How to Trade in Your Car: Everything You Should Know

November 15th, 2023 by

Are you thinking about trading in your vehicle but have questions such as “what is the trade-in process like?” or “should I trade in my vehicle or sell it to a private buyer?”

We’re here to help! Below we will explore the trade-in process and provide tips on how to get the most for your trade-in.

Trading vs Selling

Trading in your vehicle can be an easy and convenient way to get some cash that goes towards your new vehicle. But it is no lie that trading in your vehicle at the dealership will likely get you less money than selling it on your own.

Although selling your vehicle privately can earn you more money, it takes more time and effort, and you will likely deal with a buyer that is unfamiliar with the process, making the negotiation process a hassle.

At Patrick MINI, you deal with professionals who not only know the process of selling a car, but also know how to get the max value for your trade in.

Steps to Trade in a Car

1. Find Out How Much Your Car is Worth

The first step is to estimate your car’s trade in value with our online form or an online tool such as Kelley Blue Book. Keep in mind that this is a rough estimate because your car might have minor damage or different features than you selected.

2. Get an Inspection

You can get your vehicle appraised by any dealer before you visit the dealership, but it’s often easier just to get it all done at the same time. At Patrick MINI, we can complete a full appraisal of your vehicle to make sure you get the most for your trade-in.

3. Find Out How Much You Owe

If you still owe money on your trade-in, find out how much and compare that to how much it’s worth.  If you have a free and clear title with no lien, you’re in business.

4. Close the Deal

Make sure you get a good interest rate on your new loan and a fair price for both the trade-in and new car. Remember the trade in price is just a credit deducted from the negotiated new car price.

Tips to Get the Most Out of Your Trade-In

  • Take care of any outstanding maintenance issues
  • Gather all your documents such as registration, any quotes you received online, maintenance receipts and loan amount
  • Get your car cleaned inside and out

Our team at Patrick MINI is here to help whether you’re looking to trade in your vehicle or sell it. We’ll buy your car even if you don’t buy ours, no questions asked. Visit us today and our knowledgeable finance team will help you get the most money for your vehicle.