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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 providing you with interactive tools and financial calculators that provide original and honest content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted 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 can affect the way and where products are displayed on this website, for example for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you.
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6 min read Published on October 11, 2022.
Written by David McMillin Written by Contributing writer
David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards tax, banking, and travel. David's aim is to help readers figure out 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 dedicated to helping readers gain confidence to manage their finances with precise, well-studied facts that break down complex topics into manageable bites.
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The trade-in of your car takes away much of the work of selling a car. The primary benefit of trading in your car, however, 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 especially advantageous for those who are . These steps will help you get the most value from a vehicle trade-in. Five steps to trade-in your car . Conducting research and knowing how to navigate the process of trade-in will help you increase the amount your trade-in gains. 1. Find out how much you can get for your automobile.. first step to trading in your vehicle is to understand what exactly . Finding this information yourself can help you feel empowered when it comes time to negotiate. It will improve your chance of getting an acceptable deal. Rather than being patiently waiting to learn what the dealer's opinion is you should do some investigation to determine the value of your car. Tools for appraisals online such as Kelley Blue Book or Edmunds and can help you assess the worth of your car. If you have them, try using estimator tools that can offer a deeper sense of the amount your car can be worth based on the car's characteristics that are beyond the make, model and year, as well as mileage. The value of your car could also be affected by external factors. If gas prices are at a high level, like they are now, a car that gets higher gas mileage may be more sought-after as opposed to a truck that is too big. 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 in the event of the deal. If you're already in the process, you must determine whether its trade-in value will be sufficient to pay off the rest portion of your loan. You can do this by calling your lender to inquire about the loan's payoff amount and comparing that figure to the value of your vehicle's trade-in. Visit multiple dealers to request trade-in estimates and gain an accurate idea of many dealers are willing to pay. Keep in mind that if a dealership offers to pay your loan off for you it is likely that you will include the amount of the payment to a new loan to purchase your next car. 3. Request offers from several dealers You don't have to visit the dealer in order to begin the process of trading in. You can instead make dealers contact you for a 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 begin where you purchased the car. "If the buyer is able to go to the same dealership from which they bought the car, he she may be able to get a better deal because they have a good relationship and past experience with that particular dealership," says Meghan Davlin director of communications and member engagement at the Illinois Fuel and Retail Association. 4. Get your car clean cleaner vehicle will be more likely to sell. Spend the time to wash the outside and inside of the car to show it in its best condition to make it easier for buyers "Make sure your car is clean and you're presenting it as you would want to get it buying the vehicle," says Alain Nana-Sinkam, senior vice president of development for businesses at TrueCar. "Also should you find tiny flaws you intended to address prior to the transaction, ensure that you complete them so that your car arrives at the dealer as you had reported and as they are expecting it." If you maintain your vehicle well, the vehicle will receive a much more favorable price. Make sure you don't spend more money to repair the vehicle than you anticipate selling it for. Be sure to have any service records on hand. It is also a good time to check for any recall notices for your car. If there are any defective parts that have triggered recalls this could result in an increase in safety risks. The majority of recalls result in fixing or replacing of a vehicle part without cost to the customer. 5. Make an appointment with the dealer. Car dealerships can be busy places. Set up an appointment ahead of time to avoid waiting. The appraiser will inspect your car to verify all the information you have provided online is accurate. "Ask if you can attend the appraisal so that you can ask them questions on the process they use to determine the value of your vehicle," says Joe McCloskey the president of McCloskey Motors located in Colorado Springs, Colorado. "Most dealerships will be able to share the information they have with you and knowing this information can assist you in understanding how and why the dealer determines the value of your car." Be sure to bring your vehicle's registration, the title and all sets of keys. If you don't have the title as you're selling a vehicle which is still a loan, have the lender's contact information available to hand over. Remember, you don't need to agree with the initial amount of trade-in that a dealer recommends. You are able to negotiate the car's trade-in price. Dealers typically begin by offering the lowest price that they can. Inform the dealer that the price is too low according to offers from other dealers or on the value you've discovered through your research. Negotiating the trade-in price separately with the price of your next car also helps ensure that you are getting the best trade-in value possible. When is the best time to trade in your car . The primary factor knowing if it's a good idea to sell your car is your vehicle's equity. Your car's equity represents the gap between what you owe to the vehicle and the present value it has. It's best not to trade with your car when you are in the same situation as having . This means you owe more on the car loan than the vehicle worth today. This is a challenging situation because you'll have to pay the loan balance after trading in your car. If you are able, keep making payments until you're no longer underwater. If you are forced to trade in your vehicle with negative equity, consider buying a less-expensive vehicle to help reduce your losses. Having positive equity, however is a great position to be in since it allows you to take the extra value of your vehicle and use it to finance the purchase of the new car. Pros and pros of trading your vehicle in Before you trade your car in, make sure that you know the advantages and drawbacks of selling the car yourself. The advantages of trading in a car The most significant advantage to trading your car in is that it will free you from the stress and hassle of selling the vehicle by yourself. requires identifying the right price, placing the car for sale in a place where buyers can see it and dealing with potential buyers. However, when you sell it, the dealer does much of the heavy lifting for you. "In the majority of states, there's also a tax advantage to buying and trading in at a dealership," Nana-Sinkam says, "because in those states they only charge tax for the amount that is the sum of the trade-in value and the cost of the new car instead of imposing a tax on the full purchase price of a brand new vehicle." Finally trade-in your car will make it easier for you to go about selling your old car and buying a new one. Instead of visiting multiple locations, you can simply take your old vehicle to the dealer and use the trade-in value to earn equity toward your new car. Pros and cons of trading your car There's a important disadvantage when trading in your car, but you won't earn as much like you would if were selling the car yourself. The car dealer wants to earn a profit from selling the used car to another motorist which means you'll be missing the extra amount. The sale of your car may be a disadvantage when it comes time to purchase the next car. If you're planning on using some of the equity in your previous vehicle to pay for the downpayment for a new car then you might want to purchase your new vehicle by a dealer who is willing to purchase the previous one. Next steps Trading in your old car rather than selling it yourself will streamline the process of getting into a new vehicle. To maximize the amount you earn, begin by researching the worth of your car with free car estimation tools online. Before heading to a dealer, make sure your car is cleaned inside and out and make cost-effective minor repairs. It's recommended to solicit offers from several 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 writes about topics such as credit cards, mortgages banks, taxation, and travel. David's mission is to assist readers understand how to save money and worry less.
Editor: 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 control their finances through providing precise, well-researched and well-sourced data that chops otherwise complex topics into manageable bites.
Auto loans editor
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