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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 information at no cost — so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, 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 site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not include 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.

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 mortgages, credit cards and credit cards, banking, taxes 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 dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complex topics into manageable bites.

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The trade-in of your car takes away the burden of selling your vehicle. The main perk of trading in a car, however, is the possibility to transfer the value of your trade-in of your previous vehicle directly to a new purchase. This can be especially beneficial when you’re . These steps will help you get the most value from your vehicle trade-in. Five steps to sell your car . Conducting research and knowing how to navigate the trade-in process can allow you to increase the amount your trade-in is worth. 1. Find out how much you can get for your automobile.. The first step to trading in your vehicle is to understand what exactly . Knowing this figure yourself can help you feel empowered when it comes time to negotiate, and will improve your likelihood of getting the best price. Rather than waiting to find out what the dealer thinks you should do some investigation to find out the value of your car. Online appraisal tools that are free like Kelley Blue Book or Edmunds can assist you in determining the value of your car. If you have them, try using estimator tools that can offer a deeper sense of the value your car will get based on its attributes that go beyond model, make year, mileage, and make. Value may also be impacted by external factors. If gas prices are excessive, as they are the car that has more gas mileage could be more popular than a large truck. 2. Check out your financial situation. Trading in a car requires more than assessing the vehicle. You’ll also have to consider your financial situation to the other end of the trade. If you are , determine the value of your trade-in will be enough to cover the remainder part of the loan. You can accomplish this by contacting your lender to determine the amount to pay off the loan and comparing that figure to the value of your car’s trade-in. Visit several dealers to ask for trade-in estimates and gain an accurate idea of much dealers will be willing to give. Keep in mind that if a dealership will pay off your loan off on your behalf, you will likely include the amount of the payment to a new loan for the next car you purchase. 3. Request offers from several dealers. You don’t need go to the dealer to start the process of trading in. In fact, it is possible to request dealers come to you with the price. Numerous value estimators on the internet include Kelley Blue Book and TrueCar are connected to dealers that will extend deals based on information you provide about your vehicle. It also may be smart to begin where you purchased your car. «If the consumer can go to the same dealer where they purchased the vehicle, he or might be able negotiate a better deal since they have a good relationship and history with that dealer,» says Meghan Davlin director of communications and member engagement of the Illinois Fuel and Retail Association. 4. Get your car clean cleaner vehicle is more likely to be sold. Take the extra time to clean the outside and inside of the vehicle to ensure that you’re showing the car in its best state to aid in the sale «Make sure your car is in good condition and that you present it in the way you’d like to receive it if you were purchasing the vehicle,» says Alain Nana-Sinkam who is the senior vice-president of business development at TrueCar. «Also should you find 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 anticipating it to be.» A nicely maintained car will fetch a better value. Just don’t pay more for repairs than what you plan to sell it for. It is important to keep any maintenance records in hand. It is an ideal moment to look for recall notices for your car. If there is a problem with any components that triggered recalls, it could lead to the risk of injury. Most recalls lead to the repair or replacement of a vehicle part for no cost to the customer. 5. Make an appointment with the dealer. Car dealerships are usually busy. Schedule an appointment well in advance to save yourself time. The appraiser will review your car to verify all the information you submitted online is correct. «Ask whether you’re able to attend the appraisal to be able to ask questions about what they’re using to determine how much they value your car,» says Joe McCloskey, president of McCloskey Motors located in Colorado Springs, Colorado. «Most dealerships will be able to share this information with you and having this information will assist you in understanding how and why the dealer is valuing your vehicle’s value.» Make sure you bring your vehicle’s registration, the title and the keys in all sets. If you don’t have the title because you’re trading in a car that still has a loan be sure to have the lender’s details ready to give. Remember, you don’t need to agree with the initial trade-in amount that a dealer recommends. You can negotiate your car’s trade-in value. Dealers typically begin by offering the cheapest price that they can. Inform the dealer that the price is too low in comparison to other dealers or the value you’ve discovered through your research. Negotiating the trade-in price separately in relation to the cost of your new car will also help ensure that you are getting 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 your vehicle’s equity. The equity of your car can be defined as the distinction between what you still owe on the vehicle and the present value of the vehicle. It is best not to trade with your car when you are in the same situation as having . It means you have to pay more on your vehicle loan than what the vehicle is worth today. This is a challenging situation because you’ll have to pay the loan balance once you have traded in your vehicle. If you can, hold off and continue making payments until you are no longer in debt. If you need to sell your vehicle that has negative equity, you should consider purchasing a less-expensive vehicle to help minimize your loss. Possessing equity that is positive on the other hand, is a good spot to be in because it allows you to take the value you earn from your car and put it to finance the purchase of the new car. The pros and pros of trading your vehicle in Before you trade your vehicle in, be sure that you know the advantages and drawbacks of selling the vehicle yourself. The advantages of trading in a car The main benefit to trading in your car is that it will free you from the stress and hassle of selling it by yourself. requires identifying the right price, placing the car for sale in a place where buyers can be able to see it, and dealing with prospective buyers. But when you trade in your car and the dealer handles much of the heavy lifting for you. «In many states, there’s a tax advantage to buying and trading in at a dealer» Nana-Sinkam states, «because in those states, they only charge tax upon the gap between value of the trade-in and the new vehicle price instead of imposing a tax on the entire purchase price of a new vehicle.» Additionally the process of trading in your car could make it easier to follow the steps of selling your old vehicle and purchasing a new one. Instead of visiting multiple locations, you can simply take your car to the dealership and use the value of your trade-in as an equity towards your new vehicle. Pros and cons of trading your car There is one major downside when trading in your car but you won’t get as much profit like you would if sold the vehicle yourself. The car dealer wants to make a profit by selling your vehicle to a different driver and you’ll lose that extra chunk of money. Selling your car could restrict your options in the purchase of your next vehicle. If you’re looking to use some of the equity in your old vehicle as the down payment for a brand new one then you might want to purchase your new vehicle by a dealer who is willing to buy your old one. Following steps: Trading in your old car rather than selling it yourself will make it easier to get into a new vehicle. To maximize the amount you make, begin by analyzing the worth of your car with free car estimation tools online. Before heading to the dealer, you should have your car cleaned outside and inside, and do minor repairs that are cost-effective. It’s an excellent idea to obtain offers from multiple dealers. Remember that you can negotiate the cost of 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 mortgages, credit cards and credit cards banks, taxation, and travel. David’s mission is to assist readers discover ways 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 committed to helping readers gain confidence to take control of their finances through providing precise, well-researched and well-sourced information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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