Tax Benefits of Trading in Your Vehicle

Here at Zeigler Buick GMC of Lincolnwood, we believe the GMC financing process should be accessible to every driver. That’s why we provide a wide range of financing tools and resources, and why we’re here to answer your pressing questions. Today, we’re sharing a closer look at the vehicle trade-in process, and the tax benefits you can expect when trading in your car.

Big Savings on Sales Tax

Sales tax is one of those costs that we often don’t think about during the vehicle purchasing process. The truth is, sales tax can really add up, affecting your budget and vehicles available to you. Trading in your current car can help take care of the sales tax problem.

When you trade in your car, the value of your current vehicle will be deducted from the model you are purchasing before sales tax is calculated. Because sales tax is a percentage, deducting the value of a car can have a big impact on the total tax calculated, and can mean more models are available within your budget.

You’ll Have Access to Eco-Friendly Vehicles

Since you’ll be able to save so much by trading in your current ride, you’ll have access to cars you might not have thought of as available within your budget. That includes some eco-friendly vehicles, including electric cars, hybrids, and plug-in hybrid models.

These can have tax benefits, as well. That’s because electrified vehicles often come with huge tax incentives and credits of up to $7,500.

Trade in Your Car at Zeigler Buick GMC of Lincolnwood

When you’re ready to learn more about the tax benefits of trading in your car and take the first step of the trade-in process, Zeigler Buick GMC of Lincolnwood has you covered. Begin calculating the value of your trade-in vehicle with support from our team today.