What are the lease tax changes in Illinois?
Did you know that new auto lessees could save up to 50 percent in taxes in Illinois? It’s true and there’s never been a better time to lease a new vehicle! Not only is Honda offering a variety of great lease specials, the State of Illinois has implemented some big changes with positive impacts on car lessees. So what are the lease tax changes in Illinois?
Before January 1 of this year the State of Illinois was changing new lessees tax on the entire cost of the vehicle they were leasing, even though it wasn’t a purchase. This meant high taxes. Now, lessees only pay tax on the monthly payment for the vehicle and the money due at the beginning of the lease. In this way, lessees are only paying for how much of the vehicle they use.
The main reason why many people lease is they can switch to a newer model at the end of their lease period. In this way they always have the latest and greatest automotive technology available and enjoy the perks of driving a brand new car. Because many lease agreements only last a year or more, it makes sense that lessees should only have to pay tax for the monthly cost of the vehicle. Overall, the lease tax changes in Illinois is a big win for consumers who are leasing or are thinking about it.
That means you could be driving the brand new 2015 Honda CR-V or 2016 Honda HR-V! Is your current vehicle lease ending soon? Don’t forget that the 2016 Honda Pilot is anticipated to go on sale this summer and that could your next ride!
Curious to learn more about leasing options and how it all works? Contact the Continental Honda staff today! We’re always here to help and answer your questions. Our team will sit down, one-on-one with you to address your questions and help you find the best vehicle and financing for you and your family. To get started, contact us at 888-865-0378.