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How to trade in your car: 5 simple steps to take Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products are displayed on this website, for example the order in which they be displayed within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products that lend money to homeowners. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial deals that could be available to you.
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6 min read Published on October 11, 2022.
The story was written by David McMillin. Written by a contributing writer
David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards and credit cards tax, banking, and travel. David’s goal is to help readers discover ways to save more and stress less.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched facts that break down complicated subjects into digestible pieces.
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The trade-in of your car takes away much of the work of selling a vehicle. The most significant benefit of trading in a car is the ability to transfer the value of your trade-in of your previous vehicle directly to a new one. This can be especially beneficial if you’re . These steps can help you maximize the value of the vehicle exchange. 5 steps to trade in your car . Conducting research and knowing how to navigate the trade-in process can allow you to maximize the amount that your trade-in earns. 1. Find out how much the value of your vehicle is. The first step in trading in your car is to know what exactly . Knowing this figure yourself will help you to feel empowered when it comes time to negotiate, and will improve your likelihood of getting the best deal. Instead of being patiently waiting to learn what the dealer’s thoughts are, do some research to get a sense of the value of your car. Tools for appraisals online such as Kelley Blue Book or Edmunds can assist you in determining the value of your vehicle. If available, use estimator tools that can offer an even more accurate estimate of the amount your car can get based on its features beyond make, model and year, as well as mileage. The value of your car could also be affected by external influences. If gas prices are excessive, as they are the car that has higher gas mileage may be more popular as opposed to a truck that is too big. 2. Examine your financial situation. Trading in a car requires more than just looking at the vehicle. It is also necessary to assess your financial situation in the event of the trade. If you’re already in the process, you must determine the trade-in value of your car is sufficient to cover the remaining of the loan. You can do this by calling your lender to determine the loan’s payoff amount and then comparing it to the value of your car’s trade-in. Visit multiple dealers to request trade-in estimates and gain an accurate idea of much dealers will be willing to give. Be aware that if a dealer offers to pay your loan off for you then you’ll likely be able to add the payoff amount to the new loan for your next vehicle. 3. Get offers from several dealers You don’t have to visit the dealer to start the trade-in process. You can instead have dealers come to you with an offer. A lot of online value estimators, such as Kelley Blue Book and TrueCar have connections to dealers who extend deals based on information you give about your car. It is also a good idea to begin where you purchased the car. «If the customer is able to go to the same dealer where they purchased the vehicle, he or might be able bargain for a better price since they have a connection and history with that dealer,» says Meghan Davlin, director of communications and member engagement at the Illinois Fuel and Retail Association. 4. Clean your car cleaner car will be more likely to sell. Take the extra time to wash the both the exterior and interior of your car to ensure that you’re showing the car in its best state to make it easier for buyers «Make sure your car is in good condition and that you present it as you would want to be receiving it if you were purchasing it,» says Alain Nana-Sinkam the senior vice president for business development with TrueCar. «Also If there were small flaws you had planned to fix prior to the exchange, be sure to get them done so the vehicle is delivered to the dealer exactly as you declared and the dealer is expecting it.» A nicely maintained vehicle will receive a much more favorable value. Make sure you don’t spend more money to repair the vehicle than what you plan to sell it for. Be sure to have any service documents in your possession. It’s an excellent moment to look for recall notifications for your vehicle. If you find any defective parts that have triggered a recall this could result in the risk of injury. The majority of recalls result in repairs or the replacement of a car part at no cost to the consumer. 5. Schedule an appointment with the dealer. Car dealerships can be busy places. Schedule an appointment well in advance to avoid waiting. The appraiser will review the car to confirm that all the information you have provided online is accurate. «Ask whether you are able to attend the appraisal so that you can inquire about the process they use to determine how much they value your vehicle,» says Joe McCloskey, vice president at McCloskey Motors in Colorado Springs, Colorado. «Most dealerships will be able to share this information with you and knowing this information can aid you in understanding how and why the dealer determines the value of your car.» Make sure you bring the registration of your vehicle as well as the title, along with the keys in all sets. If you don’t have the title as you’re trading in a car that still has a loan be sure to have the lender’s details ready to give. Remember, you don’t have to take the initial amount of trade-in that a dealer recommends. You are able to negotiate the car’s trade-in value. Dealers typically start by offering the lowest price possible. Let the dealer know that the offer is too low according to offers from other dealers or the value you’ve discovered in your investigation. Negotiating the price of the trade-in separately in relation to the cost of your new car will also help ensure that you receive the most value for your trade-in. What is the right time to sell your car The key to knowing if it is an appropriate time to sell your car is to know your vehicle’s equity. Your car’s equity represents the gap between the amount you still owe on the car and the current value that it holds. It’s best not to trade in your vehicle in the event that you’re not in the same situation as having . It means you have to pay more on your vehicle loan than what the vehicle is currently worth. This is a challenging circumstance to find yourself in since you’ll have to pay for the remaining loan amount after you trade in your car. If possible, wait and keep paying until you are no longer in debt. If you have to trade in your vehicle that has negative equity, consider buying an inexpensive vehicle to minimize the losses. Positive equity however, is a good spot to be in as it lets you take the additional value from the vehicle and apply it towards the purchase cost of the new car. Pros and negatives of trading a car before you trade your car in, make sure you understand the benefits and drawbacks of selling the vehicle yourself. Pros of trading in a vehicle The most significant advantage to trading in your car is that it can save you from the hassle and stress of selling it on your own. It requires you to determine the best price, posting the car to sell where potential buyers will be able to see it, and dealing with prospective buyers. When you trade it in to a dealer, they do a lot of the work for the buyer. «In most states, there’s also an advantage in taxation when purchasing and trading in your vehicle through a dealer,» Nana-Sinkam says, «because in those states, they only charge tax on the difference between the trade-in price and the new vehicle price instead of having to pay full tax on the full purchase price of a brand new vehicle.» In addition, trading your car in could make it easier to follow the steps of selling your car and purchasing a brand new one. Rather than going to multiple locations, you could simply bring your car to the dealership and use the value of your trade-in as credit towards the purchase of your new car. The disadvantages of trading in a vehicle There’s one major downside to trading your car though: You probably won’t get as much profit like you would if sold the vehicle yourself. The car dealer wants to make money by selling your vehicle to a different driver which means you’ll be missing that extra chunk of money. Selling your car could also limit your options in the purchase of the next car. If you’re looking to use some of the equity in your current vehicle as the down payment for a brand new one it is possible to buy your new car from a dealer willing to buy your old one. Following steps: Trading in your old car instead than selling it on your own can simplify the process of getting into a new car. To maximize the cash you earn, begin by researching the worth of your car with free car estimation tools online. Before heading to a dealer, have your car cleaned outside and inside, and perform cost-effective repairs. It’s an excellent idea to obtain offers from multiple dealers, and keep in mind that you have the option of negotiating the price of your trade-in.
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Written by the writer who contributed to the article.
David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards and credit cards, banking, taxes and travel. David’s mission is to assist readers understand how to save money and also stress less.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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