Can You Trade-In Two Cars for One?
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If you own multiple vehicles, there may come a time when you decide to simplify things by downsizing.
Owning more than one car multiplies auto-related expenses like fuel, insurance, maintenance, and more. Whether you lease or have an auto loan, reducing the number of vehicles in your garage can save you money, reduce your carbon footprint, and make your life less complicated.
Trading in your old cars offers you an easy, simple way of divesting yourself of them and also putting money toward another one. Compared to selling your current vehicles to a private party, trading in takes less time and effort and can save you money on taxes.
But what if you have two vehicles you'd like to trade in at the same time for another car? Is trading in two cars for one possible?
Let's look at the details of trading in and whether or not you can trade in two vehicles to buy one.
Trading in explained
Trading in your used car is a quick, convenient process that helps you buy your next one swiftly and allows you to put some money toward the sale price, too.
It's as simple as visiting the reseller of your choice, deciding whether to accept their offer, and then using that money to put a down payment on your new vehicle. Usually, trade-in values are less than when selling to a private party, but you save your important time and can drive off in your new-to-you car within hours.
On the other hand, selling a used vehicle to a private party is a hassle. There's the need to take detailed photos, post an ad, and then answer phone calls from prospective buyers with a private sale. You may spend hours, weeks, or even months before finishing the transaction.
And even after you've done all of those things, you'll need to fill out the necessary paperwork to complete the process, like transferring the title and signing a bill of sale.
Trading in also offers you the advantage of saving on sales tax. In many states, you only pay sales tax on the amount left once you subtract the trade-in value from your new vehicle's purchase price. With this vital perk, you can save thousands of dollars, helping you keep essential money in your bank account for other necessary expenses, like car insurance and fuel.
When you're in the market for your next car, buying used offers you the chance to save thousands versus a new vehicle. But where can you go for not only a great price but also a used vehicle that stands the test of time? Shift offers best-in-class service contracts at a fair price without sales pressure. You get the excellent price and value of a used car with the bumper-to-bumper protection of a new car. With a Shift Vehicle Protection plan, not only are essential components covered, but you also receive roadside assistance if you experience trouble far from home. Whether you're in the continental U.S., Alaska, Hawaii, or Canada, help is just a toll-free phone call away, 24 hours a day, seven days a week, 365 days a year.
Trading in two cars for one
Though not typical, it is possible to trade in two vehicles to buy one. And when trading in two cars for one, you may be able to increase the amount of your down payment, allowing you to finance less money and also lower your monthly payments.
The same best practices apply as when you trade in one car, and following them can help you secure the best trade-in value in return.
Knowing the correct value of your car puts you in the position to know the amount of a good trade-in offer. Online resources like Shift's free estimate calculator are an excellent way to do that.
Different times in a vehicle's lifespan represent better opportunities to secure a better trade-in price. For instance, cars only a few years old can retain 60-70 percent of their original value. But vehicles five or more years old don't hold such a high percentage of their MSRP.
And although cars slowly depreciate over time, no set amount of miles causes a significant dropoff in value. More critical to the value of a vehicle is how well the previous owner maintained it and whether or not it will be reliable transportation for the next one.
When you're in the market for a used car, how can you know you get the best price? Shift offers fair, no-haggle prices driven by powerful machine learning algorithms and tons of data. Shift's website has a large selection of fully inspected cars located across the country that are ready to go. The website is user-friendly, and you'll be able to find various makes and models to suit your needs and budget.
Additional tips for when you trade in two vehicles to buy one
Before you approach a reseller about trading in a vehicle, increasing its curb appeal can help net you extra money toward your next car purchase.
Cleaning your vehicle both inside and out, fixing any minor cosmetic flaws, and taking care of nagging mechanical issues shows your car is an appealing choice that will sell well on the used market. If your vehicle has minor dents and dings from hail damage, mobile repair services will even drive to you and smooth them out then and there.
Even if you perform adequate market research ahead of time on your used car's trade-in value, approaching several resellers and hearing their offers can further inform you of the market pricing. Once you've collected a few written trade-in quotes, you can use the best one as a starting point after deciding where to buy.
Just as you may gain peace of mind when someone selling a used car provides automotive service records, the same holds true when trading in. Showing your vehicle's up to date on required maintenance gives resellers additional reassurance. If you want to go one step further, obtaining a vehicle history report gives them even more details on your car's past owners and locations, odometer readings, repairs, and title history.
If your car loan balance is less than its market value, you hold positive equity and stand to gain money when trading in. But the opposite is true if you hold negative equity. With an "upside down" auto loan, you'll have to pay off any difference to your lender before completing the trading and buying process.
When it's time to sell or trade in your old vehicle, Shift makes it easy. All you'll have to do is enter your vehicle's specifics on Shift's easy-to-use website, and you'll instantly receive a purchase offer that's valid for seven days. You can get a fair offer, better than at the dealership, driven by powerful machine learning algorithms and tons of data. And with Shift, there is no need to spend the extra time waxing and washing the car. A little dirt won't affect the quote, and we fully detail the cars ourselves anyway (before listing them for sale). Then, whether you want a Toyota, Nissan, or Tesla, you can shop Shift's thousands of fully inspected vehicles and find the best one for you.
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All prices are based on vehicle availability and pricing as of
April 15, 2022
Pricing shown is not guaranteed and does not include taxes or other product fees.