Q:

Where can you trade old cars?

A:

Quick Answer

Owners can trade-in their old cars at a dealership when buying new cars. The dealership offsets the price of the purchase by the trade-in value of the old car. Most dealerships accept trade-ins, as these are a major source of inventory for the second-hand cars that they sell.

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Full Answer

For the car owner, the advantage of doing a trade-in at the dealership is convenient, as he does not have to go through the hassle of selling his car privately. However, the drawbacks of trading-in include the likely possibility of not getting the fair market value for the old car and the stress of negotiating with the dealer, who tries to offer the lowest price. To maximize the value of their old cars, car owners can consult the Kelley Blue Book or the National Automobile Dealers Association's Appraisal Guides to get ideas of how much the dealerships would pay for similar old cars at auction.

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