Is it better to trade your car in where you bought it?

Is it better to trade your car in where you bought it?

Because you owe more than the dealer is willing to pay, the trade-in won’t reduce the cost of the new vehicle at all. The result is you’ll have a higher loan amount on the new car—which increases your chances of getting underwater on that loan too—or you’ll need to pay the lender the difference.

Where is the best place to trade in your car?

There comes a time in every car’s life when it’s relationship with the current driver comes to an end; the driver then turns to the Internet to search for the best places to trade in a car. The best places, in general, are automobile dealerships and junkyards. Owning a car leaves a lasting impression on the driver.

When is the best time to trade in a car?

It may also be a good idea to trade in if the dealership offers extra incentives on the car you are eyeing. Toward the end of the year, dealerships often offer substantial discounts and better deals on car loans to meet sales quotas and make room for newer models.

How can I get a trade in for my car?

When you approach a car dealership and ask to trade in your car, a representative will test drive it, appraise its value, and make you an offer. You may want to use estimates from online pricing guides, like Kelley Blue Book, to negotiate the value of your trade-in and the price of the car you want.

Can a car dealership pay off your trade in?

Many car dealerships promise to pay off your trade-in, but they only mean it if your old vehicle is worth more than you owe on your auto loan. If you are upside down on your car loan and the promise to clear off your debt sounds too good to be true, it probably is.

What happens if you trade in an old car with negative equity?

If you owe more on your old car than it is worth, your set of wheels has negative equity. In dealership parlance, it is upside down or underwater. In this case, the dealer will add the difference between the loan balance and the value of your trade-in to the price of your new car.

How does AutoTrader help you trade in your car?

Autotrader provides advice on car values and tips, so you can get the most for your car trade-in and make the trading process easier. You can also get a Kelley Blue Book (SM) Instant Cash Offer and use it toward the purchase of another vehicle, or walk away with cash today.

Are there any new cars on the market?

The current automotive market offers a very wide variety of vehicles for just about any taste, any necessity, and any budget.

Can a dealer trade in an Edmunds car?

It doesn’t work with all vehicles: A dealer is not likely to trade one of its cars if it is in high demand or is only available in limited quantities. When we were shopping for an Edmunds long-term vehicle some time ago, we considered a dealer trade, but still wanted to inspect the car for ourselves before the swap took place.

It may also be a good idea to trade in if the dealership offers extra incentives on the car you are eyeing. Toward the end of the year, dealerships often offer substantial discounts and better deals on car loans to meet sales quotas and make room for newer models.