing a trade-in tax on your car. What does that mean for you?
Let's say you plan to buy a new car for $25,000, and our service team has estimated the trade-in value of your used car for sale to be $12,000. Currently, drivers are only required to pay sales tax on the difference, which would be $13,000 ($25,000-$12,000). Beginning in January, that changes. Going forward, drivers will need to pay sales tax on their car's trade-in value minus $10,000. So, in our example you would need to pay sales tax on the $13,000 plus an additional sales tax on $3,000 ($13,000-$10,000).
There's still time to act before the year ends. Don't wait any longer to stop into our local Kia dealership for a deal on a new Kia. If you make your purchase before January 1, you won't have to pay these additional taxes. Feel free to reach out to our sales team with any questions.
When it comes to trying to sell your car privately or selling your car to a dealership, many hassles can arise in trying to make an independent sale. Not only can it take longer, after you pay to place an ad, but you'll also be answering calls and emails then having to arrange to meet strangers for a test drive. All that is before you negotiate a price. Here at our nearby Kia dealer, you can skip the time and hassles. We can appraise your used car's value while you're enjoying a test drive and tour of the new Kia Stinger.
Here at Shottenkirk Kia of Quincy, we make it easy to appraise your trade-in value and help you save money on your new car purchase. To get a better sense of your used car's trade-in value, complete, and submit the form on this page for a free auto appraisal. This is particularly important when it comes to this new sales tax if you believe your car to be valued at more than $10,000.
Many of our customers are concerned about how a less-than-perfect credit score might affect their ability to get pre-approved for financing. Feel free to meet with our finance department at any time to review your alternative financing options.
Before you make the short drive over to our dealership, you can get step-by-step directions to Shottenkirk Kia of Quincy here on our website then get the most out of your trade-in in Quincy, Illinois.