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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 choices by offering interactive financial calculators and tools as well as publishing independent and objective content, by enabling you to conduct research and compare data for free - so that you can make sound 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 Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation could affect how and where products appear on this website, for example the order in which they may be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other products that lend money to homeowners. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial offers that may be available to you.



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6 min read Published on October 11, 2022.
The story was written by David McMillin. by the writer who contributed to the writing

David McMillin is a contributing writer for Bankrate and writes about topics such as credit cards, mortgages tax, banking, and travel. David's mission is to assist 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 the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-researched and well-structured data that breaks otherwise complex topics into manageable bites.









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The trade-in of your car takes away the burden of selling a vehicle. The primary benefit of trading in your car is that it allows you to apply the trade-in value of your old vehicle directly towards a new purchase. This is especially advantageous if you're . These steps will help you make the most of a vehicle trade-in. Five steps to sell your car . Conducting research and knowing how to navigate the trade-in process can help you increase the amount your trade-in gains. 1. Find out how much the value of your vehicle is. first step in trading in your car is to figure out exactly . Knowing this figure yourself can help you feel confident when it's time to negotiate, and will also increase your chance of getting an acceptable deal. Rather than trying to figure out what the dealer thinks, do some research to get a sense of your current car's value. Tools for appraisals online like Kelley Blue Book or Edmunds, can help you determine the value of your car. If available, use estimator software that gives you a deeper sense of the value your car will command based on car characteristics that are beyond the make, model, year and mileage. The value of your car could also be affected by external influences. If the price of gas is at a high level, like they are now the car that has more gas mileage could be more sought-after than a large truck. 2. Examine your finances . Trading in a vehicle requires more than just assessing the car. You'll also need to evaluate the financial condition of your account to the other end of the trade. If you're in the market, consider whether its trade-in value is sufficient to cover the remaining part of the loan. You can do this by contacting your lender to inquire about the loan's payoff amount and then comparing the figure with the value of your vehicle's trade-in. Contact several dealers to request trade-in estimates and gain a firm idea of how many dealers are willing to offer. Be aware that if a dealer will pay off your loan off on your behalf then you'll likely be able to add the payoff amount to a new loan to purchase your next car. 3. Get offers from several dealers. You do not need to go to the dealer in order to begin the trade-in process. In fact, it is possible to request dealers offer you the price. A lot of online value estimators like Kelley Blue Book and TrueCar have connections to dealers who will offer deals based on the details you give about your car. It is also a good idea to start with the place you purchased your vehicle. "If the buyer is able to go to the same dealer where he or she purchased the vehicle, he or might be able negotiate a better deal since they have a relationship and past experience with that particular company," says Meghan Davlin director of communications and member engagement at the Illinois Fuel and Retail Association. 4. Get your car clean cleaner vehicle is more likely to sell. Spend the time to clean the outside and inside of the vehicle to show your vehicle in the best condition to make it easier for buyers "Make sure your car is in good condition and that you present it in the same way you'd want to get it buying the vehicle," says Alain Nana-Sinkam the senior vice president of business development at TrueCar. "Also If there were tiny flaws you intended to address prior to the transaction, ensure that you get them done so your car arrives at the dealer exactly as you reported and as they are expecting it." A well-maintained vehicle will receive a much higher value. Just don't pay more to fix the vehicle than you anticipate selling it for. It is important to keep any service documents in your possession. It's also a good time to check for any recall notices for your car. If there are any defective parts that have triggered a recall this could result in an increase in safety risks. Most recalls result in the repairs or the replacement of the vehicle component for no cost to the buyer. 5. Set up an appointment with a dealer Car dealerships are often busy. Schedule an appointment well in advance to avoid waiting. The appraiser will review your vehicle to ensure that information that you provided online is correct. "Ask if you can be with the appraiser so that you can ask them questions on what they're using to determine the value of your car," says Joe McCloskey the president of McCloskey Motors in Colorado Springs, Colorado. "Most dealerships will be able to share the information they have with you and knowing this information can help you to better understand how and why the dealer determines the value of your car." Be sure to bring the registration of your vehicle along with the title and the keys in all sets. If you don't have the title because you're trading in a vehicle that is still under loan, have the lender's details ready to be handed over. Remember, you don't need to agree with the initial amount of trade-in a dealer suggests. You are able to negotiate the car's trade-in value. Dealers usually begin by offering the lowest price that they can. Inform the dealer that the price is too low in comparison to other dealers or the price you've found through your study. Negotiating the price of the trade-in separately in relation to the cost of your new car will also help 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 sell your vehicle is the car's equity. Your car's equity represents the gap between what you owe on the car and the current value that it holds. It's best to avoid trading within your vehicle in the event that you're not in the same situation as having . That means that you are liable for more on the car loan than what the vehicle is currently worth. This is a difficult situation to be in because you'll have to pay the loan balance after trading in your car. If you can, hold off and keep paying until you're not under water. If you have to sell your car with negative equity, think about buying an affordable vehicle to minimize the loss. Positive equity however is a desirable position to be in because it allows you to take the extra value of your car and put it to finance the purchase of the new vehicle. The pros and pros of trading your vehicle to trade in your vehicle in, be sure you are aware of the advantages and drawbacks of selling the car yourself. The advantages of trading in a car The biggest benefit of trading in your car is that it could free you from the hassle and stress of selling it on your own. This requires determining the appropriate price, posting the car to sell where potential buyers will be able to see it, and dealing with potential buyers. However, when you trade in your car, the dealer does much of the heavy lifting for you. "In most states, there's a tax advantage to buying and trading in at a dealer" Nana-Sinkam explains, "because in those states, they only charge tax upon the gap between trade-in value and the cost of the new car instead of paying full tax on the purchase price of a brand new vehicle." Finally the process of trading in your car will make it easier for you to go about selling your car and buying a new one. Instead of going to several locations, you can simply take your old car to the dealership and use the trade-in value to earn an equity towards your new vehicle. Pros and cons of trading your vehicle There's one major downside when trading in your car, though: You probably won't get as much profit as you would if you sold the vehicle yourself. The dealership is trying to make money by selling your car to another motorist and you'll lose the extra amount. Selling your car could restrict your options in the purchase of your next car. If you're planning to use some of the equity in your old car as a down payment for a brand new one then you might want to purchase your next car by a dealer who is willing to buy your old one. Following steps: Trading in your old car instead than selling it on your own can make it easier to get into a new vehicle. To maximize the amount you make, start by analyzing the worth of your vehicle with no-cost car estimation tools online. Before visiting a dealer, make sure your car is cleaned outside and inside, and do minor repairs that are cost-effective. It's an excellent idea to get offers from multiple dealers and remember that you can negotiate the cost of trade-in.


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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 aim is to help readers figure out how to save money and worry less.




Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-researched and well-sourced information that breaks down otherwise complex subjects into digestible pieces.






Auto loans editor




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