Car-Buying Tips for the End of the Year
With 2020 merely days away, now is the ideal time to hop online and start your search for used car dealerships near me. The end of a calendar year is a great opportunity to find used cars at incredible prices, however, it’s important that you start the process sooner than later so you don’t miss out on the fleeting deals. Instead of showing up at your local car dealership on New Year’s Eve hoping to find your next vehicle, keep these tips in mind from our team at Hawk Auto, where we are dedicated to ensuring you leave our lot with an amazing car at an even better price.
Start the Process Early
With more and more people off the week between Christmas and New Year’s, that is a very busy time for our team. However, the weeks leading up to the holidays is typically slower than the end of the month, so if you can capitalize on this slower time, you’ll have more success. We recommend starting your research early and coming to one of our used car dealerships with a laundry list of appealing cars or features that are ideal so our team can find you the right vehicle choice.
Trade-In Before the New Year
Have you heard of the new trade-in tax that is starting January 1, 2020? This is a new Illinois law that essentially eliminates the tax benefit that traditionally accompanied turning in your vehicle. Currently, the state of Illinois doesn’t collect sales tax on your car’s trade-in value, allowing your car to act as an untaxed credit that goes toward your next vehicle purchase. However, this law is changing with the new year, and you will be charged for sales tax on your trade-in value of $10,000 or higher.
For example, if you have a vehicle that you want to trade in that is valued at $38,000 and you find a new vehicle that costs $65,000, your current vehicle can be traded in and you will only be taxed on the difference. Once 2020 hits, you will only receive a trade-in value of $10,000, taking your taxable value to $28,000. In addition to this, you will still be paying tax on your trade-in value (a total of $27,000), resulting in a taxable amount of $55,000.
To best capitalize on this new law, we recommend trading in your vehicle as soon as possible to ensure you can evaluate all of your new-to-you car options. Doing so in a timely manner can save you thousands of dollars!
Have Vehicle Options in Mind
From new to used car dealerships near you, our team at Hawk Auto offers a wide variety of vehicle makes, models and features. If you’re looking for a family friendly car with plenty of space, opt for one of our SUVs or other larger models to accommodate the needs of your family. Or maybe you need a vehicle with minimal space to only comfortably fit one or two people at a time; we have plenty of options for you in this case as well!
Once you have a general idea of the type of vehicle that you want, browse our dealers’ websites so you can see the type of models and specifications that catch your eye. You can even bring in a handful of VIN numbers so that you can test drive the specific vehicles that you have in mind.
Be Flexible In Your Choices
If you’re trying to stay within a certain budget, you should keep in mind that popular vehicles won’t be as negotiable in price. For example, you may have to opt for a vehicle model that is one or two years old instead of getting the newest model if you have a specific price range in mind. Plus, while we do our best to keep our used car online inventory updated, we can’t guarantee that we have specific cars in stock. Always feel free to call ahead and check on our inventory before stopping by to test drive a car.
Check Used Vehicle History
Used cars offer tons of benefits without the high price tags that new cars often have. If you’re opting for a used car, make sure to ask our team about the used vehicle history so we can assure you that you have all of the information necessary to make your purchasing decision.
Don’t Forget to Take a Test Drive
We can’t emphasize this enough: always get behind the wheel of the vehicle that you’re considering purchasing before making your final decision. A simple test drive can help you get a feel for what the car is like and how it navigates the roads. You wouldn’t purchase running shoes without taking a jog in them first, right?
At Hawk Auto, whether you’re searching for “used car dealerships near me” or you want something new, our educated and helpful team will be there for you every step of the way. Now is a great time of year to purchase a vehicle, so act quickly before 2020 hits!