Are you thinking about taking home a new Chevrolet? Maybe you have your eye on a new Chevrolet Malibu sedan or Silverado 1500 pickup. If that's the case, you might be trying to decide on the best way to sell your used car for cash and make room in your garage. Many of our customers prefer to trade-in their used car at the time of purchase and apply the trade-in value towards the price of a new Chevy Corvette.
An important thing to know about trading in your used car is that Illinois law is changing. Illinois is imposing a trade-in tax on your car starting January 1, 2020. It's currently the case that the state collects no tax on your car's trade-in value, but that all changes at the start of 2020. What does this mean?
Let's say you plan to buy a new car for $30,000, and we've estimated the value on your trade-in to be $15,000. It's currently the case that you would only pay sales tax on the difference, which, in this case, would be $15,000. On January 1, that changes. If your trade-in value is $10,000 or higher, you will need to pay sales tax on the difference ($15,000) and the amount of your trade-in less $10,000. So, in this example, you would have to pay sales tax on an additional $5,000.
Act now before the year ends to get a deal on a late-model or new Chevy and benefit from full trade-in value. Our sales associates can tell you more about this when you visit our dealership.
When it comes to the pros and cons of trying to sell your car privately versus selling your car to a dealership, an independent sale can bring a bunch of hassles and headaches. After you buy a space for your ad, you'll need to answer calls and emails throughout the day from potential customers then meet strangers at your house for a test drive. When all of that is over, you'll still need to negotiate a price. Here at our local Chevy dealer, you can skip all of that and sell your car directly to us. We can appraise your used car's value in minutes while you're taking a test drive in the new Chevy Trax.
Here at Shottenkirk Chevrolet Quincy, we make it easy to appraise your trade-in value. If you would like to get a better sense of what your used car is worth, complete, and submit the form on this page for a free auto appraisal before you stop into our nearby Chevrolet dealership. Tell us a bit about your trade-in, such as the year, make, model, title status, condition, and current mileage. Our offer is free and carries no obligation.
Many of our customers wonder if a less-than-perfect credit score will impact their chances of being pre-approved for financing. Our team is here to help and tell you about the specialized financing options we offer.
If this is your first time visiting our nearby Chevrolet dealership, take these step-by-step directions to Shottenkirk Chevrolet Quincy and trade-in your used car in Quincy, Illinois.