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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 that provide original and honest content, by enabling you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation can affect the way and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be open to you.
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6 min read Read Published October 11, 2022
Authored by David McMillin by Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards and credit cards banks, taxation, and travel. David’s goal is to help 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with concise, well-researched and well-structured facts that break down complex topics into manageable bites.
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Trading in your car eliminates the burden of selling a vehicle. The main perk of trading in a car is the ability to transfer the value of your trade-in of the vehicle you have traded in directly to a new one. This is particularly beneficial for those who are . These steps will allow you to make the most of a vehicle trade-in. Five steps to trade-in your car Doing your research and understanding how to navigate the process of trade-in can allow you to maximize the amount your trade-in gains. 1. Find out how much the value of your vehicle is The first step in selling your car is to know what exactly . Figuring this number out yourself will allow you to feel empowered when it comes time to negotiate. It will improve your likelihood of getting the best deal. Instead of trying to figure out what the dealer’s opinion is you should do some investigation to find out the value of your car. Online appraisal tools that are free like Kelley Blue Book or Edmunds and can help you assess the value of your vehicle. If you have them, try using estimator software that gives you an even more accurate estimate of the dollars your car will get based on its attributes that go beyond model, make and year, as well as mileage. Value can also be affected by external influences. If prices for gas are high, as they are and they are, a car with more gas mileage could be more popular than an oversize truck. 2. Take a look at your financial situation. Trading in a vehicle requires more than just assessing the car. You’ll also have to consider the state of your finances to on the other side of the deal. If you’re in the market, consider the trade-in value of your car will be sufficient to pay off the rest portion of your loan. This can be done by calling your lender to determine the amount of loan’s repayment and then comparing the figure with your car’s trade-in value. Contact several dealers to request trade-in estimates and gain an idea of how the dealers will be willing to offer. Remember, if a dealer will pay off your loan off for you then you’ll likely be able to apply the payoff amount to the new loan for the next car you purchase. 3. Get offers from several dealers You don’t have go to the dealer in order to begin the process of trading in. In fact, it is possible to have dealers contact you for the price. Numerous value estimators on the internet like Kelley Blue Book and TrueCar are connected to dealers that will extend offers based on the information you share about your car. It is also a good idea to start with the place you purchased your vehicle. «If the consumer can go to the same dealer where he or she purchased the car, he could be able to bargain for a better price since they have a relationship and history with that dealership,» says Meghan Davlin director of communications and member engagement at the Illinois Fuel and Retail Association. 4. Clean your car better-looking car is more likely to sell. Take the extra time to clean both the outside and inside of the vehicle so that you are showing your vehicle in the best condition to help «Make sure your car is clean and you’re presenting it in the same way you’d want to be receiving it if you were buying the vehicle,» says Alain Nana-Sinkam who is the senior vice-president of business development at TrueCar. «Also If there were small flaws you had planned to correct prior to trade, make sure to get them done so the car is delivered to the dealer as you had reported and as they are expecting it.» A nicely maintained car will fetch a more favorable value. Be sure to not pay more to fix the vehicle than you anticipate selling it for. Be sure to have any maintenance records in hand. This is also a good moment to look for recall notifications for your vehicle. If there are any defective parts that have triggered an recall, it could lead to a safety risk. Most recalls lead to the repair or replacement of a car part without cost to the buyer. 5. Make an appointment with a dealer Car dealerships are often busy. Schedule an appointment well in advance to save yourself time. The dealer will evaluate your car to verify all information that you provided online is accurate. «Ask whether you are able to be present with the appraiser to inquire about how they are determining the value of your car,» says Joe McCloskey, director of McCloskey Motors located in Colorado Springs, Colorado. «Most dealerships will provide the information they have with you and this will assist you in understanding the process by which the dealer determines the value of your car.» Make sure to bring your vehicle’s registration along with the title and all keys. If you don’t have the title as you’re trading in a vehicle that still has a loan and you’re not sure of the lender’s contact information available to hand over. Don’t forget that you don’t have to take the initial trade-in amount a dealer suggests. You are able to negotiate the car’s trade-in value. Dealers usually begin by offering the lowest price they can. Inform the dealer that the price is too low in comparison to other dealers or the price you’ve found in your study. Negotiating the price of the trade-in separately in relation to the cost of your next car also helps ensure that you are getting the best trade-in value possible. When to trade in your car . The primary factor knowing if it’s an appropriate time to trade in your vehicle is the car’s equity. The equity of your car can be defined as the distinction between the amount that you owe on the vehicle and the current value it has. It’s best not to trade within your vehicle when you are , which is the same as having . It means you have to pay more on your vehicle loan than the car is currently worth. This is a challenging situation because you’ll have to pay for the remaining loan balance once you have traded with your car. If you are able, continue making payments until you’re not under water. If you are forced to sell your vehicle that has negative equity, think about buying a less-expensive vehicle to help minimize your loss. Possessing equity that is positive on the other hand is a great position to be in because it lets you take the additional value from your vehicle and use it towards the purchase cost of the new car. The pros and cons of trading a vehicle before you trade your vehicle in, make sure that you know the advantages and drawbacks of selling the vehicle yourself. The advantages of trading in a car The biggest benefit of selling your car that it could free you from the stress and hassle of selling it on your own. It requires you to determine the best price, putting the vehicle up for sale in a place where buyers can be able to see it, and dealing with prospective buyers. When you sell it to a dealer, they do a lot of the work for you. «In many states, there’s also the tax benefit of purchasing and trading in your vehicle at a dealership,» Nana-Sinkam states, «because in those states they charge taxes only for the amount that is the sum of the value of the trade-in and the cost of the new car instead of imposing a tax on the purchase price of a new vehicle.» Finally trade-in your car can simplify the steps between selling your old car and purchasing a brand new one. Rather than going to multiple locations, you can simply take your car to the dealer and use the value of your trade-in as an equity towards your new vehicle. Cons of trading in a car There is one significant disadvantage of trading your car though: You probably won’t earn as much as you would if you were selling the car yourself. The dealership is trying to make a profit by reselling your used vehicle to a different driver and you’ll lose the extra amount. Trading your car in might also limit your options when it comes time to purchase your next vehicle. If you’re planning to use what you have earned from your previous car as a down payment on a new one it is possible to buy your new car from a dealer willing to buy the old one. Next steps Trading in your old car rather than selling it yourself will simplify the process of getting into a new vehicle. To maximize the cash you make, begin by researching the worth of your vehicle using free online estimators for cars. Before visiting an auto dealer, make sure you have your car cleaned inside and out and do minor repairs that are cost-effective. It’s an excellent idea to solicit offers from several dealers. Remember that you have the option of negotiating the trade-in price.
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Written by Contributing writer
David McMillin is a contributing writer for Bankrate and writes about topics such credit cards, mortgages banks, taxation, and travel. David’s aim is to help readers figure out how to save more and stress less.
Edited by 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 confidence to take control of their finances through providing clear, well-researched facts that break down complex topics into manageable bites.
Auto loans editor
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