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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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing independent and objective content. We also allow you to conduct your own research and compare information at no cost to 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 website are provided by companies that pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they be displayed within the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that could be open to you.
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6 min read Published October 11, 2022
The story was written by David McMillin. Written by Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards, banking, taxes and travel. David's aim is to help readers figure out how to save more and 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 passionate about helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
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Car trading eliminates most of the hassle of selling your vehicle. The main perk 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 towards a new purchase. This can be especially beneficial if you're . These steps will help you maximize the value of your vehicle trade-in. Five steps to sell your car Doing your research and understanding the best way to navigate the process of trade-in can help you increase the amount your trade-in gains. 1. Find out what the value of your vehicle is. first step to trading in your car is to know the exact value . Figuring this number out yourself can help you feel empowered when it comes time to negotiate, and will help increase the likelihood of getting the best price. Instead of trying to figure out what the dealer thinks you should do some investigation to get a sense of the value of your car. Tools for appraisals online like Kelley Blue Book or Edmunds can assist you in determining the value of your vehicle. If they are available, you can use estimator tools that will give you more information about the value your car will command based on car attributes that go beyond model, make year, mileage, and make. Value may also be impacted by external influences. If prices for gas are excessive, as they are now and they are, a car with better gas mileage might be more sought-after than an oversize truck. 2. Take a look at your finances . Trading in a car requires more than assessing the vehicle. It is also necessary to assess the state of your finances in the event of the transaction. If you're already in the process, you must determine the trade-in value of your car will be enough to pay off the rest of the loan. This can be done by contact your lender to find out the amount of loan's repayment and then comparing it to the value of your car's trade-in. Visit multiple dealers to request trade-in quotes and get a firm idea of how many dealers are willing to give. Remember, if a dealer offers to pay your loan off for you, you will likely include the amount of the payment to the new loan to purchase your next car. 3. Ask for offers from multiple dealers You don't have to visit the dealer to start the process of trading in. You can instead request dealers contact you for an offer. Many online value estimators like Kelley Blue Book and TrueCar, are linked to dealers who extend deals based on information you provide about your vehicle. It's also possible to start where you bought your car. "If the customer can go to the same dealership from which he or she purchased the car, he she may be able to negotiate a better deal since they have a good relationship and past experience with that particular dealership," says Meghan Davlin director of communications and member engagement for the Illinois Fuel and Retail Association. 4. Freshen up your car A cleaner car is more likely to be sold. Spend the time to wash the outside and inside of the vehicle to ensure that you're showing it in its best condition to help "Make sure your car is clean and you're presenting it in the way you'd like to receive it if you were purchasing it," says Alain Nana-Sinkam the senior vice president of business development at TrueCar. "Also If there were small flaws you had planned to address prior to the transaction, ensure that you complete them so that the vehicle is delivered to the dealer in the same way you stated and in the manner they're expecting it." A nicely maintained vehicle will receive a much higher 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's an ideal time to check for any recall notifications for your vehicle. If you find any defective parts that have triggered a recall there could be a safety risk. Most recalls lead to the fixing or replacing of a car part without cost to the customer. 5. Make an appointment with a dealer Car dealerships can be busy places. Schedule an appointment well in advance to cut down on time. The appraiser will inspect your car to verify all information that you provided online is correct. "Ask whether you are able to be present with the appraiser to be able to ask them questions on what they're using to determine how much they value your vehicle," says Joe McCloskey the director of McCloskey Motors which is located in Colorado Springs, Colorado. "Most dealerships will share this information with you, and having this information will help you to better understand what the dealer is doing and how it is valuing your vehicle's value." Make sure to bring the registration of your vehicle, the title and the keys in all sets. If you do not have the title due to you're selling a vehicle that is still under loan, have the lender's contact information available to give. And remember, you don't have to take the initial amount of trade-in a dealer suggests. You may negotiate your vehicle's trade-in value. Dealers usually start by offering the lowest price they can. Tell the dealer the price is too low based on offers from other dealers or the price you've found through your study. Negotiating the trade-in price separate in relation to the cost for the next vehicle will help ensure that you receive the highest value you can for your trade-in. When is the best time to trade in your vehicle The most important factor in being able to determine if it's a good idea to trade in your car is to know your vehicle's equity. The equity of your car can be defined as the distinction between the amount that you owe to the vehicle and the current value that it holds. It's best to avoid trading in your vehicle when you are in the same situation as having . It means you have to pay more on the vehicle loan than the vehicle worth at present. This is an extremely difficult circumstance to find yourself in since you will still have to pay the remaining loan balance after trading in your vehicle. If you can, hold off and keep making payments until you are no longer under water. If you are forced to sell your vehicle with negative equity, you should consider purchasing a less-expensive vehicle to help reduce your loss. Having positive equity, however is a desirable position to be in since it lets you take the extra value of your car and put it towards the purchase cost of the new vehicle. The pros and cons of trading a vehicle before you trade your vehicle in, make sure that you know the advantages and disadvantages of selling the car yourself. The advantages of trading in your car The main benefit to selling your car that it will free you from the stress and headache of selling it on your own. This requires determining the appropriate price, posting the car for sale in a place where buyers can be able to see it, and dealing with prospective buyers. However, when you trade it in and the dealer handles much of the heavy lifting for the buyer. "In the majority of states, there's the tax benefit of buying and trading in at a dealer" Nana-Sinkam states, "because in those states, they only charge tax on the difference between the trade-in value and the price of the new vehicle instead of paying full tax on the purchase price of a brand new vehicle." In addition the process of trading in your car will make it easier for you to go about selling your old vehicle and purchasing a brand new one. Instead of visiting multiple locations, you can simply take your old vehicle to the dealership and use the value of your trade-in as equity toward your new car. Pros and cons of trading your car There is one significant disadvantage when trading in your car but you won't get as much profit as you would if you had the vehicle sold yourself. The car dealership wants to make a profit by reselling your used car to another motorist and you'll lose that extra chunk of money. Selling your car could restrict your options when it comes time to purchase the next car. If you're planning to use the value of your previous car as a down payment for a brand new one then you might want to buy your new car from a dealership willing to buy your old one. The next step is trading in your old car rather than selling it yourself will simplify the process of getting to a new car. To maximize the amount you make, begin by researching the value of your vehicle with no-cost car estimation tools online. Before visiting an auto dealer, make sure you have your car cleaned outside and inside, and do minor repairs that are cost-effective. It's recommended to obtain offers from multiple dealers and remember that you can negotiate 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 as mortgages, credit cards and credit cards banks, taxation, and travel. David's goal is to help readers discover ways to save money and worry less.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.
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