New Illinois Sales Tax Law
The New Illinois Sales Tax Law Makes Leasing a Car More Affordable Than Ever
A change in the Illinois sales tax law, which took effect on January 1, 2015, reduces the cost of leasing a vehicle by as much as 50 percent or more. Here at INFINITI of Hoffman Estates, a premier Schaumburg area INFINITI dealer, this means that now drivers from throughout Chicagoland are looking at keeping significant amounts in their bank accounts when they lease one of our fine INFINITI vehicles. There is no better time than now to take advantage of this exciting change in the tax law, and get behind the wheel of the sophisticated luxury car you’ve always wanted today.
New Rules Will Make Leasing More Affordable
The way the sales tax law worked previously, lessees were required to pay taxes on the total purchase price of the vehicle they were leasing. For example taxes on a leased vehicle valued at $30,000 would have cost you $2,475 at 8.25 percent vehicle tax. With the new law, you now pay taxes only on the amount of your down payment and monthly lease rate. So if you were to pay $2,000 up front, at 8.25 percent your tax payment would be $165, and with a monthly lease payment of $300 you’d pay $24.75 a month in taxes, making the total amount of taxes paid $1,056, which is $1,419 less than if you had leased under the old law.
As vehicle leases have seen a 26 percent up swing over the past 5 years nationwide, the Chicago area has only experienced an increase of 14 percent. The changes provided by the new sales tax law are sure to have a significant effect on the number of Chicagoland drivers opting to lease a vehicle from here on out.
Lease Arrangements Too Good to Pass Up
With the change in the sales tax law, new-car shoppers from Schaumburg to Lake Zurich are going to want to take a good look at leasing a vehicle. Here at INFINITI of Hoffman Estates, we carry a huge inventory that features all of the exciting new INFINITI models, and our competitive prices and flexible financing ensure that you will receive the terms and rates on a lease that are an easy fit with your budget.
Learn More Today
Visit our INFINITI showroom near Schaumburg and let us fill you in on all of the exciting details of the new Illinois sales tax law today. We are located at 1075 Golf Rd., near the Strawberry Hill Plaza Shopping Center in Hoffman Estates. Please contact us if you have any questions, and come find out if a lease is the right option for you today at INFINITI of Hoffman Estates!