So you’ve found a used Mazda car you love, and the price looks more than fair. But have you taken into account additional taxes and fees? Avoid sticker shock — learn what taxes and fees you’ll be expected to pay when you finance a pre-owned Mazda vehicle.
Know the Numbers
Not every state charges sales tax on used vehicles, but Illinois does. In Springfield, you can expect to pay a 6.25% sales tax on all used vehicle purchases, whether you buy them from a Mazda dealership like Green Mazda or directly from the original owner. This rate is slightly higher than the national average, 5.75%, but not by much.
Estimate Your Sales Tax
If you’re looking to purchase a used car, you can calculate the potential sales tax on your own with a calculator. However, there can be additional fees to factor into your math.
In Illinois, a license plate title fee is $155, and transferring your license plate to a new vehicle costs an additional $25. In addition to these fees, the Secretary of State requires the original certificate of title, a certificate of origin for the car, and an odometer disclosure statement, so come fully prepared.
Trade In Your Old Car
Trading in a car is a nifty way of keeping your sales tax burden down when purchasing a vehicle. The trade-in value is taken directly out of the cost of your new car, and you then pay taxes on that depreciated amount.
If you were purchasing a $25,000 car, then, and traded one in for $5,000, you would only pay taxes on the remaining $20,000. In Springfield, that would mean paying $1250 in taxes, as opposed to $1562.
Green Mazda has great financing options, and our Mazda finance experts will do all they can to keep your costs manageable, so you can buy with confidence. Come in and test drive a Mazda car today!
