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Frequently Asked Question
The process of trading in a used car involves taking your car to a dealership, where they will inspect it and give you an offer based on its condition and market value. If you accept the offer, the dealership will take ownership of the car and give you credit towards a new or used vehicle on their lot
To get the best trade-in value for your used car, you should take steps to make it as attractive as possible to the dealership. This may include getting any necessary repairs done, cleaning it thoroughly inside and out, and providing documentation of any maintenance or repairs that have been done. It's also a good idea to research the market value of your car before going to the dealership so you have an idea of what it's worth
Yes, you can trade in a used car if you still owe money on it, but it can complicate the process. If you owe more on the car than it's worth, you'll have negative equity, which means you'll have to pay the difference between the trade-in value and what you owe on the loan. The dealership may be able to roll that negative equity into the loan for your new vehicle, but it's important to be aware of the extra costs involved