Considering lease buyout on RAV4 Prime, will I have to pay double taxes?

Have a deposit down on a RAV4 Prime that will get delivered next month. Been reading a lot online about people taking advantage of the $6500 lease cash that is currently bring offered by Toyota to finance the purchase, then immediately buyout the lease to overall pay less than just buying the car outright.

The only consideration I’ve seen is to make sure that my state’s taxation situation doesn’t make it so that it’s actually not worth it to do it. Can anyone help provide some guidance on how the numbers will shake out? The purchase price of the car is MSRP at $53,337, and I live in Chicago.

Thanks in advance!

You should not be paying MSRP for a RAV4 prime to start with. I believe in Illinois you only pay sales tax on the monthly payment,not the full price of the vehicle.At buyout you would have to pay full sales tax on the value of the vehicle at the time of purchase. So you pay tax on each lease payment then sales tax on the buyout price.

IIRC it’s been mentioned that IL taxation on leases is similar to NY

In that case your lowest tax burden should be a onepay lease followed by immediate buyout.

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This is correct.