Lease Specials – Cut Your Taxes By Half!
Finally, a few years ago, Illinois drastically cut the lease tax on new cars and trucks, letting you save as much as 50 percent on a new lease at David Bruce Auto Center. We already offer some of the best lease deals in Bourbonnais and now this lease tax REDUCTION adds on a whole new level of savings to our lease benefits.
You can pocket those savings for yourself by putting less money down! Now that you know that you'll be able to save up to 50% on your taxes, you can spring for a top-of-the-line Toyota in a higher price bracket and have a low payment with less down payment. Most of the Lease Specials we offer now are available with $0 down payment, $0 due at signing, and tax, license, and doc fee simply rolled into your lease contract!
The New Law
We know that it can be difficult to read through all of the legal text, so we've got a breakdown of the new law and the car lease tax deductions:
· The new law, House Bill 2317, took effect on January 1, 2015.
· Rather than tax drivers on the full purchase price of a leased vehicle, Illinois will now only charge tax on the amount that the vehicle is calculated to depreciate!
· Since most vehicles will have a residual value of at least 50%, this means your taxes on a lease could drop by 50% or more.
How Much You Can Save
You might be surprised by just how much drivers used to have to pay in taxes on a lease — let us go over the old rates and what the savings break down to for new Toyota leases at David Bruce Auto Center:
· Up until recently, drivers in Illinois that leased a $27,000 vehicle for 36 months would pay $1,890 in state taxes. That's without any money down.
· Now that same driver could easily save as much as $945 or more, depending on the residual value of the car at 36 months.
And if you opt into a 24-month lease, you can save even more — after all, the vehicle will depreciate less in 24 months.
Why Lease a Car: It's Often Better Than Buying
While there are benefits to buying a car and owning it with cash or a loan, many people find that the advantages of leasing work out better for their budget and plans. So, why lease a car? How does this sound:
· Leasing a car means paying only for the depreciation on the vehicle, resulting in a monthly payment that could save hundreds per month or more in savings over financing the same vehicle.
- You can get more vehicle equipment for the same payment.
- You protect yourself against possible negative equity that may be present with a loan at the 3 year mark.
- Less debt obligation on your credit report since you're only obligated for the amount of the payments instead of having the entire loan balance show on your credit reports.
· Lease agreements are short—anywhere from 24 to 48 months—and allow you to frequently change out your car for a new, high-tech, modern vehicle.
· Maintenance and repair work falls under your warranty in almost every lease possible.
· And the newest benefit: Illinois' car lease tax deduction could net you savings of 50% or more off of previous tax rates.
Take Advantage of Cadillac and Toyota Leasing Specials Today!
The decision to lease a car has gotten easier, and now we want to remind you that David Bruce Auto Center offers some of the best lease deals in Bourbonnais, especially now that lease benefits include cutting your taxes by half or more!