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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 mission is to help you make better financial decisions by offering interactive tools and financial calculators as well as publishing independent and objective content. This allows you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has partnerships 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 site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be available to you.
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6 min read Published October 11, 2022
Authored by David McMillin by a contributing writer
David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards banks, taxation, and travel. David's mission is to assist 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 confidence to control their finances with concise, well-researched and well-structured information that breaks down otherwise complicated subjects into digestible pieces.
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The trade-in of your car takes away much of the work of selling your vehicle. The main perk of trading in your car is that it allows you to transfer the value of your trade-in of the vehicle you have traded in directly towards a new purchase. This is especially advantageous when you're . These steps will allow you to make the most of your vehicle trade-in. Five steps to sell your car . Conducting research and knowing how to navigate the trade-in process can allow you to increase the amount your trade-in is worth. 1. Find out what the value of your vehicle is The first step to trading in your car is to know exactly . Figuring this number out yourself will allow you to feel confident when it's time to negotiate and can help increase the chances of getting a fair price. Instead of waiting to find out what the dealer's thoughts are about your car, conduct some research to determine your current car's value. Online appraisal tools that are free like Kelley Blue Book or Edmunds, can help you determine the worth of your car. If available, use estimator tools that can offer an even more accurate estimate of the dollars your car will be worth based on the car's characteristics that are beyond the make, model and year, as well as mileage. Value may also be impacted by external influences. If gas prices are high, as they are the car that has higher gas mileage may be more popular than a large truck. 2. Check out your finances Trading in a vehicle requires more than assessing the vehicle. You'll also need to evaluate the state of your finances to on the other side of the trade. If you are , determine the trade-in value of your car will be sufficient to pay off the rest portion of your loan. You can accomplish this by calling your lender to inquire about the loan's payoff amount and comparing that figure to your car's trade-in value. Contact several dealers to request quotes for trade-ins and get an accurate idea of many dealers are willing to give. Remember, if a dealer is willing to pay your loan off for you, you will likely apply the payoff amount to a new loan for your next vehicle. 3. Get offers from several dealers. You don't need go to the dealer in order to begin the trade-in process. In fact, it is possible to make dealers offer you a price. Numerous value estimators on the internet, such as Kelley Blue Book and TrueCar, are linked to dealers who extend deals based on the details you provide about your vehicle. It's also possible to start where you bought your car. "If the customer is able to go to the same dealership where they bought the car, he could be able to bargain for a better price since they have a connection and past experience with that particular dealer," says Meghan Davlin, director of communications and member engagement of the Illinois Fuel and Retail Association. 4. Clean your car cleaner vehicle will be more likely to sell. Make the effort to clean both the both the exterior and interior of your vehicle to show the car in its best state to make it easier for buyers "Make sure your car is clean and you're presenting it in the same way you'd want to receive it if you were buying your own," says Alain Nana-Sinkam the senior vice president of development for businesses at TrueCar. "Also should you find tiny flaws you intended to correct prior to transaction, ensure that you get them done so the vehicle is delivered to the dealer in the same way you reported and as they are anticipating it to be." If you maintain your vehicle well, the vehicle will receive a much more favorable value. Be sure to not pay more to repair the vehicle than you anticipate selling it for. Make sure you have all maintenance records in hand. This is an ideal time to review any recall alerts for your vehicle. If there is a problem with any components that caused recalls, it could lead to a safety risk. Most recalls lead to the fixing or replacing of the vehicle component for no cost to the buyer. 5. Set up an appointment with a dealer . Car dealerships can be busy places. Make an appointment in advance to avoid waiting. The appraiser will inspect your car to verify all the information you submitted online is accurate. "Ask whether you're able to attend the appraisal so that you can ask them questions on the process they use to determine how much they value your car," says Joe McCloskey, president of McCloskey Motors in Colorado Springs, Colorado. "Most dealerships will provide this information with you and this will aid you in understanding how and why the dealer will be evaluating your vehicle's worth." Be sure to bring your vehicle's registration along with the title and all sets of keys. If you do not have the title due to you're trading in a car that still has a loan be sure to have the lender's contact information available to give. Remember, you don't have to accept the first trade-in price the dealer suggests. You can negotiate your car's trade-in value. Dealers typically start by offering the lowest price they can. Inform the dealer that the price appears too low, based on offers from other dealers or on the value you've uncovered during your study. Negotiating the price of the trade-in separately with the price of your next car also helps ensure that you are getting the best trade-in value possible. What is the right time to sell your vehicle The most important factor in knowing if it's the right time to trade in your car is your vehicle's equity. Your car's equity can be defined as the distinction between the amount you still owe on the vehicle and the current value it has. It's best not to trade with your car when you are , which is the same as having . That means that you are liable for more on your vehicle loan than what the vehicle is currently worth. This is an extremely difficult situation because you'll still need to pay for the remaining loan amount after you trade with your car. If you are able, keep paying until you're not under water. If you are forced to trade in your vehicle with negative equity, you should consider purchasing an affordable vehicle to limit your losses. Having positive equity, in contrast, is a good spot to be in as it allows you to take the additional value from the vehicle and apply it towards the purchase cost of the new vehicle. Pros and pros of trading your vehicle before you trade your vehicle in, make sure you understand the benefits and drawbacks of selling the vehicle yourself. Benefits of trading in your car The main benefit to trading in your car is that it can save you from the stress and hassle of selling it on your own. This requires determining the appropriate price, posting the car to sell where potential buyers will view it, and negotiating with prospective buyers. But when you sell it, the dealer does a lot of the work for you. "In most states, there's the tax benefit of purchasing and trading in your vehicle at a dealer" Nana-Sinkam says, "because in those states they charge taxes only for the amount that is the sum of the trade-in price and the cost of the new car instead of having to pay full tax on the full purchase price of a new vehicle." Finally trade-in your car can simplify the steps between selling your old vehicle and purchasing a new one. Instead of going to several locations, you can simply take your old vehicle to the dealer and utilize the trade-in value to earn 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 had the vehicle sold yourself. The car dealer wants to make money by reselling your used car to another driver, so you'll miss the extra amount. The sale of your car may be a disadvantage in the purchase of the next car. If you're looking to use the value of your current vehicle to pay for the downpayment on a new one, you may want to purchase your next car from a dealer willing to buy your old one. Following steps: Trading with your old car rather than selling it yourself will make it easier to get into a new car. To maximize the amount you make, begin by researching the worth of your vehicle with no-cost car estimation tools online. Before you visit the dealer, you should make sure your car is cleaned inside and out and make cost-effective minor repairs. It's also a good idea to obtain offers from multiple dealers. Remember that you are able to negotiate the cost of trade-in.
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Written by the writer who contributed to the article.
David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards banks, taxation, and travel. David's mission is to assist readers figure out how to save money and also stress less.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched data that chops otherwise complicated topics into bite-sized pieces.
Auto loans editor
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