Trading in a vehicle is one of the best ways to get a better price on your next new or new-to-you vehicle—but what if you’d like to save even more? Will dealerships take two trade-ins? Generally speaking, the answer is yes. Dealerships can make a profit on just about any trade-in car, and most are more than willing to accept multiple trades, even if you don’t buy a vehicle off of the lot! However, it’s always a good idea to call your local dealership before you make a plan to trade in multiple vehicles at once.
Can you trade in two cars for one? As we’ve mentioned, there’s no reason to assume otherwise. In fact, you can probably trade in two cars for none if you decide you’d like to shop for your next vehicle elsewhere. Here’s what you should know:
Trade-ins get a little bit more complicated if you’re still paying off your loan—especially if your current vehicle is worth less than what you owe. In this event, you have negative equity; trading in the vehicle does not absolve you of your responsibility to pay off the loan balance.
If you plan on trading in a car with negative equity, it may be an especially good idea to trade in a second car at the same time. If your second vehicle is all paid off, you can use the money you receive to pay off the first car’s loan balance. This saves you from having to roll over the old balance onto a new loan—a practice which results in a higher monthly payment.
If the vehicle is worth more than what you owe, there’s no trouble: you’ll receive whatever balance remains after your loan is paid off.
Trading in a car at a dealership is usually a quick, painless process that can be completed in the space of an afternoon. If you have questions, don’t hesitate to reach out. We’re easy to reach from anywhere near Sewell, but we’d also be happy to help you learn more or take the next steps from home.
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