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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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing independent and objective content. We also allow you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
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6 min read Published on October 11, 2022.
The story was written by David McMillin. Written by a contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards and credit cards tax, banking, and travel. David’s goal is to help readers discover ways 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 since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.
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The trade-in of your car takes away the burden of selling your vehicle. The primary benefit of trading in your vehicle, however, is the ability to transfer the value of your trade-in of the vehicle you have traded in directly to a new one. This can be especially beneficial for those who are . These steps will help you make the most of your vehicle trade-in. Five steps to sell your car Doing your research and knowing how to navigate the process of trade-in can allow you to maximize the amount that your trade-in gains. 1. Find out what your car is worth The first step in trading in your car is to know exactly . Figuring this number out yourself will allow you to feel confident when it’s time to negotiate, and will also increase your likelihood of getting the best deal. Rather than trying to figure out what the dealer’s thoughts are about your car, conduct some research to get a sense of the value of your car. Free online appraisal tools, such as Kelley Blue Book or Edmunds and can help you assess the value of your car. If you have them, try using estimator tools that will give you a deeper sense of the value your car will be worth based on the car’s characteristics that are beyond the make, model year, mileage, and make. The value of your car could also be affected by external influences. If gas prices are excessive, as they are now and they are, a car with higher gas mileage may be more popular as opposed to a truck that is too big. 2. Examine your financial situation. Trading in a car requires more than assessing the vehicle. You’ll also have to consider the financial condition of your account in the event of the deal. If you’re already in the process, you must determine the value of your trade-in will be enough to pay off the rest part of the loan. You can accomplish this by calling your lender to find out the amount of loan’s repayment and comparing that figure to the value of your vehicle’s trade-in. Visit multiple dealers to request quotes for trade-ins and get an idea of how many dealers are willing to offer. Remember, if a dealer is willing to pay your loan off on your behalf, you will likely include the amount of the payment to a new loan to purchase your next car. 3. Get offers from several dealers You don’t have to go to the dealer in order to begin the trade-in process. In fact, it is possible to make dealers offer you a price. A lot of online value estimators like Kelley Blue Book and TrueCar have connections to dealers that will extend deals based on the details you provide about your vehicle. It also may be smart to begin where you purchased the car. «If the consumer can go to the same dealership from which they bought the vehicle, he or might be able get a better deal because they have a good relationship and history with that dealer,» says Meghan Davlin, director of member engagement and communications for the Illinois Fuel and Retail Association. 4. Clean your car cleaner car is more likely to sell. Spend the time to clean the interior and exterior of your car so that you are showing your vehicle in the best condition to help «Make sure that your vehicle is clean and you’re presenting it as you would want to get it purchasing the vehicle,» says Alain Nana-Sinkam who is the senior vice-president of development for businesses at TrueCar. «Also, if there were tiny flaws you intended to correct prior to trade, make sure to complete them so that your car arrives at the dealer exactly as you stated and in the manner they’re anticipating it to be.» If you maintain your vehicle well, the car will fetch a more favorable value. Be sure to not pay more to repair the vehicle than you expect to sell it for. Make sure you have all service documents in your possession. This is also a good time to check for any recall notices for your car. If there is a problem with any components that caused an recall this could result in a safety risk. Most recalls lead to the repair or replacement of a vehicle part at no cost to the customer. 5. Schedule an appointment with a dealer Car dealerships are often busy. Schedule an appointment well in advance to cut down on time. The appraiser will inspect your vehicle to ensure that the information you have provided online is correct. «Ask whether you’re able to be with the appraiser so that you can inquire about what they’re using to determine how much they value your car,» says Joe McCloskey who is the director of McCloskey Motors in Colorado Springs, Colorado. «Most dealerships will be able to share this information with you and knowing this information can aid you in understanding the process by which the dealer will be evaluating your vehicle’s worth.» Make sure you bring the vehicle registration as well as the title, along with the keys in all sets. If you do not have the title due to you’re trading in a car that is still under loan, have the lender’s contact information available to be handed over. And remember, you don’t need to agree with the initial amount of trade-in that a dealer recommends. You are able to negotiate the car’s trade-in price. Dealers typically begin by offering the cheapest price they can. Let the dealer know that the offer appears too low, based on offers from other dealers or the price you’ve discovered during your research. Negotiating the trade-in price separately in relation to the cost of your new car will also help to ensure you get the highest value you can for your trade-in. When is the best time to trade in your car . The primary factor knowing if it’s an appropriate time to sell your car is to know your vehicle’s equity. Your car’s equity can be defined as the distinction between the amount that you still owe on the car and the current value it has. It is best not to trade in your vehicle when you are having the same as having . This means you owe more on the car loan than the car is worth today. This is a challenging circumstance to find yourself in since you’ll have to pay the remaining loan amount after you trade in your vehicle. If you are able, keep making payments until you’re not under water. If you need to sell your vehicle with negative equity, consider buying an affordable vehicle to reduce your losses. Having positive equity, on the other hand, is a good spot to be in as it permits you to get the extra value of the vehicle and apply it towards the cost of purchase of the new vehicle. The pros and negatives of trading a car in Before you trade your vehicle in, make sure you are aware of the advantages and disadvantages of selling your vehicle yourself. The advantages of trading in a vehicle The most significant advantage to trading your car in is that it can save you from the stress and headache of selling the vehicle on your own. This requires determining the appropriate price, placing the car for sale in a place where buyers can be able to see it, and dealing with prospective buyers. However, when you trade in your car, the dealer does most of the work for you. «In most states, there’s an advantage in taxation when purchasing and trading in your vehicle at a dealership,» Nana-Sinkam explains, «because in those states, they only charge tax on the difference between the trade-in price and the price of the new vehicle instead of imposing a tax on the entire cost of purchasing a new vehicle.» Finally the process of trading in your car could make it easier to follow the steps of selling your old car and purchasing a brand new one. Instead of going to several places, you can take your old vehicle to the dealership and use the value of your trade-in as equity toward your new car. Cons of trading in a car There is one important disadvantage when trading your car but you won’t earn as much than if you were selling the car yourself. The dealership is trying to make money by reselling your used car to another driver and you’ll lose that extra chunk of money. Selling your car could be a disadvantage in the purchase of your next car. If you’re planning on using some of the equity in your old vehicle as the down payment on a new one then you might want to purchase your new vehicle by a dealer who is willing to buy your old one. The next step is trading in your old car instead than selling it yourself can make it easier to get into a new car. To maximize the cash you make, start by analyzing the worth of your vehicle with no-cost online car estimators. Before heading to an auto dealer, make sure you make sure your car is cleaned outside and inside, and do minor repairs that are cost-effective. It’s recommended to solicit offers from several dealers and remember that you are able to negotiate the cost of trade-in.
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Written 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 mission is to assist readers figure out how to save money and worry less.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched facts that break down otherwise complex subjects into digestible pieces.
Auto loans editor
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