racer254 Posted December 13, 2019 Share Posted December 13, 2019 ROCKFORD (WREX) — Trading in your car for a new one is about to get more expensive starting Jan. 1, 2020. "If you're trading in a 2016 Cadillac Escalade with a $35,000 trade-in value, they're only going to get credit for $10,000 of that value," Rick Herter of Rick Herter Motors explains. "So, they're going to be losing out on $1,200 to $1,300 dollars in sales tax savings." Under the current law, you're only taxed on the difference between your trade-in and your new car. But starting Jan. 1, you'll be taxed on both the difference between your car and the new car, plus the value of your trade-in. The tax is part of Governor J.B. Pritzker's $45 million "Rebuild Illinois" capital improvement plan. This year, Illinois introduced and increased some taxes, like the motor fuel tax, in order to update infrastructure. It's infrastructure that Gov. Pritzker says Illinois is in desperate need of being repaired. But Rick Herter says he's afraid this new tax will hurt his business. "People are going to be hanging on to their more expensive cars longer," Herter says. 13 WREX also asked Herter if he thought the tax was fair to consumers. "No, because they're being double-taxed on it," Herter says. "They've already paid tax on that vehicle when they originally bought it." Larry Doll is the legal counsel for the Illinois Automobile Dealers Association and he says people may think they can avoid the tax simply by crossing the border to a nearby state, but that's not the case. "If you buy a vehicle in Wisconsin, you will be responsible to pay Illinois tax when you register in Illinois," Doll explains. "When that happens, if it's valued at more than $10,000, you'll pay the same tax as if you bought from an Illinois dealership." So before the door closes on 2019, shoppers may want to close the deal on their next car purchase. It's important to note that heavy-duty trucks, pickup trucks and utility vans will be exempt from the new law. If your trade-in is worth less than $10,000, you will also be exempt from the tax. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 13, 2019 Share Posted December 13, 2019 Why used cars are taxed again should be the real question. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 13, 2019 Platinum Contributing Member Share Posted December 13, 2019 2 minutes ago, ArcticCrusher said: Why used cars are taxed again should be the real question. none here , new or used. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 13, 2019 Author Share Posted December 13, 2019 20 minutes ago, ArcticCrusher said: Why used cars are taxed again should be the real question. They just want a way to get more $$$ from consumers. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 13, 2019 Share Posted December 13, 2019 2 years and change and I’m out of this democrat hellhole. Quote Link to comment Share on other sites More sharing options...
Edmo Posted December 13, 2019 Share Posted December 13, 2019 This is only one of about 29 new taxes or tax increases this year from our new dem governor. And I here the budget is still about 1.3 billion in the hole. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted December 13, 2019 Share Posted December 13, 2019 4 hours ago, steve from amherst said: none here , new or used. Nope Quote Link to comment Share on other sites More sharing options...
Woodtick Posted December 14, 2019 Share Posted December 14, 2019 21 hours ago, bussman said: 2 years and change and I’m out of this democrat hellhole. Bhen’s addition is really for you,isn’t it? 1 Quote Link to comment Share on other sites More sharing options...
snoughnut Posted December 14, 2019 Share Posted December 14, 2019 3 minutes ago, Woodtick said: Bhen’s addition is really for you,isn’t it? He's gonna move to Wisconsin and become a Packer fan, he's finally coming to his senses. Quote Link to comment Share on other sites More sharing options...
Woodtick Posted December 14, 2019 Share Posted December 14, 2019 1 minute ago, snoughnut said: He's gonna move to Wisconsin and become a Packer fan, he's finally coming to his senses. They will have to make a cheese hat out of a foam mattress for him. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 14, 2019 Share Posted December 14, 2019 2 minutes ago, Woodtick said: Bhen’s addition is really for you,isn’t it? Lol, I had a job offer an hour south of him and would be living in MN right now had the wife been willing. So maybe... lol Quote Link to comment Share on other sites More sharing options...
bussman Posted December 14, 2019 Share Posted December 14, 2019 5 minutes ago, snoughnut said: He's gonna move to Wisconsin and become a Packer fan, he's finally coming to his senses. I like Bucky, I’m good with Bernie. I’ll never.......... Quote Link to comment Share on other sites More sharing options...
Woodtick Posted December 14, 2019 Share Posted December 14, 2019 9 minutes ago, bussman said: Lol, I had a job offer an hour south of him and would be living in MN right now had the wife been willing. So maybe... lol Just think how well you would get along with your wife ,living 400 miles apart? Quote Link to comment Share on other sites More sharing options...
bussman Posted December 14, 2019 Share Posted December 14, 2019 7 minutes ago, Woodtick said: Just think how well you would get along with your wife ,living 400 miles apart? She wants to live in Arizona or Nevada. I want Minnesota or Idaho. Retirement should be interesting. 1 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted December 14, 2019 Share Posted December 14, 2019 19 minutes ago, bussman said: She wants to live in Arizona or Nevada. I want Minnesota or Idaho. Retirement should be interesting. Smart woman. North and west AZ are bad ass. Northern AZ if you want all four seasons. West AZ if you just want two seasons. Summer is from September through May. Hell is June, July, August. Quote Link to comment Share on other sites More sharing options...
Woodtick Posted December 14, 2019 Share Posted December 14, 2019 23 minutes ago, bussman said: She wants to live in Arizona or Nevada. I want Minnesota or Idaho. Retirement should be interesting. I think we may Head West? My oldest is outside of Denver and my youngest son is trying to get an internship out there. The UP is nice, but the sub zero temps in the winter are not all that appealing. A few of the retirees by my cabin, do Flagstaff in the winter and the UP spring ,summer ,and fall. I still have a 10 year old at home and 9 years before it would make sense to draw on my pension. I have no reason to stay in the concrete jungle. Quote Link to comment Share on other sites More sharing options...
Edmo Posted December 14, 2019 Share Posted December 14, 2019 1 hour ago, AKIQPilot said: Smart woman. North and west AZ are bad ass. Northern AZ if you want all four seasons. West AZ if you just want two seasons. Summer is from September through May. Hell is June, July, August. Northern AZ is beautiful. Most probably think of Phoenix and the desert, but there’s so much more. Quote Link to comment Share on other sites More sharing options...
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