New Illinois Sales Tax Law
Leasing a Car is a Whole Lot More Attractive with the New Illinois Sales Tax Law
Drivers from throughout the greater Chicago area are going to find that leasing a vehicle here at Motor Werks INFINITI in Barrington is more affordable than ever. With the new Illinois sales tax law that took effect January 1, 2015, Chicagoland drivers could keep hundreds of dollars in their pockets on their next car lease. The change in the law actually cuts the tax bill on a vehicle lease by as much as 50 percent, and that’s great news for anyone looking to get behind the wheel of one of the exciting new luxury performance vehicles we offer at our INFINITI dealership near Chicago.
How the Sale Tax Law Has Changed
Under the former sales tax law, anyone leasing a vehicle was required to pay a tax based upon the total capitalized value of the vehicle. If the vehicle you leased was valued at $30,000, for example, at 8.25% your tax bill was $2,475. The new law now in effect taxes only your downpayment and your monthly lease payments. So if your downpayment is $2,000 you pay $165 in taxes, and with a $300 monthly lease payment you’d pay $24.75 a month in taxes at 8.25%. Your total tax paid in this case on a 36 month lease would be $1,056, which is a difference of $1,419.
You Pay Less and Get More Car
These are substantial amounts and it may make leasing a vehicle a much more attractive option for Chicagoland drivers. Here at Motor Werks INFINITI in Barrington, we feature all of the great new INFINITI vehicles, and our competitive prices and flexible lease terms and rates are among the best you’ll find anywhere. If you have been considering leasing a vehicle now’s the time to check out the terrific options available on the fine INFINITI vehicles in our exclusive inventory.
Get All the Details Today
We invite you to visit our Chicago area INFINITI showroom and have one of our sales professionals show you the difference a car lease may make today. We are located at 1475 S. Barrington Rd., where Barrington Road intersects with IL-68/Dundee Road in Barrington. Please contact us if you have any questions, and come take a look at the great lease options available now at Motor Werks INFINITI in Barrington!