For vehicle owners that currently have a car with negative equity, they generally have three (3) options: Step 2 – Determine the Car’s Financial Stateĭoes the car have any outstanding debt? Is it currently being financed? If so, does the vehicle’s debt exceed its current value? This is called “negative equity” and can add another layer to the trade-in process. The second is the NADA (National Automobile Dealers Association)’s database of new and used car values. The first is Kelly Blue Book’s car valuation tool. To get a rough estimate of their vehicle’s worth, two (2) online tools can be used. Step 1 – Find the Car’s ValueĪn owner can’t expect to negotiate a price with a dealer if they don’t know the fair value of the vehicle themselves. The following are the recommended steps for trading in a motor vehicle at a used or new car dealership. However, taking the process one step at a time and approaching it with patience can result in a smooth, non-stressful deal. On the surface, trading in a vehicle may seem like a confusing process. Step 2 – Determine the Car’s Financial State.
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