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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 financial calculators and tools as well as publishing independent and objective content, by enabling users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be available to you.



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Andrei Stanescu/Getty Images
6 min read Published October 11, 2022
Authored by David McMillin by the writer who contributed to the writing

David McMillin is a contributing writer for Bankrate and covers topics such as credit cards, mortgages, banking, taxes and travel. David's mission is to assist readers figure out how to save money and worry less.








The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down complicated subjects into digestible pieces.









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Trading in your car eliminates the burden of selling a car. The primary benefit of trading in your car is the ability to transfer the value of your trade-in of your previous vehicle directly to a new purchase. This is particularly beneficial for those who are . 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 how to navigate the process of trade-in can help you maximize the amount that your trade-in earns. 1. Find out how much your car is worth. The first step to trading in your car is to know what exactly . Knowing this figure yourself can help you feel empowered when it comes time to negotiate and can help increase the chances of getting a fair deal. Instead of waiting to find out what the dealer's opinion is you should do some investigation to get a sense of your current vehicle's worth. Online appraisal tools that are free such as Kelley Blue Book or Edmunds, can help you determine the value of your vehicle. If available, use estimator tools that will give you more information about the value your car will be worth based on the car's characteristics that are beyond the make, model year, mileage, and make. Value may also be impacted by external influences. If gas prices are high, as they are right now 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 car involves more than just looking at the vehicle. You'll also have to consider the state of your finances to on the other side of the transaction. If you are , determine the value of your trade-in will be sufficient to pay off the rest part of the loan. You can do this by contact your lender to find out the amount to pay off the loan and then comparing it to the value of your vehicle's trade-in. Visit several dealers to ask for 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 add the payoff amount to the new loan for your next vehicle. 3. Ask for offers from multiple dealers. You don't need go to the dealer to start the trade-in process. In fact, it is possible to make dealers offer you the price. A lot of online value estimators like Kelley Blue Book and TrueCar are connected to dealers who will offer offers based on the information you give about your car. It is also a good idea to begin where you purchased your car. "If the customer can go to the same dealership where they bought the vehicle, he or might be able bargain for a better price since they have a relationship and history with that company," says Meghan Davlin, director of communications and member engagement of the Illinois Fuel and Retail Association. 4. Clean your car better-looking car will be more likely to sell. Make the effort to wash the interior and exterior of your vehicle to show it in its best condition to aid in the sale "Make sure that your vehicle is spotless and you're showing it in the same way you'd want to be receiving it if you were buying it," says Alain Nana-Sinkam, senior vice president of development for businesses at TrueCar. "Also, if there were small flaws you had planned to fix prior to the trade, make sure to complete them so that the car is delivered to the dealer as you had stated and in the manner they're expecting it." A nicely maintained vehicle is likely to fetch a better value. Be sure to not pay more to repair the vehicle than you anticipate selling it for. Be sure to have any service records on hand. It is an ideal time to check for any recall notifications for your vehicle. If there are any defective parts that have triggered recalls, it could lead to the risk of injury. Most recalls lead to the repairs or the replacement of the vehicle component without cost to the buyer. 5. Make an appointment with a dealer . Car dealerships can be busy places. Set up an appointment ahead of time to save yourself time. The appraiser will inspect your car to verify all the information you have provided online is correct. "Ask if you can be with the appraiser to be able to inquire about how they are determining the value of your car," says Joe McCloskey, vice president at McCloskey Motors which is located in Colorado Springs, Colorado. "Most dealerships will provide this information with you, and having this information will assist you in understanding the process by which the dealer will be evaluating your vehicle's worth." Make sure to bring the vehicle registration, the title and all sets of keys. If you don't have the title as you're selling a vehicle that still has a loan and you're not sure of the lender's details ready to give. Don't forget that you don't have to accept the initial trade-in amount the dealer suggests. You may negotiate your vehicle's trade-in price. Dealers typically start by offering the lowest price they can. Let the dealer know that the offer appears too low, based on offers from other dealers or the value you've uncovered through your investigation. Negotiating the trade-in price separate with the price of the next vehicle will help to ensure you get the most value for your trade-in. What is the right time to sell your car . The primary factor knowing if it's the right time to trade in your car is to know your vehicle's equity. The equity of your car represents the gap between what you owe to the car and the current value that it holds. It is best not to trade within your vehicle 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 car is worth today. This is a challenging situation because you'll have to pay the loan balance after trading in your car. If you can, hold off and continue making payments until you are no longer underwater. If you are forced to sell your vehicle with negative equity, you should consider purchasing an inexpensive vehicle to limit the losses. Possessing equity that is positive however, is a good spot to be in because it permits you to get the additional value from your vehicle and use it towards the cost of purchase of the new car. The pros and pros of trading your vehicle in Before you trade your car in, make sure you are aware of the advantages and disadvantages of selling your car yourself. The advantages of trading in a vehicle The main benefit to trading in your car is that it will free you from the hassle and stress of selling it by yourself. requires identifying the right price, posting the car to sell where potential buyers will see it and dealing with prospective buyers. When you trade it in, the dealer does a lot of the work for you. "In most states, there's also an advantage in taxation when buying and trading in at a dealership," Nana-Sinkam states, "because in those states they charge taxes only on the difference between the trade-in value and the price of the new vehicle instead of paying full tax on the full purchase price of a brand new vehicle." In addition the process of trading in your car could make it easier to follow the steps of selling your old vehicle and buying a new one. Instead of visiting multiple places, you can take your car to the dealership and use the trade-in value as an equity towards your new vehicle. Pros and cons of trading your car There is one important disadvantage when trading in your car though: You probably won't make as much money as you would if you sold the vehicle yourself. The car dealer wants to earn a profit from selling your car to another driver which means you'll be missing this extra sum of money. Selling your car could restrict your options in the purchase of the next car. If you're looking to use the value of your old vehicle to pay for the downpayment for a brand new one then you might want to purchase your next car from a dealer willing to buy the old one. Next steps Trading with your old car rather than selling it yourself will simplify the process of getting into a new car. To maximize the cash you make, begin by researching the value of your vehicle with no-cost car estimation tools online. Before heading to the dealer, you should make sure your car is cleaned both inside and out, and then do minor repairs that are cost-effective. It's recommended to solicit offers from several dealers. Remember that you have the option of negotiating the price of your trade-in.


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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 mission is to assist 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 since the end of 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched data that chops otherwise complicated topics into bite-sized pieces.






Auto loans editor




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