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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 financial calculators and tools as well as publishing independent and objective content. This allows users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, 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 are from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could be open to you.
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6 min read Published October 11, 2022
Written 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 more and stress less.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down otherwise complex topics into manageable bites.
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Car trading eliminates much of the work of selling your vehicle. The primary benefit of trading in your 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 when you’re . These steps can help you get the most value from the vehicle exchange. Five steps to trade-in your car Doing your research and understanding the best way to navigate the trade-in process will help you increase the amount your trade-in earns. 1. Find out what your car is worth The first step in selling your car is to know what exactly . Knowing this figure yourself can help you feel more confident when it’s time to negotiate, and will improve your chance of getting an acceptable price. Instead of trying to figure out what the dealer thinks, do some research to get a sense of the value of your car. Online appraisal tools that are free like Kelley Blue Book or Edmunds can assist you in determining the worth of your car. If you have them, try using estimator software that gives you a deeper sense of the value your car will be worth based on the car’s attributes that go beyond model, make year, mileage, and make. Value can also be affected by external influences. If the price of gas is high, as they are now the car that has better gas mileage might be more sought-after as opposed to a truck that is too big. 2. Examine your finances Trading in a vehicle requires more than just looking at the vehicle. It is also necessary to assess the financial condition of your account to on the other side of the deal. If you’re in the market, consider whether its trade-in value will be sufficient to cover the remainder portion of your loan. You can do this by contact your lender to inquire about the amount of loan’s repayment and then comparing it to the value of your car’s trade-in. Visit several dealers to ask for trade-in quotes and get a firm idea of how the dealers will be willing to offer. Keep in mind that if a dealership is willing to pay your loan off for you, you will likely include the amount of the payment to a new loan for your next vehicle. 3. Ask for offers from multiple dealers. You don’t need to go to the dealer in order to begin the process of trading in. Instead, you can make dealers contact you for the price. A lot of online value estimators include Kelley Blue Book and TrueCar, are linked to dealers who will offer deals based on the details you provide about your vehicle. It’s also possible to start with the place you purchased your car. “If the consumer is able to go to the same dealership from which they purchased the vehicle, he or could be able to get a better deal because they have a good relationship and history with the dealership,” says Meghan Davlin director of member engagement and communications at the Illinois Fuel and Retail Association. 4. Get your car clean better-looking car is more likely to be sold. Take the extra time to clean the interior and exterior 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 clean and you’re presenting it in the same way you’d want to get it buying your own,” says Alain Nana-Sinkam the senior vice president for business development with TrueCar. “Also, if there were small flaws you had planned to correct prior to exchange, be sure to get them done so the vehicle is delivered to the dealer as you had stated and in the manner they’re expecting it.” If you maintain your vehicle well, the vehicle will receive a much better price. Make sure you don’t spend more money to fix the vehicle than what you plan to sell it for. Make sure you have all maintenance records in hand. It is an excellent time to check for any recall alerts for your vehicle. If there is a problem with any components that caused an recall there could be the risk of injury. Most recalls result in the repairs or the replacement of the vehicle component without cost to the buyer. 5. Make an appointment with a dealer . Car dealerships are often busy. Set up an appointment ahead of time to cut down on time. The appraiser will review your car to verify all information that you provided online is accurate. “Ask if you can be with the appraiser to be able to ask them questions on how they are determining what value they will assign to your vehicle,” says Joe McCloskey who is the president of McCloskey Motors located in Colorado Springs, Colorado. “Most dealerships will share this information with you and knowing this information can help you to better understand what the dealer is doing and how it determines the value of your car.” Make sure you bring the registration of your vehicle, the title and the keys in all sets. If you don’t have the title because you’re trading in a car that is still under loan, have the lender’s contact information available to give. And remember, you don’t have to accept the initial trade-in amount the dealer suggests. You are able to negotiate the car’s trade-in value. Dealers generally start by offering the lowest price they can. Inform the dealer that the price is too low based on offers from other dealers or on the value you’ve uncovered in your study. Negotiating the price of the trade-in separately with the price for the next vehicle will help ensure that you receive the highest value you can for your trade-in. When to trade in your car The key to knowing if it is the right time to trade in your vehicle is the car’s equity. The equity of your car represents the gap between what you owe on the car and the current value of the vehicle. It’s best not to trade with your car while you’re in the process , which is the same as having . It means you have to pay more on the vehicle loan than the vehicle currently worth. This is a challenging situation because you’ll still need to pay the remaining loan balance once you have traded in your car. If possible, wait and continue making payments until you’re no longer under water. If you need to sell your vehicle that has negative equity, consider buying an inexpensive vehicle to minimize the loss. Positive equity on the other hand is a desirable position to be in since it permits you to get the value you earn from the vehicle and apply it towards the purchase cost of the new vehicle. Pros and negatives of trading a car in Before you trade your vehicle in, be sure you understand the benefits and disadvantages of selling the car yourself. Benefits of trading in a vehicle The most significant advantage to trading your car in is that it will free you from the stress and headache of selling the vehicle by yourself. This requires determining the appropriate price, posting the car for sale in a place where buyers can view it, and negotiating with prospective buyers. But when you sell it and the dealer handles most of the work for the buyer. “In the majority of states, there’s a tax advantage to buying and trading in at a dealer” Nana-Sinkam states, “because in those states they charge taxes only on the difference between the trade-in price and the cost of the new car instead of imposing a tax on the cost of purchasing a new vehicle.” Finally trade-in your car can simplify the steps between selling your old vehicle and purchasing a new one. Instead of visiting multiple locations, you could simply bring your old car to the dealer and utilize the value of your trade-in as equity toward your new car. Pros and cons of trading your vehicle There’s one major downside of trading in your car, though: You probably won’t get as much profit than if you were selling the car yourself. The dealership is trying to earn a profit from reselling your used car to another driver, so you’ll miss the extra amount. 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 car as a down payment for a brand new one, you may want to purchase your new vehicle from a dealer willing to buy your old one. The next step is trading in your old car rather than selling it yourself can simplify the process of getting into a new car. To maximize the money you make, start by analyzing the worth of your vehicle with no-cost online estimators for cars. Before you visit a dealer, clean your car both inside and out, and then make cost-effective minor repairs. It’s an excellent idea to get offers from multiple dealers and remember 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 tax, banking, and travel. David’s aim is to help readers understand how to save money and also stress 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 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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