New Illinois tax law makes leasing more appealing

January 15, 2015 · 2 min read

Illinois leasing law change

If you're an Illinois resident who has ever considered leasing rather than financing a new car, you're probably well aware that the tax laws have not exactly been in your favor in that department. More specifically, Illinois has for some time been in the stark minority of states to to tax the entire value of the vehicle for a lease, and now the Illinois leasing law change that's gone into effect on January 1, 2015 will create a vastly different -- and beneficial -- situation for those looking to lease. Specifically, what will happen now is that rather than paying a tax that is based on the value of the vehicle, you'll pay taxes on what you actually pay over the course of your lease -- that is, your down payment as well as your subsequent monthly payments. Should you end up paying any excess mileage fees or any are incurred for wear and tear, a tax will be applicable to those as well. For example, let's say you're one of our customers from Illinois looking to lease a new Buick Regal, and for the sake of simplicity lets say the value of the model you're looking at is exactly $30,000 and your county's tax rate is 8.25%. In total then, you'd need to pay a total of $2,475 in taxes on that vehicle, which could be paid up front or rolled into your monthly payments. Either way, it's a significant tax on something you're not necessarily planning to own. Under the new law, which would tax your down payment and monthly payments, you'd see significant savings. Let's say your down payment was $2,000 and you paid $300 a month after that for the lease term, your total taxes paid after a typical 36-month lease would be $1,056. That's a total savings of $1,419 -- more than half of the taxes shaved off -- because of this new change to the law. In closing, there's never been a better time to lease with us here at Palmen Buick GMC Cadillac, so go ahead and check out our inventory and current lease incentives! Give us a call if you'd like to come in for a test drive or if there's anything we can answer for you about the new lease laws for the state of Illinois.

Posted in:

Jun 25, 2018 in Buick Regal

What colors is the Buick Regal GS available in?

2018 Buick Regal GS Exterior Color Options The 2018 Buick Regal GS is sleek and versatile. It offers drivers a powerful, responsive ride with a customizable driving experience. Inside the Regal GS, front-performance seats have massaging, heated and ventilated capabilities to provide ample comfort. Let's take a closer look at the exterior color options available on the Regal GS! more View Our New Inventory Sport Red Ebony Twilight Metallic Quicksilver Metallic Smoked Pearl Metallic White Frost Tricoat The 2018 Buick Regal GS is available now at Palmen Buick GMC Cadillac. Browse our inventory and set up a test drive online today!

birds eye view of interior space in 2018 Buick Regal TourX

Feb 23, 2018 in Buick Regal

What’s inside the Buick Regal TourX?

2018 Buick Regal TourX Interior Features The 2018 Buick Regal TourX is a sleek, capable new wagon model that boasts incredible off-road capability and a responsive performance. Inside the TourX, premium materials keep passengers comfortable and connected. Let's take a closer look at the interior features of the Regal TourX. more Read More: What kind of technology is in the new Buick Regal TourX? 2018 Buick Regal TourX Interior Design A thoughtfully designed interior allows you to take on any adventure with ease in your TourX. Premium amenities, versatile seating and advanced technology all work together to create a luxuriously comfortable interior for your passengers to enjoy. QuietTuning™ technology keeps outside noise out of the cabin so that you have a quiet ride, and soft-touch materials give the cabin a rich feel. The TourX seats five passengers comfortably and has standard 60/40 or available 40/20/40 split-folding seats so that you can create any combination of passenger and cargo space you need! The TourX offers a maximum cargo capacity of 73.5 cubic feet with all of the rear seats folded, and has standard roof rails so you can add additional storage above your vehicle if you need it. 2018 Buick Regal TourX Interior Technology The Buick Regal TourX has an available Bose® premium audio system that delivers a crystal-clear sound every time you turn on the radio. Apple CarPlay™ is compatible to allow you to connect your smartphone to your touchscreen display to get easier access to apps, music and messaging, and a built-in Wi-Fi® hotspot is available as well. The Regal TourX offers a wireless charging station inside the center console to help reduce clutter and let you charge up your batteries. The 2018 Buick Regal TourX is available at Palmen Buick GMC Cadillac now. Browse our inventory and set up a test drive online today!

2018 Buick Regal Sportback cargo area full of items

Jan 10, 2018 in Buick Regal

How powerful is the Buick Regal Sportback?

2018 Buick Regal Sportback Performance and Engine Specs The new Buick Regal Sportback is the answer for drivers that are looking for the power and style of a sedan with the functionality of a hatchback. The Regal Sportback combines all of the style and luxury of a Buick sedan with the space and functionality of a hatchback model with a rear hatch door for added convenience. This vehicle still offers plenty of power and capabilities, so let's take a closer look at the performance and engine specs in the Regal Sportback! more Read More: What trim levels are available on the Buick Regal Sportback? 2018 Buick Regal Sportback Performance The Buick Regal Sportback offers a responsive ride, thanks to the available Intelligent All-Wheel Drive that uses active twin-clutch to monitor the traction of all four wheels and activates whenever it is needed to provide impeccable handling whether you are on slippery or dry roads. This twin-clutch system is able to provide torque to either of the rear wheels, helping you to feel even more connected to the road. Included with this AWD system is a 5-link rear suspension that gives you enhanced handling for a more agile response that remains smooth as ever. This suspension system is designed to help the rear wheels track precisely as you turn corners to help you feel planted to the pavement around every bend. 2018 Buick Regal Sportback Engine Specss The Buick Regal Sportback comes standard with a 2.0-liter Turbo 4-cylinder engine that reaches 250 horsepower and 265 pound-feet of torque. This engine is paired with a 9-speed automatic transmission that is electronically controlled and has effortless shifting to provide a smooth ride. The 2018 Buick Regal Sportback will be available soon at Palmen Buick GMC Cadillac. Drivers interested in getting behind the wheel of this exciting new model can reserve their model here!

Illinois leasing law change

Related Posts

What colors is the Buick Regal GS available in?

What’s inside the Buick Regal TourX?

How powerful is the Buick Regal Sportback?

Contact Us