If you're in the market for a new automobile but kind of dragging your feet through the process you might want to consider hurrying up.

A new tax will drop on Illinois residents starting January 1 and it all has to do with trading in your automobile.

Illinois Policy:

Under Senate Bill 690, signed June 28 by Gov. J.B. Pritzker, state and local sales tax will be applied to any trade-in value above $10,000. The new tax is expected to cost Illinoisans $60 million a year – which was earmarked not for roads, but for vertical infrastructure such as new state buildings and renovations.

$60 million a year is a massive sum, but what does that mean to you and me?

Individually speaking, if you buy a $35,000 car in 2019 and trade-in an automobile worth $20,000 you'd pay the tax on the difference between them both. Meaning you'd be on the hook for $15,000 in tax. In 2019, you'd pay just over $1300 on that trade-in.

In 2020, the tax on a trade like the one outlined earlier will be over $2100.

Simple math shows an $800 difference and an increase many of us in Illinois are going to feel the pain from in just a few short months.

Besides the new trade-in tax, Illinois residents have been dealing with a brand new gas tax. If you couple those two together, riding a bicycle might be the best bet in 2020.

Sweet Lenny is the brand manager of 97ZOK, Q98.5, and Operations Manager for Townsquare Media Rockford. Catch him afternoons 3 to 7 on 97ZOK. Follow him on Twitter, Instagram and like his page on Facebook.