Can anyone explain Illinois tax of trades

[Richard Conley]

While I have my paid off '19 Ranger essentially sold (presuming I can get a '24 R Raptor or there is a V-6 option for other than Raptor) to a private party at high private party estimate on KBB, my dealer wants a chance at it. I've tried to understand how the tax on trade and the tax credit for same works but can't find and explanation that I understand.

Sponsored

 

[WhyNot21]

They only tax the difference between trade-in and the new vehicle. There was a $10k cap for a couple years, but it was repealed last year, so it's the entire difference again.