The fee for a first-time registration or renewal in Illinois is $101.
If you are also titling a car you just bought, the title fee is $95.
You’ll also need to pay sales tax, which varies depending on where you live in Illinois.
But expect to pay between 6.5 and 7.5 percent of what you paid for the vehicle.
What is tax on a car in Illinois?
The tax is based on the city where the car buyer lives. The least a buyer can pay is 6.25%. Chicago car buyers pay 9.5% in sales taxes, which would add an additional $950 to that $20,000 trade-in. “This is a huge concern for us,” said Pete Sander, president of the Illinois Automobile Dealers Association.
What is the car sales tax in Chicago?
The sales tax in Chicago is 8.75 percent; in Cook County outside of Chicago, it’s 7.75 percent; in DuPage County, it’s 6.75 percent, and in Lake, Will, Kane and McHenry Counties, it’s 6.5 percent. It appears painfully obvious where you should or shouldn’t be buying a new vehicle.
Do you pay sales tax when you trade in a vehicle?
Most states require sales tax to be paid only on the difference between the price of your trade-in and the vehicle you’re buying, not the full price of the next car. But this tax benefit doesn’t apply if you sell your old vehicle yourself.
Photo in the article by “Mount Pleasant Granary”